TD Protection Plans

What is TD Business Credit Protection?

TD Business Credit Protection is optional coverage that can help safeguard your business financially by reducing or paying off your outstanding business credit balance in case of a covered critical illness, total disability, accidental dismemberment, or death1.


Highlights and benefits of TD Business Credit Protection

  • Coverage Maximum
    Up to $1,000,000 coverage for your total authorized business credit1 products.
  • Tax-Free Payments
    A tax-free, lump-sum up to $1,000,0002 is paid towards the outstanding balance on your business credit product for approved claims2.
  • 30-Day review period
    This plan includes a review period of 30 days for you to examine your certificate of insurance. If you are not completely satisfied, you can cancel your coverage within this period, and you will receive a refund for any premiums paid. If you cancel any time after this period, any unearned premium will be refunded.
  • Competitive Group Rates
    Competitive group rates are offered, and lower rates are available for non-smokers3.

Explore TD Business Credit Protection

Business Credit Life Insurance  

Business Credit Living Benefit Insurance

Coverage overview

Can pay up to $1,000,0002 toward your outstanding authorized insured business credit balance should you pass away or experience a covered accidental dismemberment1.

Critical Illness coverage can pay up to $1,000,0002, with a maximum of $500,000, toward revolving credit products1, if you are diagnosed with life-threatening cancer, acute heart attack, or stroke1.

Disability coverage can pay a monthly benefit equal to the lesser of $3,0002 or 1% of the total insured business credit outstanding balance for a maximum of 24 months per disability, up to an overall maximum of 48 months, if you become totally disabled1.

Eligibility to Apply

You can apply if you are:
  • a Canadian resident1
  • 18 to 69 years old, and 
  • the owner of a business.

Please refer to the FAQs section for additional eligibility criteria.

You can apply if you are:
  • a Canadian resident1
  • 18 to 55 years old, and  
  • the owner of a business.

Please refer to the FAQs section for additional eligibility criteria.

Factors used to calculate premiums

  • Age at billing date
  • Smoking status3
  • Sex at birth
  • Average of the daily life insurance coverage during the insurance billing period
  • Average daily business credit outstanding balance during the insurance billing period

How to Apply

  • Book an appointment to meet with an Account Manager, Small Business to complete an application, which includes selecting your coverage and answering health-related questions.
  • Apply in branch or speak with your Account Manager, Small Business.

For complete terms and conditions, including eligibility requirements, benefits, features, limitations and exclusions, refer to the respective Certificate of Insurance.


TD Business Credit Protection FAQs

Learn more important information with these frequently asked questions and answers.

Business Credit Life Insurance is optional creditor's group insurance coverage offered exclusively to TD Bank business credit customers who are a sole proprietorship, partnership, non_public corporation, or other entity operating a business or farm.

Eligible business credit products that can be insured include business loans (including business mortgages), TD business credit cards, lines of credit and business overdraft protection.

You can apply for Business Credit Life Insurance coverage if you are:

  • A Canadian resident between the ages of 18–69 years old; and any one of the following:
  • The owner of an unincorporated business
  • The spouse of the owner (not applicable in Quebec),;
  • A director or an officer (not applicable in Quebec),;
  • A personal guarantor,; or
  • An essential person to the business (not applicable in Quebec).


For residents in Quebec, to be eligible to apply for this insurance, the proposed insured person must meet the following eligibility criteria:

  • Have a financial interest in the company as either:
  • The owner of the business; or the personal guarantor of some or all of the business credit included in the Total Authorized Business Credit1.

To learn more about eligibility for Business Credit Life Insurance, refer to the Certificate of Insurance.


Business Credit Living Benefit Insurance is optional creditor’s group insurance coverages offered exclusively to TD Bank business credit customers who are a sole proprietorship, partnership, non-public corporation or other entity operating a business or farm.

Eligible business credit products that can be insured include business loans (including business mortgages), TD business credit cards, lines of credit, and business overdraft protection.

You can apply for Business Credit Living Benefit Insurance if you are:

  • A Canadian resident between the ages of 18 and 55 years; and any one of the following:
  • The owner of an unincorporated business,;
  • A personal guarantor of some or all of the debt included in the Total Authorized Business Credit1,;
  • The spouse of the owner of the business (not applicable in Quebec),;
  • A director or an officer of the business (not applicable in Quebec),; or
  • An employee whose contributions are essential to the business and without whom the business would have difficulty operating (not applicable in Quebec).


Additional eligibility criteria includes:

  • You must be Actively Working for wages or have an expectation of profit,; or
  • If you are a personal guarantor or spouse and you do not have an occupation or work for the business, you must be able to perform all six Activities of Daily Living1.


For residents in Quebec, to be eligible to apply for this insurance, the proposed insured person must meet the following eligibility criteria:

  • Have a financial interest in the company as either:
  • The owner of the business; or the personal guarantor of some or all of the business credit included in the Total Authorized Business Credit1.

For all proposed insured persons, you must not have applied for or received disability payments, benefits, or disability pension from any source_, in the 24 months prior to applying.

To learn more about eligibility for Business Credit Living Benefit Insurance, refer to the Certificate of Insurance.


Once the business credit is approved, Business Credit Life Insurance and/or Business Credit Living Benefit Insurance starts on the day you apply for coverage if you've met the eligibility requirements and:

  • The coverage requested is less than $500,000; and
  • You answer “No” to all the required health questions in the application.

If coverage requested is more than $500,000 or any answers to health questions in the application are a “Yes”, then you will need to complete a separate health questionnaire.

If further health information is needed, you will 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.


The coverages have certain limitations and exclusions. Here are some examples of when a Business Credit Life Insurance benefit will not be paid:

  • Death or accidental dismemberment results from the insured person’s commission of a criminal offence, including driving while intoxicated.
  • Death occurs during the first two years of your coverage_, as the result of intentional self-inflicted injury, suicide, or attempted suicide (if this happens, we will refund all premiums you’ve paid).

Here are some examples of when a Business Credit Living Benefit Insurance benefit will not be paid:

  • The insured person’s critical illness or total disability occurs due to a pre-existing condition.
  • The insured person is diagnosed with or has investigations that lead to a diagnosis of cancer (life-threatening), in the first 90 days after coverage starts. (Coverage will end and premiums paid will be refunded).

For complete details of coverage limitations and exclusions, please refer to the Business Credit Life Insurance or Business Credit Living Benefit Insurance Certificate of Insurance & Important Documents above.


Business Credit Life Insurance and/or Business Credit Living Benefit Insurance may end before your business credit is fully paid. Some examples of scenarios when coverage may end include:

  • The insured person is no longer associated with the business, or no longer meets the ongoing eligibility requirements.
  • We are notified that authorized business credit has been transferred to another bank or financial institution.
  • The insured person dies.

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, please refer to the Business Credit Life Insurance or Business Credit Living Benefit Insurance Certificate of Insurance & Important Documents above.


The first step is to complete the application, which includes selecting your coverage and answering health-related questions.

Depending on the coverage amount requested and your response to health questions, you may also be required to complete a health interview.

You can apply in branch or speak with your Small Business Account Manager.


The premium rate used to calculate your insurance premium is based on your:

  • Age at billing date
  • Smoking status3
  • Sex at birth

  • The insured person’s premium rate
  • The average of the daily life insurance coverage during the billing period

The cost of insurance will vary over time. Business Credit Life Insurance premiums, plus any applicable sales taxes, are calculated separately for each person insured under your Total Authorized Business Credit. Premium payments will be withdrawn automatically on the 15th calendar day of the month, or the next business day following the 15th, from the account indicated on the application.

To learn more about how to calculate your premiums and to see the premium rate table with examples, refer to the Business Credit Life Insurance Certificate of Insurance & Important Documents above.


The premium rate used to calculate your insurance premium is based on your:

  • Age at billing date
  • Smoking status3
  • Sex at birth

  • The insured person’s premium rate
  • The average daily business credit outstanding balance during the billing period, subject to the coverage maximum

Business Credit Living Benefit Insurance premiums, plus any applicable sales taxes, are calculated separately for each insured person under your Total Authorized Business Credit. Premium payments will be withdrawn automatically on the 15th calendar day of the month, or the next business day, from the account indicated on the application.

To learn more about how to calculate your premiums and to see the premium rate table with examples, refer to the Business Credit Living Benefit Insurance 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, Monday_Friday, 8a.m. – 8p.m. EST.

If you have questions about your existing coverage or want to cancel your coverage, contact us at 1-888-983-7070, Monday_Friday, 8a.m. – 8p.m. EST.

TD Protection Plan Claims

If you need to make a claim, we’re ready to guide you every step of the way.

TD Protection Plans Advice & Tips


Ways to Apply

Book an appointment

Meet with an Account Manager, Small Business


Have a question? Find answers here