Toronto Dominion’s 10-year term life insurance policy is offered through its TD Life Insurance Division. The policy is available in face amounts of $50,000 to $5 million, and the premiums are fixed for the first ten policy years.
The following chart compares TD Bank’s Term 10 Life Insurance Policy against RBC Insurance and BMO Insurance:
Example 1 – A 40-year-old male, non-smoker, applying for $1M of term 10 coverage:
RBC Insurance is $53.37 a month, BMO Insurance is $61.65 a month, and TD Insurance is $77.88 a month.
Example 2 – $1 million of Term 10 coverage for a 50-year-old, male non-smoker:
RBC Insurance is $135.18 a month, BMO Insurance is $148.05 a month, and TD Insurance is $169.76 a month.
Example 3 – $1 million of Term 10 coverage for a 60-year-old, male non-smoker:
BMO Insurance is $445.05 a month, RBC Insurance is $453.90 a month, and TD Insurance is $467.25 a month.
The above rates for RBC and BMO insurance are based on standard non-smoker rates. They both also offer preferred rates to individuals in excellent health and with very good family health history. This could further reduce an applicant’s insurance premiums by up to 20% to 30%. RBC Insurance and BMO Insurance also offer their policies via their broker network.
For more details on Term Life Insurance policies in Canada, please contact us at 1-866-899-4849, or visit our Term Life Insurance Instant Quote Page.
The TD plan is not a very good deal and even it was the banks are bringing in too many profits for my liking
Aside from your point on profits. Brokers are often available to get a better deal and more options for clients than plans sold direct through banks.