An Introduction of TD Insurance Canada

TD Insurance is one of the largest insurance providers in Canada, offering a wide range of products and services coast to coast. As a subsidiary of the TD Bank Group, Canada’s second-largest bank, TD Insurance has grown into a prominent national insurance carrier.

In this comprehensive review, we’ll examine TD Insurance Canada for the Canadian insurance market. We’ll examine the company’s background, financial strength, customer base, product portfolio, pricing, discounts, claims, customer service reputation and more.

Whether you’re considering TD Insurance or are just curious to learn about this significant homegrown insurance company, read on for an extensive look at what they offer within Canada.

Brief History and Overview of TD Insurance Canada

TD Insurance has been providing insurance products to Canadians since 1969. The company was initially known as Toronto Dominion General Insurance Company when it was founded as a subsidiary of the Toronto Dominion Bank. 2000 Toronto Dominion Bank and Canada Trust merged to form the TD Bank Financial Group. As a result, TD Insurance became a subsidiary of this large banking and financial services company.

Today, TD Insurance provides insurance products and services to over 5 million customers across Canada. It employs over 4,000 people and manages over $7 billion in premiums annually. The company operates coast to coast under several brand names, including TD Insurance, TD Home and Auto, Security National, and Primmum.

Here are some key facts and figures about TD Insurance Canada:

• Year Founded: as Toronto Dominion General Insurance Company
• Headquarters: Toronto, Ontario
• Parent Company: Toronto-Dominion Bank (TD Bank Group)
• Employees: Over 4,000 across Canada
• Customers: Over 5 million in Canada
• Financial Strength Rating: AA- from S&P (Very strong)
• Premiums Written Annually: Over $7 billion in Canada
• Products Offered: Auto, home, life, health, travel, and business insurance
• Provinces/Regions Served: Offer coast-to-coast coverage in all 10 provinces and 3 territories

TD Insurance has grown to become one of Canada’s most significant personal and commercial insurance carriers under the TD brand. It enjoys the financial backing and stability of TD Bank, which is a significant advantage in the insurance industry.

The company insures over 5 million Canadians with property, casualty, life and health policies. By premiums written annually, TD Insurance is firmly among the top 5 insurance providers in the Canadian market.

Source: https://mitchinsurance.com/insurance-companies/td/

Products of TD Insurance Canada Company

TD Term life insurance

Term life insurance is a type of insurance that the company will pay the death benefit if you pass away within a period, thus the word “term.” The length of the term is up to your choice. Typical terms are 10-year, 20-year, 30-year. Some insurance companies offer custom periods to suit your needs. When the term expires, you can renew it, switch to a permanent life policy, or terminate it. 

TD Life offers 10, 20, 100-year terms. Below is a comparison between the TD term life insurance price and the average price on the market. Price is sample listed for a man, 39 years old, non-smoking with a death benefit of $400,000.

Term Length	TD Insurance Price	Market Average Price	Market Minimum Price
10 year	$23.00/month	$23.39/month	$20.16/month
20 year	$35.00/month	$35.08/month	$32.04/month
100 year	$337.00/month	N/A	N/A

TD term life insurance prices are slightly different from the average, and obviously, you can find products with more competitive prices in the market.

TD Term-100 life insurance

Unlike most insurance companies in the market, TD Insurance Canada doesn’t offer whole life insurance; instead, they offer term life insurance with a 100-year term. It provides lifetime coverage and a guaranteed payout like whole life insurance but without complicated investment features of cash value and dividends.

People choose to buy term-100 policies because:

• It’s simple as term life insurance, but it provides lifetime coverage like permanent life insurance.
• When short terms expire, you will have to renew. The new term will have a higher premium at that time. A 100-year term will “never” expires. Thus, the premium is locked.
• The death benefit is almost guaranteed.

TD Insurance Canada Guaranteed Acceptance Life Insurance

TD Guaranteed Acceptance Life insurance is designed for those who want coverage to pay the final expenses. Anyone between the ages of 50 and 70 is eligible for this policy. You will be accepted without a medical examination, regardless of your current medical condition or medical history. There’s no end date; as long as the policy stays active, you have coverage.

The coverage ranges from $5000 to $25,000. When you pass away, your beneficiaries will receive a tax-free payout to cover funeral expenses, medical bills, other expenses, and a little leftover. It has two essential features:

• Living benefit: Once your coverage has been active for two years, you can choose to take 50% of the death benefit in advance if you’re diagnosed with a terminal illness. The remaining 50% is paid directly to your beneficiary when you pass away.
• Accidental Death Benefit: In the case of accidental death, your benefit amount is five times the death benefit if you’ve been covered for over two years.

Example quote: a 50-year-old man, non-smoking, with the maximum coverage of $25,000, would pay $88.54 per month. 

If you don’t have a critical illness, you may want to choose guaranteed-issued life insurance. It works the very same way. You don’t need to take a medical exam, but you have to answer questions about your health. But the price is usually half of the guaranteed acceptance insurance.

TD Health insurance products

These insurance are ways to expand the traditional health insurance coverage. TD Insurance will pay a good amount of money to cover treatment and recovery expenses. You can buy critical illness insurance alongside medical insurance to provide additional coverage because the cost of critical illness, like cancer, is not just the medical cost but travel, visit expenses, and loss of income.

TD Insurance offers four types. The names are pretty confusing because they seem to overlap one to another. 

	Critical Accident Recovery Insurance	Critical Illness Recovery	Accidental Death Insurance	Accident Disability Insurance
Max Coverage	$150,000	$250,000	$250,000	$500-$1500/month
TD pays if you	have injuries caused by accidents (not illness)	have a critical illness on the accepted list.	die because of accidents (not illness)	become disabled (any reasons)
Payment	Lump-sum Daily hospital indemnity benefit	Lump-sum	Lump-sum Daily hospital indemnity benefit	Monthly (for Disability and Rehabilitation stages)
Acceptance	Guaranteed accepted	Require medical exam	Guaranteed accepted	No medical exam required

These can also be purchased along with the term life insurance to expand the coverage. 

Others

TD insurance Canada also offers a wide range of other insurance products such as accident, critical illness, home/condo/tenant, Car and Motorcycle & RVs, Travel insurance. Compare to life insurance, health insurance, their Car insurance is much better.

Who Does TD Insurance Canada Serve?

TD Insurance serves a wide range of customer profiles throughout Canada:

Individuals and Families

TD Insurance provides insurance products for all stages of life, including young adults, growing families, pre-retirees and seniors. Their offerings cater to the needs of individual consumers nationwide.

Affinity Groups

TD offers preferred insurance rates to customers of TD Bank (up to 10% off) and alumni of various universities and professional associations (up to 5% off).

Businesses

Canadian businesses, from small shops to mid-size companies, can get commercial insurance coverage through TD Insurance and take advantage of its risk expertise.

TD Insurance Canada’s Customer Service

Here’s an overview of TD Insurance’s customer service resources for Canadians, along with common feedback:

• Phone support – Toll-free contact centre available in English and French
• Online portal – Manage policies, payments, and claims digitally
• In-person – Meet with TD advisors at branch locations

What customers are saying:

• Wait times to speak with agents can be very long (30+ minutes)
• Claims processing is slow, and communication lags
• The online portal offers convenience for self-service needs
• In-person advisors provide personalized guidance

So, while TD does offer phone, digital and in-person servicing, long hold times are a common complaint. The claims process also frequently draws criticism for slow response and resolution. These remain areas for improvement.

Getting Insurance Quotes and Buying Policies from TD

If you’re interested in getting quotes for insurance from TD, here are some critical steps in the process:

Getting a Quote

• Online – You can get instant quotes for auto and tenant insurance products through TD’s website.
• Phone – Call TD’s toll-free number and speak with an insurance agent to get personalized rate estimates.
• In-person – Discuss options with an advisor at a TD Bank branch.

TD term life insurance quotes are also quick and simple. You’ll just need to provide some basic personal and health details.

Purchasing a Policy

• Online purchase: Some TD insurance products, like travel policies, can be bought directly on the website.
• Apply online: You submit an online application for other policies and then an underwriter reviews.
• Over the phone: Apply by calling TD Insurance and providing details to an agent.
• In-person: Meet with a TD branch advisor to purchase coverage.
• Underwriting: Approval may be instant or require a medical exam, depending on the product.

So, in many cases, the entire quoting, application, and purchasing process can be done digitally or over the phone if preferred.

Claims Process

Customers typically need to call the claims department to make an insurance claim with TD to begin the process. Agents will explain the documentation needed to support the claim. Customers can use TD’s online insurance portal for a quicker claims experience for specific policies.

While TD does try to make claims processing easy and convenient, slow turnaround is a common complaint. Customers report frustration with lagging communication and delays getting claim payouts from TD Insurance.

Pros and Cons of TD Insurance Canada

Here is a balanced look at some of the key advantages and disadvantages of TD Insurance in the Canadian context:

Pros

• Part of the highly-rated TD Bank Group
• Wide range of insurance products
• Serving Canadians coast-to-coast
• Capability to bundle multiple policies
• Access to discounts for customer groups
• Convenient online quotes and policy management

Cons

• Not the most affordable premium pricing
• Slow claims adjudication process
• Long wait times to speak with agents
• Lacking specialized insurance offerings
• Mixed reputation for customer service

To summarize, TD Insurance Canada offers the stability and reputation of the TD Bank brand across an array of standard insurance products but still faces shortcomings in more specialized offerings, pricing, and customer experience.

Is TD Insurance a Good Choice for You?

Here are a few key considerations when deciding if TD Insurance is the right provider for your needs:

TD Insurance is a good option if:

• You want the convenience of managing your policies online
• You already bank with TD and want to bundle insurance
• You qualify for affinity savings through TD
• You value being insured by a major national brand

Consider looking at alternatives if:

• Finding the absolute lowest prices is your top priority
• Do you want specialized insurance products or maximum customization
• You have had poor service experiences with TD in the past
• You have specific needs TD may not meet

In many cases, TD Insurance delivers a solid combination of competitive pricing, convenient online service, and a robust national brand backing. However, it always pays to shop around and compare life insurance quotes to find your best option.

Conclusion: TD Insurance Canada Overview

TD Insurance is undoubtedly one of Canada’s insurance leaders, providing personal and commercial coverage coast to coast as part of TD Bank. While not perfect in areas like pricing and customer service, their size, financial strength, and digital capabilities make them an attractive choice for many customers.

For Canadians wanting an optimized insurance provider, it pays to weigh TD’s pros and cons and compare their pricing against national and regional competitors. This allows you to find the right fit for your specific situation. At the end of the day, TD Insurance delivers core value on bundled policies but should not be assumed to be the best option without thorough comparison shopping.

There are more Canadian life insurance companies reviews on our site such as: Ivari, Canada Life , Canada Protection Plan , Manulife, etc.

FAQs related to TD Insurance Canada

Article Sources

1. moneygenius.ca/insurance/life-insurance/td-life-insurance
2. dundaslife.com/blog/td-life-insurance-review

Methodology for Rating Life Insurance Companies 

Choosing the best life insurance company can be difficult given the number of providers available. To help consumers identify top insurers, we use an objective rating system that analyzes critical factors. This methodology was developed by insurance experts to highlight companies offering financial stability, affordable pricing, excellent service, and comprehensive policies.
Brand Trust (40%)
We assess third-party ratings for financial strength, customer satisfaction, and complaint records. Superior scores in these areas result in more points.
Policy Options (30%)
Key factors are the number of policies offered, customization potential through riders, and innovative features. More choices and flexibility mean more points.
Customer Service (15%)
Having more channels available 24/7 and streamlined underwriting and delivery processes increases an insurer’s rating.
Pricing (15%)
We obtain sample quotes across profiles and policy types to compare pricing. Insurers with lower premiums receive more points.
This simplified methodology identifies insurers with exceptional financial backing, pricing, service, and coverage flexibility. Consumers can use these objective factors and rankings to narrow their choices and find life insurance that best fits their needs and budget.