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Mortgage Life Insurance

Protect your family and your home

Buying a home is often the single largest purchase a person makes in their lifetime. But what would happen if you were to become critically ill, suffer an accident or die? Would your family be able to keep making the mortgage payments? Would they have to sell your home?

You can protect your family home with Mortgage Life Insurance¹, a flexible, low-cost way to protect one of your largest outstanding financial obligations.

Mortgage Life Insurance

If you die, get a terminal illness, or suffer an accident, your Mortgage Life Insurance can pay the following benefits -

  • Your entire outstanding mortgage principal amount, less outstanding arrears, up to $500,000²
  • Up to five years of accrued interest, and
  • Any debit balance in your tax account

In the case of an illness which has been diagnosed as terminal within one year, this insurance offers an early payout to help alleviate financial concerns. For additional security, the same protection is also available to your co-borrowers or to the guarantor(s) of the mortgage.

Coverage for your mortgage can start on the date your mortgage is approved. This way, you are protected even before your new purchase closes.

If your mortgage is over $500,000, you may be eligible for partial Mortgage Life Insurance coverage.

Affordable coverage provides great value

Your cost of insurance is based on your age when you apply and the amount of your initial mortgage. Your premiums will not increase for the term of your mortgage, even as you get older.

If two or more borrowers are insured with Life Insurance, a 25% discount will apply to the sum of the total Mortgage Life Insurance premiums.

For example, if you are 34 years old and your spouse is 36, and you are applying for a $100,000 mortgage, your monthly insurance cost would be:

for You:
for Spouse:
Your mortgage amount:
($0.14 + $0.21) X $100,000

= $35.00 less 25% discount = $26.25 per month

Your age Monthly premiums per $1,000
of single coverage
18 - 30 $0.10
31 - 35 $0.14
36 - 40 $0.21
41 - 45 $0.30
46 - 50 $0.44
51 - 55 $0.54
56 - 60 $0.77
61 - 65 $1.04
66 - 69 $1.64

Provincial sales taxes apply in certain provinces. Rates are subject to change without notice.

Your payments

Your insurance premiums are included as part of your regular mortgage payment. They will be converted to the payment frequency that you choose for your mortgage payment.

Easy application method

Applying for Mortgage Life Insurance has never been easier. In most cases, you only have to answer a few health status questions.

You are eligible to apply if you are a Canadian resident, between the ages of 18 and 69, and approved for a TD Canada Trustresidential mortgage or the guarantor of the mortgage.

How to apply

To apply for TD Insurance Credit Protection products on your Mortgage, visit your local TD Canada Trust branch.

If you are applying for a Mortgage through EasyLine Telephone Banking or EasyWeb Internet Banking, we automatically mail you an application with your information package. Complete it and return it to secure this valuable protection.

Satisfaction guaranteed!

Mortgage Life Insurance comes with a satisfaction guarantee. If you are dissatisfied with Mortgage Life Insurance for any reason, you may cancel your coverage for a full refund within 30 days of purchase.

Related topics:

Mortgage Critical Illness Insurance

¹ Mortgage Critical Illness and Life Insurance provides life, terminal illness and optional critical illness insurance underwritten by The Canada Life Assurance Company and accident coverage underwritten by TD Life Insurance Company. Mortgage Critical Illness Insurance is an optional coverage available to those who qualify for Mortgage Life Insurance coverage. Defined terms and complete details of all benefits, including exclusions and limitations which may apply, are contained in this Certificate of Insurance. Certain restrictions may apply.

² Total for all conventional or Canada Mortgage and Housing Corporation (CMHC) insured mortgages held with TD Canada Trust.