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TD Life Insurance
Coverage is available to individuals who are between the ages of 18 and 70 and are residents of Canada at the time of application, and whose application for coverage has been approved by TD Life. Premiums are set and guaranteed when your policy is issued. Premiums will increase at each 10 year renewal as shown in the policy and are guaranteed never to increase during a renewal term. The policy will provide coverage for an initial period of 10 years, as long as you continue to pay your premiums. It will automatically renew at the end of each 10 year term (for another 10 year term) to provide continuous coverage until you reach the policy anniversary nearest age 80. You will never have to provide evidence of insurability: renewal is automatic regardless of changes in your health or personal situation. You retain control through the duration of the contract. You have the right to convert an individual term insurance policy or rider to a plan of permanent insurance without evidence of insurability. The conversion of a TD 10-Year Term Life policy may take place at any time before the policy anniversary nearest your 69th birthday. Of course, the premiums will depend on the type and amount of coverage chosen but, regardless of health, you cannot be turned down for coverage under this conversion option. A policyholder may cancel coverage at any time during the first 15 days and receive a full refund of any premiums paid. TD Life's 10-Year Term Life Insurance provides affordable insurance protection ranging from $50, 000 to a maximum of $5 million. If you die during the period that coverage is effective (up to age 80 if you continue to meet your premium obligations), TD Life will pay the sum assured (the amount of insurance protection you have selected) to the beneficiary (the person(s) you want to get the benefit). Death benefits are paid to your beneficiary tax free. Waiver of premiums on Total Disability - Optional You may also choose to add a Waiver of Premiums Benefit to your coverage, for an additional cost. This will ensure that your coverage remains in place when you become seriously ill or injured and may have problems paying for the policy. When you think about it, it ensures coverage when you need it most. With this benefit, if you become totally disabled before the policy anniversary nearest your 65th birthday and remain disabled for six consecutive months, insurance premiums will be waived for the duration of the disability, up to the policy anniversary nearest your 80th birthday. For the purposes of this benefit, total disability is defined as having an injury or illness that prevents you from performing the substantial duties of your own occupation for the first two years following the injury or illness. After you have been disabled for two years, this illness or injury must prevent you from performing any gainful occupation for which you are, or may reasonably become qualified. Please note that premiums will not be waived for total disability that results from attempted suicide or intentionally self-inflicted injury, war, your commission of a criminal act, an accident that occurs when you are operating a conveyance while your blood alcohol level exceeds the legal limit or the taking of a drug other than as prescribed. Flexible and Convenient Payment Schedules You may pay your premiums monthly by pre-authorized cheque or VISA, or annually, if you prefer. Your payment method and frequency will be agreed upon during the application process. If you need to change either the method or frequency of payments, simply call TD Life at 1-877-983-5433. TD Life's 10-Year Term Life Insurance carries additional value through its living benefit feature. In the event that the life insured is diagnosed with a terminal illness and life expectancy is less than 24 months, the living benefit (a loan)is available to provide up to 50% of the death benefit under policy, to a maximum of $100,000. The living benefit amount, together with accured interest, will be deducted from the proceeds payable to the beneficiary under the policy. You must be under the age of 75 to apply. |
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