Protection for your financial obligations

Mortgage Critical Illness and Life Insurance, or Mortgage Life Insurance, are optional creditor’s group insurance coverages for TD mortgage borrowers or guarantors.

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 conditions, limitations and exclusions, refer to our Certificate of Insurance & Important Documents above.

Evaluating whether TD Mortgage Protection is right for you is important. Your mortgage is a long-term financial obligation, and you've worked hard for your home. If you aren’t sure if TD Mortgage Protection is the right option for you, consider asking yourself the following questions:

• What would the impact be to my finances if my income was lost or reduced due to a covered critical illness?
• Would my partner or co-borrower be able to afford the mortgage on their own if I were to pass away or suffer a covered critical illness?
• Do I have loved ones who rely on me financially?

Looking for more support? Try our TD Protection Plans Assessment tool to learn more about our optional creditor insurance, and see your eligible coverage options and premium quote.

The first step is to complete the application, which includes selecting your coverage and answering four to five health-related questions.

Depending on the coverage amount requested and your response 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.

Coverage starts on the latest of the following dates:

• The mortgage approval date of the mortgage that later funds; or
• The date you apply for coverage (see below for further information); or
• The date you are notified in writing that your coverage is approved.

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

• You answer “No” to health questions 1–4 on the application; and
• The amount of total requested coverage, including any existing coverage, is $500,000 or less

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

• You answer “No” to all health questions on the application; and
• 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 regarding your coverage approval status will be mailed to you.

NOTE: A benefit will only be paid if the mortgage is fully advanced under the insured person’s name.

To learn more about coverage including benefits, conditions and restrictions, refer to the Certificate of Insurance & Important Documents above.

Mortgage Critical Illness and Life Insurance or Mortgage Life Insurance may end before your mortgage is fully paid. Some examples of scenarios when coverage may end include:

• You are no longer a borrower or guarantor on the mortgage.
• We pay a Life Insurance benefit to your mortgage.
• You have accumulated a total of 3 months of unpaid premiums.
• You die.
• Mortgage Critical Illness Insurance will end on the date your Mortgage 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 the balance of your mortgage, you could qualify for partial coverage, which allows you to customize your coverage to fit your budget and insurance needs. It allows you to select a percentage of your balance to insure from $300,000 to $1,000,000.

If the total of all your insured mortgage balances 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 mortgage.

To learn more about partial coverage options and to see examples, 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 mortgage balance at the time of application, less any applicable discounts or premium rate reductions. Your premium rate will not increase during the life of your mortgage, provided your mortgage balance does not increase or you don’t refinance your mortgage.

TD Mortgage Protection offers a multi-insured discount. If more than one person becomes insured for the same coverage on the same mortgage, a 20% discount is applied to each of the individual premiums.

We also offer a premium rate reduction depending on your insured mortgage balance at the time of application.

• A 15% premium rate reduction will apply to the portion of your insured balance that is between $150,000 and $500,000.
• A 35% premium rate reduction will apply to the portion of your insured balance that is 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.

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

• If you are diagnosed with cancer (life-threatening) in the first 90 days after coverage starts, your Critical Illness Insurance coverage will be terminated, and premiums will be refunded.
• If you are diagnosed with a covered condition within 24 months of your coverage start date and the diagnosis is related to a pre-existing condition.
• If 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.