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Business Credit Life Insurance
Business Credit Living Benefit Insurance

Business Credit Life Insurance¹

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Business Credit Life Insurance ensures the financial obligations of your business are met in case of death or accidental dismemberment of someone essential to the business².

Features and benefits:

Life and accidental dismemberment protection
Business credit life insurance provides life and accidental dismemberment protection
Benefit up to $1 million per insured person
It can equal the balances on your eligible reducing credit products, plus the limits on your eligible revolving credit products³
Competitive group rates
Get lower rates for groups, plus additional discounts for non-smokers. Please refer to the product guide for details. The monthly premium rates are calculated per $1,000 of coverage

How your premiums are calculated

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To calculate the monthly premium for each Insured Person, find the applicable rate in the product guide. Multiply it by the average amount of coverage during the month. Divide the answer by 1,000 and applicable provincial taxes.⁴

Example:
For a male non-smoker⁵, aged 35, whose business has a loan with an average balance for the month of $47,500 with an equal amount of coverage, the premium is:
$0.12 x $47,500 ÷ 1,000 = $5.70/month plus applicable provincial sales tax.

Protect what’s important today.

Certificate of Insurance

The certificate contains a complete list of benefits, eligibility, exclusions and limitations.

Protection for your business – Product Guide and Certificate of Insurance (March 2018)

Quebec Residents:
Please also refer to: Protection for your business – Distribution Guide and Certificate of Insurance (January 2020)

Note: This is the current product guide/distribution guide and certificate of insurance in use by TD Bank. For a copy of a certificate prior to the effective dates above, contact us.

Legal

Business Credit Living Benefit Insurance

Business Credit Living Benefit Insurance¹ provides Critical Illness and Disability coverages and may pay a benefit towards the outstanding balance² of your insured business credit products if the Insured Person¹ suffers from a covered Critical Illness¹ or becomes Totally Disabled¹:

Critical Illness coverage can pay up to $1,000,000, with a maximum of $500,000 towards Revolving Credit Products¹, if the Insured Person1 is diagnosed with Cancer (life threatening), Acute Heart Attack, or Stroke¹.
Disability coverage can pay up to $3,000 per month for a maximum of 24 months per disability, up to an overall maximum of 48 months, if the Insured Person¹ becomes Totally Disabled¹.

You may be eligible to increase your coverage by up to $25,000 per calendar year, subject to coverage maximums and the Insured Person's eligibility for an increase.