Bank Comparison
TD Bank Mortgage Life Insurance:
Is It Worth It?
TD Canada Trust charges approximately $67.66/month for mortgage life insurance on a $500K mortgage for a 35-year-old non-smoking woman. Over 20 years, that's $16,238 for coverage that declines to $0.
TD Bank Monthly
$67.66
per month
20-Year Total
$16,238
for declining coverage
You Could Save
$7,838–$10,238
with term life
TD Bank vs. Independent Term Life
Based on a 35-year-old non-smoking woman, $500K mortgage, 20-year term.
| Feature | TD Bank | Term Life |
|---|---|---|
| Monthly Premium | $67.66 | $25–$35 |
| 20-Year Total Cost | $16,238 | $6,000–$8,400 |
| Coverage Type | Declining | Level (stays at $500K) |
| Beneficiary | The Bank | Your Family |
| Underwriting | Post-Claim | Full (Upfront) |
| Portable? | No | Yes |
| Can Be Denied After Death? | Yes | No |
What TD Bank Won't Tell You About Their Mortgage Insurance
TD's mortgage life insurance is a declining balance product — your coverage decreases as your mortgage balance goes down, but your premium stays the same.
TD is the beneficiary of the policy, not your family. If you pass away, the payout goes directly to TD to pay off the mortgage.
TD uses post-claim underwriting, meaning your health is reviewed after a claim is filed. This means your family's claim could be denied years after you've been paying premiums.
Your coverage is not portable. If you refinance with another lender, you lose your TD mortgage insurance and must reapply elsewhere at your current (older) age.
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