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What is TD Loan Protection?

Help prepare for challenges that could impact your ability to pay back your TD Personal Loan. TD Loan Protection is optional insurance offering Loan Life Insurance and Loan Disability Insurance, both of which can pay towards the outstanding balance of your loan in the event of a covered accidental dismemberment total disability, or death1.

Highlights and benefits of TD Loan Protection

  • Tax free payout towards your loan

    If your claim is approved, a tax-free benefit is paid towards your outstanding personal loan balance in a lump sum or in monthly installments. No appointments, beneficiaries, or cheques required.

  • 30 days to review your policy

    If you change your mind within the first 30 days, and decide to cancel, we will give you a full refund of any premium paid.

  • Discounts available

    15% discount for each person on the same loan for the same coverage with our multi-insured discount.

  • No lock-in period

    If you change your mind, you can cancel at any time.

Explore TD Loan Protection

Loan Life Insurance

Loan Life and Disability Insurance

Coverage Overview

Loan Life Insurance can pay up to $250,0002 toward your outstanding TD loan balance, should you  experience a covered accidental dismemberment or pass away1.

Enhance Loan Life Insurance by adding Loan Disability Insurance which can pay up to $2,0002 towards your monthly TD loan payments for a maximum of 60 months, if you become totally disabled1.

Eligibility to apply

You can apply if you are:

  • A TD personal loan customer or guarantor,
  • A Canadian resident1,
  • 18 to 69 years old,
  • Have not applied for or received disability benefits in the past  30 days,
  • Are applying for coverage within 90 days of the loan funding date ,and
  • Have a loan amortization period of 20 years or less.

You can apply if you are:

  • A TD personal loan customer or guarantor,
  • A Canadian resident1,
  • 18 to 69 years old,
  • Have not applied for or received disability benefits in the past 30 days,
  • Are applying or enrolled for Loan Life Insurance,
  • Are applying for coverage within 90 days of the loan funding date,and
  • Have a loan amortization period of 20 years or less.

Factors used to calculate premium
  • Age when you apply for coverage.  
  • Loan amount when you apply for coverage.
  • Age when you apply for coverage. 
  • Loan amount when you apply for coverage.
  • Amortization period of your loan.

Discounts

Pay less per person when there's more than one person insured. If more than one person gets insured for the same coverage on the same loan, a 15% discount is applied to each person's premium under our Multi-Insured Discount.1

What premiums could look like

Here's what premiums could look like for TD Loan Protection for a TD Personal Loan. For Loan Life Insurance, your premium is based on your age and the amount of your loan when you apply. For Loan Disability Insurance, your premium is based on the loan amortization period3 and the amount of your loan when you apply.  

Sample Monthly Premiums:‡

Life Insurance for a $25,000 loan with an Amortization Period of 13-24 months

Life & Disability Insurance for $25,000
loan with an Amortization Period of 13-24 Months

Life Insurance for $65,000 loan with an Amortization Period of 13-24 Months

Life & Disability Insurance for $65,000 loan with an Amortization Period of 13-24 Months

Life Insurance for $90,000 loan with an Amortization Period of 49 Months or more

Life & Disability Insurance for $90,000 loan with an Amortization Period of 49 Months or more

Age

Premium

30yrs

$5.13

$39.42

$13.34

$102.49

$18.47

$105.95

40yrs

$6.75

$41.04

$17.55

$106.70

$24.30

$111.78

50yrs

$9.99

$44.28

$25.97

$115.12

$35.96

$123.44

‡ The premiums above are for the province of Ontario and include sales tax.

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

TD Protection Plans Assessment Tool

With the TD Protection Plans Assessment Tool, answer a few questions to help you choose the coverage that best suits your needs.

Try our assessment tool

TD Loan Protection FAQs

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

Loan Life Insurance and Loan Disability Insurance are optional creditor’s group insurance coverages for TD personal loan customers, borrowers, or guarantors. 

You can apply for this insurance if you are: 

  • A Canadian resident 
  • 18–69 years old 
  • Have not applied for or received disability benefits in the past 30 days. 

Your application for coverage must be received within 90 days from the loan funding date.

To learn more about eligibility, limitations, and exclusions, refer to our Certificate of Insurance & Important Documents.

Select your coverage and complete and sign the application form. It’s as simple as that. Your application for coverage must be received within 90 days of loan funding.

You can book an appointment to apply in branch, or call us at 1-888-983-7070.

Since you’re not required to answer any health questions as part of the application process, coverage begins on either the date funds are advanced to you or the date you apply for coverage after your loan has been funded, whichever comes later.

Loan Life Insurance and Loan Disability Insurance may end before your loan is fully paid. Some examples of scenarios when coverage may end include: 

  • You are no longer a borrower or guarantor on the loan. 
  • We pay a Life Insurance benefit to your loan. 
  • You have accumulated a total of 3 months of unpaid premiums. 
  • You die. 
  • Loan Disability Insurance ends on the date your Loan 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.

Your insurance premium is based on your selected coverage type, your age at application, and the amount of your loan at the time of application, less any applicable discounts. To learn more about how premiums are calculated and to see the premium rate table, refer to the Certificate of Insurance & Important Documents.

The coverages have certain limitations and exclusions. Here are some examples of when an insurance benefit will not be paid:

  • Your total disability or death occurs due to a pre-existing condition.
  • Your total disability occurs before your coverage starts.
  • 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.

If you have questions about your existing coverage or want to cancel your coverage, contact us at 1-888-983-7070.

TD Protection Plans Claims 

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

Learn More

Ways to Apply

  • Schedule a Call

    Ready to talk with us about TD Loan Protection and learn how our coverage options could meet your needs?

    Schedule a Call

  • Call us

    Monday to Friday: 8 a.m. to 8 p.m. EST

    1-888-983-7070 1-888-983-7070

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