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TD Protection Plans
What is TD Line of Credit Protection?
Life is unpredictable, so it helps to be prepared for the unexpected. TD Line of Credit Protection is optional insurance that can pay toward the outstanding balance of your TD line of credit in the event of a covered accidental dismemberment, critical illness, or death1.
Highlights and benefits of TD Line of Credit Protection
- Tax-Free Payment
A tax-free, lump-sum payment up to $1,000,0002 is paid toward the outstanding balance on your line of credit for approved claims.
- 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.
- Discounts available
You may be eligible to save on your premiums with a multi-insured discount and premium rate reduction. See the discount details in the table below.
Explore TD Line of Credit Protection
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Line of Credit Life Insurance |
Line of Credit Critical Illness Insurance (available only with Line of Credit Life Insurance) |
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Coverage overview |
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Eligibility to Apply |
You can apply if you are:
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You can apply if you are:
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Factors used to calculate premiums |
Revolving portion of your line of credit: Premiums may fluctuate monthly and will be based on your age and your average daily outstanding insured balance at the end of the insurance billing period. Term portion of your line of credit (if applicable): Premium will remain fixed for the duration of the term and will be based on the initial amount of your Term Portion1 and your age at the start of the term. |
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Discounts |
Multi-insured discount1
Premium rate reduction1For Personal Line of Credit:
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For complete terms and conditions, including eligibility requirements, benefits, features, limitations and exclusions, refer to the respective Certificate of Insurance below.
- For TD Home Equity FlexLines:
- For Personal Lines of Credit:
Protection for Your Line of Credit — Personal Line of Credit – Product Guide and Certificate of Insurance (Sample)
Quebec Residents only:
- For TD Home Equity FlexLines:
Protection for Your Line of Credit — TD Home Equity FlexLine – Product Summary, Fact Sheet and Certificate of Insurance (Sample)
- For Personal Lines of Credit:
Protection for Your Line of Credit — Personal Line of Credit – Product Summary, Fact Sheet and Certificate of Insurance (Sample)
New Brunswick Residents only:
- For TD Home Equity FlexLines:
Protection for Your Line of Credit - TD Home Equity FlexLine – Product Guide and Certificate of Insurance (Sample)
- For Personal Lines of Credit:
Protection for Your Line of Credit - Personal Line of Credit – Product Guide and Certificate of Insurance (Sample)
TD Protection Plans Assessment Tool
TD Line of Credit Protection FAQs
Learn more important information with these frequently asked questions and answers.
Line of Credit Life Insurance and Line of Credit Critical Illness Insurance are optional creditor’s group insurance coverages for TD line of credit borrowers.
You can apply for this insurance if you are:
- A Canadian resident; and either
- 18–69 years old, for Life Insurance; or
- 18–55 years old, for Critical Illness Insurance
Line of Credit Critical Illness Insurance is available only if you have Line of Credit Life Insurance.
To learn more about eligibility, limitations, and exclusions, refer to the 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 responses to the 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.
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 responses to the 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.
For Line of Credit Life Insurance, coverage starts on the date you apply for coverage, if:
- The coverage requested is $50,000 or less; or
- You answer “No” to health questions 1 - 3 on the application and the total coverage for all of your insured TD lines of credit including the amount you are applying for, is $500,000 or less.
For Line of Credit Critical Illness Insurance, coverage starts on the date you apply for coverage if:
- The amount of total coverage for all your insured TD lines of credit, including the amount you are applying for, is $500,000 or less; and
- You answer “No” to all the health questions on the application.
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 required for the application or the total requested coverage, including any existing coverage, is greater than $500,000, 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 on your coverage approval status will be mailed to you.
To learn more about the coverage including benefits, conditions, restrictions, and exclusions, refer to the Certificate of Insurance & Important Documents above.
Line of Credit Life Insurance and Line of Credit Critical Illness Insurance may end before your line of credit is fully paid. Some examples of scenarios when coverage may end include:
- You are no longer a borrower on the line of credit.
- We pay a Life Insurance benefit to your line of credit.
- You have accumulated a total of 3 months of unpaid premiums.
- You die.
- Line of Credit Critical Illness Insurance ends on the date your Line of Credit Life Insurance ends.
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 Certificate of Insurance & Important Documents above.
Depending on your line of credit limit, you could qualify for partial coverage, which allows you to customize your coverage to fit your budget and insurance needs. It also allows you to select a percentage to insure, from $300,000 to $1,000,000.
If the total of all your insured assets 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 line of credit.
To learn more about partial coverage options and to see examples, refer to the Certificate of Insurance & Important Documents above.
Your premium may fluctuate monthly and will be based on your age and average balance at time of billing. If you don’t carry a balance on your revolving portion during the month, you won’t pay any premiums for that portion. If you have a term portion, your premium will be based on your age and balance at the start of the term and will remain fixed for the duration of your term.
TD Line of Credit Protection offers a multi-insured discount. If more than one person becomes insured for the same coverage on the same line of credit, a 20% discount is applied to each of the individual premiums.
A premium rate reduction will apply to the cost of the insurance for average insured balances of your line of credit as follows:
For Personal Lines of Credit:
- A 10% premium rate reduction for amounts between $25,000 and $75,000
- A 25% premium rate reduction for amounts between $75,000 and $1,000,000
For TD Home Equity FlexLines:
- A 15% premium rate reduction for amounts between $150,000 and $500,000
- A 35% premium rate reduction for amounts between $500,000 and $1,000,000
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:
- If you are diagnosed with cancer (life-threatening) in the first 90 days after coverage starts, your Critical Illness Insurance coverage will be terminated, and premiums will be refunded.
- If you are diagnosed with a covered condition within 24 months of your coverage start date and the diagnosis is related to a pre-existing condition.
- If your loss is a result of intentional self-inflicted injury, suicide, or attempted suicide.
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.
If you have questions about your existing coverage or want to cancel your coverage, contact us at 1-888-983-7070.
TD Protection Plan Claims
If you need to make a claim, we’re ready to guide you every step of the way.