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Protection for your financial obligations
What is TD Loan Protection?
This optional coverage offers Loan Life and Disability Insurance, or Loan Life Insurance that can pay towards the outstanding balance on your loan 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 Loan Protection can help you feel financially confident.
TD Loan Protection details
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Your outstanding TD personal loans
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Interest owing
As an enhancement, you can also apply for optional Loan Disability Insurance which can pay up to $2,000 of your monthly loan payments for a maximum of 60 months if you become totally disabled1.
Refer to the Protection for Your Personal Loan booklet for insurer information and complete terms and conditions, including eligibility requirements, benefits, features, limitations and exclusions.
Protection for Your Personal Loan — Product Guide and Certificate of Insurance (Sample)
Quebec residents:
Protection for Your Personal Loan — Product Summary, Fact Sheet and Certificate of Insurance (Sample)
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TD Loan Protection FAQs
Learn more important information with these frequently asked questions and answers.
Loan Life and Disability Insurance or Loan Life 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 or exclusions, refer to our Certificate of Insurance & Important Documents above.
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 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 on the date you apply for coverage after your loan has been funded, whichever comes later.
Loan Life and Disability Insurance or Loan Life 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 will end 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, 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 loan at the time of application, less any applicable discounts. Your premium rate will not increase for the duration of your loan, even as you get older.
TD Loan Protection offers a multi-insured discount. If more than one person becomes insured for the same coverage on the same loan, a 15% discount is applied to each individual premium.
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:
- 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 above.
If you have questions about your existing coverage or want to cancel your coverage, contact us at 1-888-983-7070.