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A critical illness diagnosis is a life-altering event. The medical costs, combined with lost income, can create a significant financial burden for you and your family. Critical illness insurance can be a lifesaver, providing a lump sum payout to help manage living expenses.
Many insurance companies in Canada offer critical illness insurance. In this post, we’ll explore TD Insurance’s critical illness plan. We’ll examine its key features, the advantages and disadvantages of the product, and how it compares to offerings from other insurance providers in Canada.
Whether you’re considering critical illness insurance for the first time or looking to compare different options, this post will equip you with the information you need to make an informed decision.
- Key takeaways:
- TD Life Insurance Company offers a critical illness insurance product that pays up to $100,000 if you're diagnosed with one of three illnesses: life-threatening cancer, heart attack, or stroke.
- The plan does not offer the best critical illness insurance coverage because of the few covered illnesses, low coverage limits, and lack of customization options.
- However, it might be suitable if you prioritize convenience and keeping everything with TD Canada Trust, but we recommend a broader search for more comprehensive critical illness coverage.
About TD Life Insurance Company
TD Insurance is a leading insurance provider in Canada, backed by the strength of TD Bank Group, one of the country’s largest financial institutions. It offers a comprehensive range of insurance solutions to meet your personal and business needs, including:
- Life insurance
- Health insurance
- Home and auto insurance
- Travel insurance
- Credit insurance
Key facts about TD Life Insurance Company
AM Best Rating: Not rated
Mailing address: TD Life Insurance Company, P.O. Box 1 TD Centre, Toronto, Ontario, M5K 1A2
- Website: https://www.tdinsurance.com
Contact phone number: 1-877-397-4188
What Critical Illness Insurance Plans Does TD Insurance Offer?
Statistics tell us that severe illnesses like cancer, heart attack, and stroke are more widespread than we think. Imagine facing one of these ailments. The physical challenges are daunting enough, but the financial strain can be equally overwhelming. Medical bills pile up, income might dwindle during treatment, and additional costs can arise.
This is where a critical illness insurance payout steps in as your financial safety net. It recognizes these challenges and provides the insured person a tax-free lump sum cash benefit upon diagnosis of a covered critical illness. This isn’t just any payout—it’s a lifeline that you can use for various essential needs:
- Covering out-of-pocket medical expenses not covered by your primary health insurance
- Replacing lost income if treatment prevents you from working
- Making necessary home modifications to accommodate your recovery
- Hiring a caregiver to provide personal care
- Travelling out-of-country for alternative treatment or a second opinion
The true benefit of critical illness coverage lies in its power to protect and provide peace of mind. Ensuring your financial stability allows you to focus on your recovery without financial stress.
Now, let’s explore the critical illness insurance plan TD Insurance offers and see how it can help you weather a storm.
Critical Illness Recovery Plan
TD Insurance offers the Critical Illness Recovery Plan, which covers three critical illnesses: life-threatening cancer, heart attack, and stroke.
You can choose a coverage amount that fits your needs, ranging from $10,000 to $100,000. With premiums starting under $10 a month, this plan is an affordable way to gain peace of mind.
If you’re unsure about the plan after enrolling, TD Insurance offers a 30-day review period. This gives you time to carefully consider your options and ensure the Critical Illness Recovery Plan is the right fit for you.
- Pros:
- Ideal for those seeking essential critical illness insurance coverage at an accessible price.
- With a 30-day review period, TD Insurance goes above and beyond the industry standard of 10 days. This extra time allows you to carefully evaluate the plan and make a confident decision.
- A strong option for TD Canada Trust customers who value basic critical illness coverage and appreciate working with a reputable financial institution.
- Cons:
- The plan is only available as term-10 coverage, meaning your premiums increase every 10 years. You may want to consider other options if you're looking for a plan with a longer guaranteed premium period.
- The maximum coverage amount of $50,000 is insufficient for those needing a more significant financial buffer if a covered illness occurs.
- A barebones plan, lacking coverage for other serious illnesses that most providers offer, including coronary artery bypass surgery, kidney failure, multiple sclerosis, and benign brain tumours.
- Does not pay partial benefits for less severe conditions like early-stage cancers.
Here is a table with more details about TD’s critical illness insurance policy:
Critical Illness Recovery Plan | |
|---|---|
Age eligibility | 18-54 |
Number of illnesses covered | 3 |
Plan types | Term-10 |
Guaranteed premiums | No |
Expiry | Age 70 |
Coverage limits | $10,000 to $100,000 |
Survival period | 30 days for all illnesses |
Partial benefits | None |
Conversion privileges | No |
Type of underwriting | Simplified underwriting. A medical exam is not necessary |
Riders | None |
Value-added service | None |
How to purchase | Call TD Insurance to quote and apply |
What Illnesses Does TD Critical Illness Insurance Cover?
Here’s a list of conditions covered by TD’s critical illness policy.
Critical Illness Recovery Plan
This product pays out full benefits for these three illnesses:
- Heart attack
- Life-threatening cancer
- Stroke
Unlike other insurance providers, it does not pay a partial benefit for less severe illnesses, like early cancers.
How Much Does TD Critical Illness Insurance Cost?
While specific rates aren’t available online, TD Insurance offers a straightforward process to get a personalized quote for the Critical Illness Recovery Plan. Simply contact a TD agent by phone, and they can quickly assess your eligibility and provide a quote based on your age, health, lifestyle factors, and desired coverage amount.
To give you a general idea of potential costs, TD provides sample quotes for a male non-smoker seeking $50,000 in coverage. These rates are only for the first 10 years of the policy, but they can serve as a helpful reference point.
Age | Male |
|---|---|
25 | $14 |
30 | $16 |
35 | $19 |
40 | $28 |
45 | $42 |
How Do You Buy A TD Critical Illness Insurance Plan?
Obtaining a quote and applying for TD’s Critical Illness Recovery Plan is a straightforward process.
The first step is to contact a TD Insurance agent. They can be reached by phone at 1-888-788-0839. The agent will provide a quote based on personal information about your health, lifestyle, and desired coverage amount. Based on this information, they can provide you with a personalized quote for the Critical Illness Recovery Plan.
It’s important to be aware that as paid employees of TD Insurance, they cannot compare quotes from other insurance providers. This means you won’t be able to directly assess if the TD Critical Illness Recovery Plan offers the most competitive rates or comprehensive coverage for your needs within the broader market.
Need A TD Critical Illness Insurance Quote?
While the TD plan offers advantages like simplicity and bundling, weighing these against the limitations in coverage scope, riders, and maximum amounts is crucial. If a streamlined process and keeping everything under one roof are your top priorities, the TD plan could be a good fit.
To ensure you’re getting the best possible deal, consider seeking advice from a licensed insurance advisor independent of TD Insurance. They can objectively assess your situation, ask preliminary health questions, compare quotes and coverage options from various providers, and help you find a critical illness insurance plan that aligns perfectly with your needs and budget.
At Brian So Insurance, we offer a free, no-obligation consultation to help you navigate the critical illness insurance landscape.
We’ll work closely with you to understand your health situation, risk tolerance, and financial needs. By comparing insurance products from various providers, we’ll help you find the critical illness policy that provides the most comprehensive coverage and peace of mind at the most competitive rate.
Don’t settle for anything less than the best protection for yourself and your loved ones. Schedule your free consultation today by emailing us at info@briansoinsurance.com or calling 604-928-1628.
Get Your Critical Illness Insurance Quote Now
While we make every effort to keep our site updated, please be aware that timely information on this page, such as quote estimates, or pertinent details about companies, may only be accurate as of its last edit day. Brian So Insurance and its representatives do not give legal or tax advice. Please consult your own legal or tax adviser. This post is a brief summary for indicative purposes only. It does not include all terms, conditions, limitations, exclusions, and other provisions of the policies described, some of which may be material to the policy selection. Please refer to the actual policy documents for complete details which can be provided upon request. In case of any discrepancy, the language in the actual policy documents will prevail. A.M. Best financial strength ratings displayed are not a warranty of a company’s financial strength and ability to meet its obligations to policyholders.
