Loan Life and Disability Insurance
While most individuals want to pay down their outstanding loans as quickly as possible, the unexpected can happen. TD Loan Life and Disability Insurance can provide flexible protection for your loan obligations at a price you can afford.
Loan Life Insurance
If you die or suffer a covered accidental loss, the outstanding balance of your covered personal loans and any interest charged can be paid in full, to a maximum of $250,000. Neither your family nor your estate would have the financial burden of paying off your loans.
Loan Disability Insurance
With Loan Disability Insurance, which can be added to your Loan Life Insurance, if you become Totally Disabled, your regular monthly loan payments can continue to be made for you, to a maximum of $2,000 per month. You are insured until you are no longer Totally Disabled, your covered loans have been paid in full, or you received benefits for five consecutive years.
Affordable Coverage
Loan Life and Disability Insurance have special group rates. For additional comfort, you can extend the coverage to an unlimited number of co-borrowers and/or guarantors. If more than one person is insured for Loan Life and Disability, a 15% discount will be applied to the sum of the individual premiums.
Loan Life Insurance -
Your premium is based on the premium rate for your age on the date you apply and the initial loan amount.
Loan Disability Insurance - Your premium is based on the premium rate that applies to the loan amortization period and the initial loan amount.
For example, if you are 34 years old, your cost of Loan Life and Disability Insurance for a three year (36 months) term loan of $10,000 would be:
| (0.23 + 1.06) x |
$10,000
1000 |
= $12.90/month* |
Monthly Life Insurance premium rate per $1,000 of coverage*
| Age |
Under 31 |
31-35 |
36-40 |
41-45 |
46-50 |
51-55 |
56-60 |
61-65 |
66-69 |
| Single Rate |
0.19 |
0.23 |
0.25 |
0.31 |
0.37 |
0.49 |
0.70 |
1.00 |
1.50 |
Monthly Disability Insurance premium rate per $1,000 of coverage*
| Loan Amortization Period |
Premium Rates |
| 12 months or less |
$1.50 |
| 13 to 24 months |
$1.27 |
| 25 to 36 months |
$1.06 |
| 37 to 48 months |
$0.97 |
| 49 months or more |
$0.90 |
Easy Payment Options
For your convenience, premium payments are automatically withdrawn from the same account as
your regular monthly loan payments.
Easy Application Method
No health questions will be asked and no medical examination is required. You are eligible to apply for TD Canada Trust Loan Insurance if:
- you are the borrower, co-borrower and/or guarantor on a TD personal fixed or variable rate loan,
- you are between 18 and 70 years of age on the date the loan is approved, and
- you are a resident of Canada
How to apply
If you are applying for a new TD Canada Trust Personal Term Loan
with EasyLine telephone banking or EasyWeb Internet banking, you will be mailed
an application for Loan Life and Disability Insurance with your Loan information
package. You can also apply at your local TD Canada Trust branch.
Satisfaction Guaranteed!
Loan Life and Disability Insurance comes with a satisfaction guarantee. If you are dissatisfied with TD Loan Life and Disability Insurance for any reason, you may cancel your coverage for a full refund within 30 days.
|
