Business Insurance

Business Credit Life Insurance

You put everything into your business and do whatever it takes to make it work. It's the focus of an enormous amount of your energy because your business is the source of financial security for you, your family, your employees and everyone else who depends on it.

When you select Business Credit Life Insurance¹, you can help to guarantee the long-term viability of your business in the event of the death of a key person. You also can help protect the financial health of those who depend upon it.

This cost-effective life insurance can be arranged to pay a benefit equal to your total authorized business credit², up to $1,000,000. Benefits paid will first be applied to your business liabilities to the Bank - however, this special plan enables any remaining balance of the insurance funds to be paid to the relevant estate.

For more information, speak with your TD Canada Trust representative or call us at 1-888-983-7070.

Affordable protection that means business

Business Credit Life Insurance is designed to provide two important benefits to business customers:

1. Life coverage: your life, or the life of any other key person, including your spouse, may be insured for the full value of your total authorized business credit², up to $1,000,000. In the event of the death of an insured person, the outstanding balance of your authorized business credit² can be paid with any remaining benefit to be paid to the insured person's estate.¹

2. Accident coverage: This coverage, provided at no additional cost, can pay your total authorized business credit outstanding² should the insured person suffer a covered loss as a result of an accident, if the loss occurs within 365 days of the accident.

Special group rates

Business credit life insurance has competitive group rates. Lower rates are available for non-smokers in good health. The monthly premium rates per $1,000 of coverage are shown below.

Every year on your birthday you move up to the next premium rate shown. Rates subject to change. Provincial sales taxes apply in Ontario and Quebec.

To calculate your monthly premium, multiply the appropriate rate above by your insured amount divided by 1,000. For example, for a male non-smoker aged 35, with an insurance amount of $50,000, the calculation is: $0.12 x $50,000/1,000 = $6.00³ a month.

And, for your convenience, premium payments may be made on a monthly or annual basis and are charged automatically to your chequing account.

The plan also has a special option that allows you to increase your coverage by up to $25,000⁴ once each year without evidence of health.

Eligible business credit services

Insure your business loans, lines of credit and overdraft protection.

Apply today

If you are a permanent resident of Canada, are an authorized borrower, spouse of a borrower, key person or guarantor, and you are under 70 years of age, you are eligible to apply for Business Credit Life Insurance. Coverage may be applied for at any time. A brief health questionnaire may be all that is required for coverage up to $500,000. For coverage in excess of $500,000 a full medical will be arranged when and where it is most convenient for you.

Satisfaction guaranteed!

Business Credit Life Insurance comes with a satisfaction guarantee. If you are dissatisfied with Business Credit Life Insurance for any reason, you may cancel your coverage for a full refund within 30 days of purchase. After this your coverage can be cancelled at any time.

¹ Business Credit Life Insurance provides group life coverage underwritten by Sun Life Assurance Company of Canada and accident coverage, underwritten by TD Life Insurance Company. Complete details of benefits, exclusions and limitations are contained in the Certificate of Insurance.
² At TD Canada Trust and TD Commercial Banking.
³ Premiums are subject to applicable sales taxes.
⁴ Cannot be accumulated year to year.

For more information, please call 1-888-983-7070 or visit your local TD Canada Trust Branch.