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Matt Hands, Business Director, Insurance
The Toronto-Dominion Bank, or TD Bank, is the biggest bank in Canada by assets, and one of the top ten banks in North America. TD offers life insurance under two divisions of the business, TD Insurance and TD Wealth. TD term life insurance is purchased through TD insurance, and TD permanent insurance lives under TD Wealth.
As far as life insurance goes, TD Bank is a reasonably mature provider with a solid range of life insurance products. TD life insurance products aren't as varied as the big three providers - Manulife, Sun Life, and Great West Life - but it is very competitive compared to other banks, like BMO and RBC life insurance
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TD Bank was formed on 1 February 1955 with the merger of The Dominion Bank and the Bank of Toronto, which were founded in 1869 and 1855, respectively. TD Bank bought several smaller banks through the 1990’s, but a proposed merger with CIBC was blocked by the Canadian government in 1998. Since 2002, TD Bank has purchased and rebranded several banks in the United States, to extend its banking network in the country. As the name implies, TD Bank has its headquarters in Toronto, Ontario.
TD Bank sells insurance across two separate divisions, TD Insurance and TD Wealth. TD Insurance offers a term life insurance, with either 10 or 20 year plans, as well as a Term-to-100 plan. The 10 and 20 years plans are automatically renewable until age 80, and are convertible to TD permanent coverage until age 69. TD Insurance also offers a guaranteed life insurance for Canadian residents between 50 and 75 years old, subject to several conditions and limitations.
TD Wealth offers basic permanent life insurance plans, including the 'Whole Life' policy, and the 'Single Premium' Life policy. Whole Life is a standard, non-participating whole life insurance policy. Single Premium Life is a policy specially designed as a tax-efficient wealth transfer to beneficiaries, targeted at high-net-worth individuals. TD does not offer a participating or universal life insurance policy of any kind.
TD life insurance pros
- TD term life insurance can cover up to $10 million, which is more than most competitors
- Some TD life insurance policies include an advance living benefit, which gives the option of taking out 50% of the death benefit if you’re diagnosed with a terminal illness, subject to several conditions
- TD also offers home insurance and automotive insurance, and offer a 10% bundle discount. This might be cheaper than having separate providers
TD life insurance cons
- Doesn’t offer participating whole life or universal life insurance
- TD term life insurance has a maximum age of 80, which is less than the 85 years offered by most life insurance companies
Life insurance policies are highly personalized, so you won't know what premiums you're able to receive until you receive multiple quotes. Get a quote today with Ratehub.compare quotes today
As Canada’s largest bank by assets and one of the top ten banks in North America, TD is a very established company with excellent credit ratings:
- Standard and Poor’s: AA- (Very strong)
- Moody’s: AA1 (High quality)
- DBRS: AA high (Excellent)
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Matt started his professional career at CARPROOF where he honed his marketing and analytical skills for over 3 years. Matt then took his wealth of experience to Ratehub.ca’s Toronto offices, working with insurance providers, agents, and brokers to grow and expand the Insurance business unit. He is a thought leader in the community and a valuable insurance resource to respected publications like the Globe & Mail, Toronto Star, Huffington Post, Yahoo News, and 680 news radio in Toronto.
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