If you pass away, your family or any other person you have chosen, a term life insurance agreement between you and the insurance company will allow you to have a certain amount of money paid to a beneficiary. That money is given to the beneficiary in a lump sum, tax-free payment that they can use to replace the lost income you provided, pay for a child's education or pay off debts whatever the beneficiary needs or chooses.
TD Insurance offers term life insurance policies for terms of 10 years 10 years 10 years 10 years 20 years 20 years 20 years Term Life or a lifetime Term-100 Which term you choose to apply for, the premium amount you pay to the insurer remains the same throughout that term. The policy remains active as long as the premiums are paid.
When you are younger, term life insurance is less expensive. If you apply when you're younger, the premiums can be lower because younger people are generally in better health and less likely to pass away during the term. The higher the premium, the older you get, the higher the premium will be. The TD 10 year and 20 year Term Life policies automatically renew at the end of each term until the insured person reaches age 80, at which point your coverage ends. The premium increases on renewal to reflect the age of the insured person at that time. There is a range of coverage from $50,000 to $10 million at TD Insurance. The premium is higher because of the increased coverage amount when you apply for a higher coverage amount. If you have shorter-term financial responsibilities, you might choose a TD 10 year Term Life plan. If you are getting close to paying off the mortgage on your home in the next 10 years, this might be a good choice, says Chinyere Ezemenari, senior manager, direct life and health, TD Insurance. If you pay off your mortgage at the end of 10 years, you will no longer need the same amount of insurance that you applied for at the beginning of the 10 years. If you have a good idea what the next 20 years of life will look like, TD 20 year Term Life might be a good choice based on the length of debts you have and the income you're likely to earn.
If you have a baby or have young children, this may be the right coverage for you, says Ezemenari. It could help your family pay off debt if you were to pass away. People might choose TD Term 100 policy if they want coverage that lasts a lifetime and want to pay a predictable premium amount that never changes. You can get TD Term Life Insurance coverage through the TD Insurance website by filling an application online in 10 minutes. 1 If you want to find out the amount of the monthly premium you might pay for a certain amount of coverage with TD Term Life Insurance, you can check your price 2 and get a quote without any obligation to buy insurance.
Ezemenari says that it is important to have the right amount of coverage to protect the financial future of your loved ones. If you have any questions, the TD Life Insurance Calculator can help give you a general idea of how much coverage you may need, based on the accuracy of your inputs. The price will be an estimated quote based on the information you provide. The information collected during the application process can affect your actual premium based on the information collected during the application process. This article was written by Content Works, Postmedia's commercial content division, on behalf of TD Insurance.