This optional coverage offers Mortgage Critical Illness and Life Insurance, or Mortgage Life Insurance, that can pay towards the outstanding balance on your mortgage if you experience an unexpected covered event.
Whether you’re single or have a partner or a family to care for, planning ahead with TD Mortgage Protection can help you feel financially confident.
Should you pass away, suffer a covered terminal illness or accidental dismemberment 1 , TD Mortgage Life Insurance can pay up to $1,000,000 2 towards your:
As an enhancement, you can also apply for Mortgage Critical Illness Insurance, which can pay up to $1,000,000 2 if you’re diagnosed with cancer (life-threatening), acute heart attack or stroke 1 .
You are eligible to apply for this protection if you a Canadian resident, and either 18-69 years old (for Life Insurance) or 18-55 years old (for Critical Illness Insurance).
To learn more about eligibility conditions, benefits, features, limitations and exclusions, refer to our Certificate of Insurance & Important Documents.
Refer to the Protection for Your Mortgage booklet for insurer information, complete terms and conditions, including eligibility requirements, benefits, features, limitations and exclusions.
Answer a few questions to visualize your financial profile and how our optional creditor insurance coverage can help protect your mortgage in case of a covered health event.
Get a TD Protection Plan quote by entering a few key details.
Your loved ones count on you to take care of them, but what if something happens to you? With Mortgage Critical Illness and Life Insurance, you can feel confident knowing your outstanding payments on your mortgage have protection.
Allen was enrolled when he had his heart attack. TD paid off his mortgage 3 . Watch his real-life story from 2014 and see how we were there for him when he needed it most.
If you need to make a TD Mortgage Protection claim, we’re ready to guide you every step of the way.
Learn more important information with these frequently asked questions and answers.
Mortgage Critical Illness and Life Insurance, or Mortgage Life Insurance, are optional creditor’s group insurance coverages for TD mortgage borrowers or guarantors.
You can apply for this insurance if you are:
To learn more about eligibility conditions, limitations and exclusions, refer to our Certificate of Insurance & Important Documents above.
Evaluating whether TD Mortgage Protection is right for you is important. Your mortgage is a long-term financial obligation, and you've worked hard for your home. If you aren’t sure if TD Mortgage Protection is the right option for you, consider asking yourself the following questions:
Looking for more support? Try our TD Protection Plans Assessment tool to learn more about our optional creditor insurance, and see your eligible coverage options and premium quote.
The first step is to complete the application, which includes selecting your coverage and answering four to five health-related questions.
Depending on the coverage amount requested and your response to health questions on the application, you may also be required to complete a health interview.
You can apply online, in branch or call us at 1-888-983-7070.
Coverage starts on the latest of the following dates:
For Life Insurance, coverage starts on the date you apply for coverage if:
For Critical Illness Insurance, coverage starts on the date you apply for coverage if:
If you answer “Yes” to any of the health questions on the application or the total requested coverage, including any existing coverage, is greater than $500,000, you will need to complete a separate health questionnaire.
If further health information is needed, you’ll be contacted by phone to complete a health interview. Typically, the average wait time to be contacted is within 2–3 business days. A written decision regarding your coverage approval status will be mailed to you.
NOTE: A benefit will only be paid if the mortgage is fully advanced under the insured person’s name.
To learn more about coverage including benefits, conditions and restrictions, refer to the Certificate of Insurance & Important Documents above.
Mortgage Critical Illness and Life Insurance or Mortgage Life Insurance may end before your mortgage is fully paid. Some examples of scenarios when coverage may end include:
We will refund any premiums we may owe you after your coverage ends. You can cancel at any time. If you cancel your coverage within the first 30 days, any premiums paid will be refunded and coverage will be considered never to have been in force. If a claim is made within the first 30 days, a refund is not provided.
For complete details on when coverage ends, refer to the Certificate of Insurance & Important Documents above.
Depending on the balance of your mortgage, you could qualify for partial coverage, which allows you to customize your coverage to fit your budget and insurance needs. It allows you to select a percentage of your balance to insure from $300,000 to $1,000,000.
If the total of all your insured mortgage balances exceeds the coverage maximum of $1,000,000, we may offer you partial coverage.
At the time of an approved claim, the percentage is applied to the outstanding balance on your mortgage.
To learn more about partial coverage options and to see examples, refer to the Certificate of Insurance & Important Documents above.
Your insurance premium is based on your selected coverage type, your age at application and the amount of your mortgage balance at the time of application, less any applicable discounts or premium rate reductions. Your premium rate will not increase during the life of your mortgage, provided your mortgage balance does not increase or you don’t refinance your mortgage.
TD Mortgage Protection offers a multi-insured discount. If more than one person becomes insured for the same coverage on the same mortgage, a 20% discount is applied to each of the individual premiums.
We also offer a premium rate reduction depending on your insured mortgage balance at the time of application.
To learn more about how premiums are calculated and to see the premium rate table, refer to the Certificate of Insurance & Important Documents above.
The coverages have certain limitations and exclusions. Here are some examples of when an insurance benefit will not be paid:
For complete details of coverage limitations and exclusions, please refer to the Certificate of Insurance & Important Documents above.
If you have questions about your existing coverage or want to cancel your coverage, contact us at 1-888-983-7070.
Ready to talk with us about TD Mortgage Protection and learn how our coverage options could meet your needs?
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It's where you watch your kids grow up,
Have heart-to-hearts and celebrate traditions.
It's home.
And with TD Mortgage Protection in place, if you were to be diagnosed with a covered critical illness and required conditions are met, your outstanding mortgage balance could be paid down or paid in full so you can protect your home.
1 As defined in the Certificate of Insurance. Exclusions and limitations apply.
2 Total for all TD Canada Trust mortgages. Mortgages include Conventional or Canadian Mortgage and Housing Corporation (CMHC) insured mortgages only. Self-directed RSP mortgages and mortgages on commercial properties are not eligible to be insured.
3 The insurer can pay the outstanding credit balance to The Toronto-Dominion Bank, subject to the amount of insurance you applied for and were approved for. The insured person must be enrolled with active coverage prior to a covered health event. See the Certificate of Insurance for details. Restrictions and limitations apply.
Accidental dismemberment coverage is underwritten by TD Life Insurance Company ("TD Life"). All other coverages are underwritten by The Canada Life Assurance Company. TD Life is the authorized administrator for this insurance. All customer inquiries should be directed to TD Life. The Canada Life Assurance Company is located at 330 University Avenue, Toronto ON M5G 1R8, toll-free number: 1-800-380-4572. For more details on insurer and/or administrator, as well as all benefits and restrictions, please refer to the following document: Certificate of Insurance or Product Summary, Fact Sheet and Certificate of Insurance (Quebec only).
Overlay text: Meet Allen. This is his real-life Credit Protection story.
Voiceover, Allen: My name is Allen Tomnik. I am a Construction Superintendent. I'm forty-years-old, married with four kids, living in Spruce Grove, Alberta.
Close-up on Allen, a Caucasian male. He wears jeans and a beige, collared T-shirt. At home in his kitchen he prepares a meal with his wife. Allen gives her a quick, affectionate kiss.
Voiceover, Allen: We were deciding whether or not we should try to find another house…
They are talking in the kitchen while standing up. Allen's wife unloads the dishwasher.
Voiceover, Allen: …or renovate and add on to the house that we lived in.
Allen sits on a couch in a living room, before a fireplace.
Voiceover, Allen: We decided that we couldn’t afford to build or buy a brand new house,
Allen stands, reviews blueprints at the kitchen table. He wears a three-quarter-length grey and blue crewneck.
Voiceover, Allen: so we decided to refinance. Our representative at TD Bank suggested the…
Allen seated on the couch in the original T-shirt.
Voiceover, Allen: …Credit Protection and my wife agreed that, you know, it was a great idea. And a day after I was approved…
Allen and his wife talk in the kitchen, she nods.
Voiceover, Allen: I had a blockage in one of my arties in my heart, a heart attack. In the back of my mind I guess I knew I was at risk. My father's side of the family has a history of heart disease.
Allen on the couch. He looks serious. He animates his speech with his hands.
Voiceover, Allen: We didn't have extra money set aside for family trips, for a rainy day, for emergencies or anything.
Allen and his wife are seated, reviewing their finances. They exchange pensive looks.
Voiceover, Allen: We were pretty much paycheque-to-paycheque. I think it was three weeks after the event they paid our mortgage off. Entirely.
Allen and his wife appear worried. Allen points at a figure on a paper. Allen on the couch. He shakes his head in relief and disbelief.
Voiceover, Allen: Having a house that we own free-and-clear gives us the lending power to build the house that will fit us.
Smiling, Allen and his wife assess their financial records.
Voiceover, Allen: And that's happening right now, we’re building a house on an acreage that we've always wanted.
Allen seated on the couch.
Voiceover, Allen: It was humbling but it also makes me realize…
Allen holds his arm around his wife. They are seated outdoors in front of plants and a garage.
Voiceover, Allen: How important it is to make sure that even if there's something that does happen to me…
Allen on the couch.
Voiceover, Allen: …that my family's taken care of.
Allen in the kitchen. He smiles and looks toward the window.
Overlay text: TD Credit Protection. Helping real people like Allen every day. Visit your branch to learn more or apply.
1 As defined in the Certificate of Insurance. Exclusions and limitations apply.
2 Total for all insured TD lines of credit. Business and commercial lines of credit are not eligible to be insured. Line of Credit Critical Illness Insurance is only available as an optional additional coverage to Line of Credit Life Insurance. Restrictions and limitations apply.
Accidental dismemberment coverage is underwritten by TD Life Insurance Company ("TD Life"). All other coverages are underwritten by The Canada Life Assurance Company. TD Life is the authorized administrator for this insurance. All customer inquiries should be directed to TD Life. The Canada Life Assurance Company is located at 330 University Avenue, Toronto ON M5G 1R8, toll-free number: 1-800-380-4572. For more details on insurer and/or administrator, as well as all benefits and restrictions, please refer to the following document: Certificate of Insurance or Product Summary, Fact Sheet and Certificate of Insurance (Quebec only).
1 As defined in the Certificate of Insurance. Exclusions and limitations apply.
2 The insurer will pay the amount of the outstanding credit balance to The Toronto-Dominion Bank subject to maximum coverage limits as outlined in the Certificate of Insurance. Loan Disability Insurance is only available as an optional additional coverage to Loan Life Insurance. Restrictions and limitations apply.
Accidental dismemberment coverage is underwritten by TD Life Insurance Company ("TD Life"). All other coverages are underwritten by The Canada Life Assurance Company. TD Life is the authorized administrator for this insurance. All customer inquiries should be directed to TD Life. The Canada Life Assurance Company is located at 330 University Avenue, Toronto ON M5G 1R8, toll-free number: 1-800-380-4572. For more details on insurer and/or administrator, as well as all benefits and restrictions, please refer to the following document: Certificate of Insurance or Product Summary, Fact Sheet and Certificate of Insurance (Quebec only).
1 TD Credit Card Payment Protection Plan is underwritten by American Bankers Insurance Company of Florida (“ABIC”) and American Bankers Life Assurance Company of Florida (“ABLAC”) under Group Policy Numbers 0220PPP and 0220PPPL. The Group Master Policies are issued by the insurers to The Toronto-Dominion Bank. ABIC and ABLAC, their subsidiaries, and affiliates carry on business in Canada under the name of Assurant®. Assurant® is a registered trademark of Assurant, Inc.
2 Insured Balance is defined as outstanding account balance, calculated as of the Statement Date if you reside in a Province/Territory other than Quebec, or as Average Daily Balance if you reside in the Province of Quebec as of the Statement Date. Average Daily Balance is calculated by adding the credit card account balance each day and dividing that total by the number of days in the statement period. Statement Date means the last date of the statement period for which Your Account statement is produced.
3 The insurer can pay the outstanding credit balance to The Toronto-Dominion Bank, subject to the amount of insurance you applied for and were approved for. The insured person must be enrolled with active coverage prior to a covered health event. See the Certificate of Insurance for details. Restrictions and limitations apply.
ANNCR VO: Given these uncertain times we are all facing, Canadian residents have a renewed interest in insurance products. So, we want to make sure you’re aware of the job loss, total disability and life coverages that are available to you for your credit card account.
VO: Introducing TD Credit Card Payment Protection Plan. Designed to help safeguard your financial well-being.
Here’s the deal; you could be balancing a lot: car loans, house payments, living expenses and credit card balances.
One unexpected event…
. can throw everything up in the air.
Payment Protection Plan includes protection for a covered job loss and total disability.
In the case of an approved claim, Payment Protection Plan could make monthly payments of 20% of your eligible credit card statement balance up to a maximum of $25,000.
You should also know, if your job loss or total disability (as defined in the Certificate of Insurance) lasts 5 months or longer, your balance could be paid in full.
This plan also includes loss of life coverage, which means, if you pass away, a payment equal to your eligible outstanding credit card balance upon the date of death will be made to the account, up to a maximum of $25,000.
For every $100 of your insured statement balance, the cost of the coverage is $1.20, plus applicable taxes.
Note that, for residents of Quebec, the rate is per $100 of your average daily balance, plus applicable taxes.
You insure your home, car and health, and you also have the option to help protect your credit card balance.
Payment Protection Plan could pay or reduce your balance in the event of a covered job loss, total disability or loss of life.
It could provide financial help when you might need it most.
To learn more or to enrol in the Payment Protection Plan, call us at 1-800-294-8602.
SUPER: [Legal Disclaimer] Life coverage is underwritten by American Bankers Life Assurance Company of Florida and Job Loss and Total Disability coverages are underwritten by American Bankers Insurance Company of Florida. The Toronto-Dominion Bank receives a fee from each insurer with respect to premium collection. Complete terms of coverage are in the Certificate of Insurance you will receive upon enrolment. Eligibility requirements, limitations and exclusions apply, and vary by benefit.
ANNCR VO:
Introducing TD Credit Card Payment Protection Plan, designed to help you deal with your TD Credit Card payment obligations in the event of a covered job loss, total disability, or loss of life.
VO:
We’re all facing uncertain times…
VO: …and nobody wants to imagine that they might lose their job. So for now, let’s take a closer look at job loss coverage.
VO:
If you’re under the age of 66, lose your job through no fault of your own, and remain unemployed for more than 30 consecutive days, you may be entitled to receive job loss benefits for your insured credit card.
VO:
To be eligible, you must have been employed with the same employer for at least 3 consecutive months and must have been working for at least 25 hours a week. Your job loss coverage starts 30 days after you enrol in Payment Protection Plan.
VO:
What do you get? If your claim is approved, a benefit payment of 20% of your credit card balance on the statement date on, or immediately before your job loss will be applied to your credit card for every month that your unemployment continues….
VO:
….up to a maximum benefit of $25,000.
VO:
That means if your covered job loss lasts 5 months or more, your entire balance could be paid.
VO:
How much does Payment Protection Plan cost? For every $100 of your insured statement balance, the cost of the coverage is $1.20, plus applicable taxes.
VO:
Note that, for residents of Quebec, the rate is per $100 of your average daily balance, plus applicable taxes.
VO:
When can you file a claim? You can submit your job loss claim once you’ve been out of work for more than 30 consecutive days.
VO:
On average, job loss benefit payments are made to your credit card account within 4 business days of your claim being approved.
VO:
Out of work when you enrol? You can still be covered for total disability and life coverages right away.
VO:
And, once you return to work for 3 months in a row at 25 hours a week, you can become eligible for the job loss coverage.
VO:
What is not covered? Not every employment circumstance is eligible for the job loss benefit, for example: if you work for yourself, have a seasonal job, quit or were fired for cause.
VO:
Payment Protection Plan could provide financial help when you might need it most. To learn more or to enrol in the Payment Protection Plan, call us at 1-800-294-8602.
SUPER: [Legal Disclaimer]
Life coverage is underwritten by American Bankers Life Assurance Company of Florida and Job Loss and Total Disability coverages are underwritten by American Bankers Insurance Company of Florida. The Toronto-Dominion Bank receives a fee from each insurer with respect to premium collection. Complete terms of coverage are in the Certificate of Insurance you will receive upon enrollment. Eligibility requirements, limitations and exclusions apply, and vary by benefit.