Your TD Canada Trust Line of Credit is one of your most flexible cash management tools. Line of Credit Life Insurance can help protect your family from outstanding TD Canada Trust Line of Credit debt - one less thing to worry about in your overall financial plan.
Certain limitations and exclusions apply. You can find the details in your Certificate of Insurance.
Pay for coverage only when you need it
The cost of your Line of Credit Critical Illness and Life Insurance is based on your age at billing and your average Line of Credit balance, including any fixed-rate portions and number of days in the billing period. Plus, on the premium for the average balance portion that exceeds $75,000, you'll receive a 20% discount.We call this a Tier Discount.You pay only for the coverage you need.
If you choose to insure more than one customer, you will receive a 15% discount on the total of your individual premiums.
What’s the cost?
How to calculate your premium
Find the rate that applies to your age in the table below. Then multiply this rate by the average balance of your Line of Credit during the insurance billing period and divide by 1,000.
If applicable, apply discounts mentioned above and provincial sales taxes.
The examples below provide an overview of premium calculation. Premium cost will be adjusted based on the number of days in a billing period. You can find the details in your certificate of insurance.
| Example 1 |
If you are 34 years old and your spouse is 32, and your
average monthly balance on your line of credit is $20,000, then
your monthly insurance cost would be calculated as follows: |
| Critical Illness Insurance: |
| (0.22 +0.20) x |
$20,000
1,000 |
= $8.40 |
| Less 15% for the joint discount = $ 7.14 |
| Life Insurance |
| (0.22 +0.20) x |
$20,000
1,000 |
= $8.40 |
| Less 15% for the joint discount = $ 7.14 |
| Monthly premium expense with a joint-coverage discount; |
| 7.14+7.14 |
|
= $14.28 † |
| Example 2 |
If you are 34 years old and your average monthly line of credit
balance is $200,000, you’ll get a 20% discount on your
premiums for the portion of the balance that exceeds $75,000.
This means that your monthly life insurance
premium would be calculated as follows: |
| Life Insurance on the first $ 75,000: |
| (0.22) |
$75,000
1,000 |
=$16.50 |
| Life Insurance on the portion exceeding $75,000: |
| (0.22) |
$125,000
1,000 |
=$27.50 |
| 20% discount on the portion exceeding $75,000 = $ 22.00 |
| Monthly premium expense with all discounts: |
| $ 16.50 + $ 22.00 |
|
= $ 38.50 † |
| Monthly premium rate per $1,000 of single coverage |
| Age |
Critical
Illness |
Life
Insurance |
| Up to 29 |
.16 |
.16 |
| 30 |
.17 |
.17 |
| 31 |
.19 |
.19 |
| 32 |
.20 |
.20 |
| 33 |
.21 |
.21 |
| 34 |
.22 |
.22 |
| 35 |
.23 |
.23 |
| 36 |
.24 |
.24 |
| 37 |
.25 |
.25 |
| 38 |
.29 |
.28 |
| 39 |
.32 |
.30 |
| 40 |
.35 |
.31 |
| 41 |
.38 |
.34 |
| 42 |
.43 |
.36 |
| 43 |
.48 |
.38 |
| 44 |
.52 |
.41 |
| 45 |
.56 |
.44 |
| 46 |
.61 |
.47 |
| 47 |
.66 |
.50 |
| 48 |
.72 |
.55 |
| 49 |
.77 |
.60 |
| 50 |
.81 |
.63 |
| 51 |
.86 |
.65 |
| 52 |
.94 |
.69 |
| 53 |
1.02 |
.74 |
| 54 |
1.11 |
.78 |
| 55 |
1.22 |
.83 |
| 56 |
1.34* |
.88 |
| 57 |
1.51* |
.93 |
| 58 |
1.70* |
1.00 |
| 59 |
1.80* |
1.08 |
| 60 |
1.89* |
1.16 |
| 61 |
1.99* |
1.25 |
| 62 |
2.09* |
1.35 |
| 63 |
2.18* |
1.47 |
| 64 |
2.28* |
1.61 |
| 65 |
2.37* |
1.75 |
| 66 |
2.46* |
1.92 |
| 67 |
2.57* |
2.11 |
| 68 |
2.66* |
2.32 |
| 69 |
2.75* |
2.60 |
Convenient payment method
Your premiums are calculated automatically, based on your outstanding fixed and/or revolving line of credit balance, and will appear on your line of credit statement.
Applying is easy
If you are applying for a new line of credit, you need to answer only a few health questions to complete the application for Line of Credit Critical Illness and Life Insurance.
Apply today
To apply for coverage, you must complete and submit an application by visiting your local TD Canada Trust branch or calling
1-800-818-3700,
Mon – Fri 8:00 a.m. – 10:00 p.m. EST
Sat – Sun 10:00 a.m. – 6:00 p.m. EST
Satisfaction guaranteed!
Line of Credit Critical Illness and Life Insurance comes with a satisfaction guarantee. If you are dissatisfied with Line of Credit Critical Illness and Life Insurance for any reason, you may cancel your coverage within the first 30 days for a full refund of premiums paid and coverage will be considered never to have been in force.
The Certificate of Insurance below contains a complete list of benefits, eligibility, exclusions and limitations:
Protection for your Line of Credit – Product Guide and Certificate of Insurance (October 2016)
Quebec Residents: Please refer to the Distribution Guide: Protection for you Line of Credit – Distribution Guide and Certificate of Insurance (November 2016)
Note: This is the current Product Guide/Distribution Guide and Certificate of Insurance in use by TD Bank. For a copy of a certificate prior to the effective dates above or if you have any questions regarding Line of Credit Critical Illness and Life Insurance, please call one of our knowledgeable representatives, toll-free, at 1-888-983-7070 Monday to Friday, 8 am to 8 pm ET. Or, visit your TD Canada Trust branch.
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