Line of Credit Critical Illness and Life Insurance or Line of Credit Life 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

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

The first step is to complete the application, which includes selecting your coverage and answering up to a maximum of four health-related questions. Depending on the coverage amount requested and your responses to 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 Life Insurance, coverage starts on the date you apply for coverage, if:

• The coverage is $50,000 or less; or
• You answer “No” to health questions 1–3 on the application

For Critical Illness Insurance, coverage starts on the date you apply for coverage if:

• You answer “No” to all health questions on the application
• The amount of total requested coverage, including any existing coverage, is $500,000 or less

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 needed, you’ll 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 coverage including benefits, conditions and restrictions and exclusions, refer to the Certificate of Insurance & Important Documents above.

Line of Credit Critical Illness and Life Insurance or Line of Credit Life 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 will end 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, 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.