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

Eligible business credit products that can be insured include business loans (including business mortgages), TD Business Credit Cards, lines of credit and 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
• The owner or spouse of the owner of an unincorporated business
• A director or officer;
• Personal guarantor; or
• An essential person to the business

For residents in Quebec to be eligible to apply for this insurance, the proposed insured person must also 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 Credit

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

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

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

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

• A Canadian resident between the ages of 18 and 55; and
• The owner a business;
• A personal guarantor of some or all of the debt included in the Total Authorized Business Credit;
• The spouse of the owner of the business (not applicable in Quebec);
• A director or officer of the business (not applicable in Quebec); or
• An employee (not applicable in Quebec) whose contributions are essential to the business and without whom the business would have difficulty operating

Additional eligibility criteria also include:

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

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.

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 have 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 six 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 status
• Gender

Business Credit Life Insurance premiums are based on:

• 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 status
• Gender

Business Credit Living Benefit Insurance premiums are based on:

• 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.