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TD Life Insurance Calculator Canada
TD Mortgage Protection is optional creditor insurance tied to your TD mortgage balance. Run the numbers before you compare it with personally owned term life.
What this TD calculator is comparing
TD describes Mortgage Protection as optional insurance that can pay toward the outstanding balance on a TD mortgage after an approved death, covered terminal illness, accidental dismemberment, or covered critical illness claim. Its published sample premiums also show the price depends on coverage type, age, and mortgage balance.
The Financial Consumer Agency of Canada says optional mortgage life insurance may pay the mortgage balance to the lender, the lender is the beneficiary, and the death benefit usually decreases as the mortgage is paid down. FCAC also says term or permanent life insurance can keep the death benefit level and pay your named beneficiary directly.
That is the real decision. Do you want insurance built around TD's remaining loan balance, or coverage your family controls even if you refinance, renew elsewhere, or need cash for more than the mortgage?
Free estimate
Calculate TD Mortgage Protection vs term life
TD Bank is preselected. Age means your age at application for the published premium illustration. Enter your actual TD premium if known, and a term life quote to compare costs. Province does not add tax; gender and smoking do not change the published TD life rate.
How to use the result safely
1. Compare payout control
If TD receives the approved benefit, your family gets mortgage relief but not a flexible cash benefit.
2. Check your certificate
Confirm exclusions, maximums, coverage percentage, review period, and what happens if the mortgage changes.
3. Avoid a coverage gap
Keep existing coverage active until any replacement term life policy is approved and in force.
Sources checked: TD certificate 592258(0724), premium table and conditions, TD Mortgage Protection and Financial Consumer Agency of Canada optional mortgage insurance guidance. This page is educational, not personalized insurance advice.
TD mortgage insurance calculator: common questions
These are the questions TD mortgage borrowers ask most often after running the calculator, answered from TD's own product description and Financial Consumer Agency of Canada guidance.
Does this TD life insurance calculator use my real TD premium?
If you enter your actual TD monthly premium, the calculator uses it unchanged. Otherwise it illustrates the life rates in TD certificate 592258(0724): one applicant, no multi-insured discount, up to $1,000,000 insured, before provincial sales tax. Enter an actual term life quote to compare costs; the tool does not generate one.
Is TD Mortgage Protection the same as TD life insurance?
Not in the way most borrowers assume. TD describes Mortgage Protection as optional insurance tied to the TD mortgage, so an approved benefit is directed at the loan rather than paid to a beneficiary you choose. A personally owned term life policy pays your named beneficiary directly and follows you if you refinance or move to another lender.
Why does my TD quote differ from the calculator estimate?
The published TD life table uses application-age bands and tiered insured amounts, not gender or smoking multipliers. This illustration excludes provincial sales tax, other coverage and the multi-insured discount. Your quote may have a different insured percentage or coverage package. Rates can change with advance notice; a constant-premium projection is not a guaranteed price or coverage duration.
Can I cancel TD Mortgage Protection?
Yes. Optional creditor insurance can be cancelled. The safer order is to have replacement term life approved and in force first, then cancel, so there is no period where the mortgage is uninsured. Our cancellation checklist walks through the sequence and the paperwork.
Does the TD payout go to my family?
Under creditor insurance the approved benefit is generally applied toward the mortgage, so the household gets mortgage relief rather than flexible cash. That distinction matters when your family would also need money for income replacement, childcare, taxes, or transition costs.