TD Critical Illness Insurance Review

A critical illness like stroke, heart attack, or a life-threatening cancer can negatively impact your finances as well as health. That is why critical illness insurance is worth considering.

It pays a lump sum if you are diagnosed with a covered condition. You can use this money to pay for medical expenses not covered by your health insurance plan, in-home care should you require it, and monthly bills. 

If you are wondering whether the critical illness insurance plan from TD is a good option for you, you’re at the right place. This page provides everything you need to know about it, including its coverage options, advantages and limitations, and more. 

Pros and Cons of TD Critical Illness Insurance

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Who is TD Insurance?

TD Insurance is the insurance subsidiary of the TD Bank Group, one of the biggest banks in North America. TD Insurance sells many different insurance products, including life insurance, disability insurance, accident insurance, and car insurance. 

What is TD Critical Illness Recovery Plan?

Unlike some other Canadian insurers, TD offers only one critical illness insurance product, called TD Critical Illness Recovery Plan. It provides basic critical illness coverage, covering 3 illnesses and offering a benefit of up to $50,000.

Here are the details of TD Critical Illness Recovery Plan:

What does TD critical illness insurance cover?

TD critical illness insurance pays a lump-sum in the event of a diagnosis of a life-threatening cancer, stroke, and heart attack. The maximum benefit amount and waiting period for each of the covered conditions are $50,000 and 30 days, respectively. The policy term for TD critical illness insurance is 10 years, though you can renew the coverage repeatedly.

However, the insurer can (and almost always will) increase your premium rate at each renewal. The benefit amount is slashed by half when you turn 65, regardless of your health, and the policy terminates automatically at age 70. The critical illness benefit is payable only once. Once a payment is made, the coverage ends. ‍

TD Critical Illness additional benefits and riders

TD critical illness insurance cover doesn’t offer any riders, such as partial payout, return of premium on expiry/cancellation/death, or early detection. A complete absence of additional benefits means you cannot tailor the plan to your needs. 

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How much does TD critical illness insurance cost?

TD critical illness insurance plans are competitively priced, but giving an exact price range for premiums is not possible. This is because critical illness insurance premiums are unique to the person applying for coverage. Even if two individuals of the same age and gender apply for the same policy, they will receive different premiums as each will be assessed on his or her risk factors. 

Critical illness insurance premiums are generally based on three factors: age, gender, and health. The last category is one factor that can vary a lot — and greatly affect — critical illness insurance pricing. 

Aside from personal factors, premium rates also depend on the details of your policy, such as the waiting period, benefit amount, the number of covered illnesses covered, riders attached to the base policy, etc. 

Before you decide on an offer from TD Insurance, it is smart to check how its coverage offerings and prices compare to those offered by other top Canadian providers using our free price comparison tool. We can also provide you personalized price quotes based on your unique circumstances to help you pick the best critical illness insurance plan.  

How to apply for TD critical illness?

If you are interested in TD’s Critical Illness Recovery Plan, call 1-888-788-0839 to speak with one of their advisors and complete the application process. Though you can usually get the lowest price by shopping the market with an independent insurance broker like Dundas Life.

Conclusion

TD’s critical illness insurance cover is as basic as they come: covering only 3 illnesses, having a maximum benefit of just $50,000, and offering only one option for term length (10 years) and none of the bells and whistles common to critical illness insurance. If you are looking for basic critical illness coverage, this plan may suffice.

However, if you want protection against a large number of illnesses, a higher benefit, or greater flexibility, look elsewhere. 

Still not sure if TD’s critical illness cover is right for you? Let Dundas Life help you. Working with an independent broker like us can help you find the right critical illness insurance policy from an insurer that meets your needs. Send us an email or schedule a call to have our advisor walk you through the entire buying process, while offering transparent, unbiased advice.  

Frequently Asked Questions

Can I apply for TD Critical Illness Insurance if I'm already covered under another insurance policy?

Yes, you can buy TD’s critical illness insurance cover even if you have coverage from another insurance company. Review the terms and conditions of both policies to ensure they nicely complement or supplement each other. 

Is there a waiting period for TD’s critical illness insurance? 

Yes, you must survive 30 days after your diagnosis of a covered condition to collect the benefit. 

Does TD Insurance offer the return of premium rider with its critical illness insurance plan? 

No, it does not. TD’s critical illness insurance plan is very basic and doesn’t offer the option to add riders, such as the return of premium rider.