Term life insurance to 100 is a type of permanent life insurance that covers the insured person for life. Unlike other term life insurance products, such as 10-year or 20-year term life insurance, Term life insurance to 100 does not need to be renewed at the end of its term, and it does not expire.
How does 100 year term life insurance work?
Once your application is approved, the premiums you pay remain the same for the entire term of the policy. When you, the insured, reach age 100, you no longer have to pay premiums, but the coverage remains in effect. When you die, the policy pays your named beneficiary a tax-free lump sum benefit (only in the case of accepted claims).
Why Consider a 100 Year Term Life Insurance Plan?
When determining your life insurance needs, what makes a 100-year term life insurance plan attractive is that while you no longer have to pay premiums once you reach age 100, the coverage remains in effect for the rest of your life. Therefore, as an insured person, you could benefit from permanent life insurance at a lower cost compared to other permanent life insurance options.
If you are looking for an insurance plan that offers permanent coverage with premiums that will not increase – guaranteed – and where renewal at the end of the term is not required, this could be the right choice for you. This plan could be ideal if you have dependents for life and want to leave a legacy for your loved ones.
You can apply for Term 100 life insurance as early as your 18th birthday (the younger you are, the lower the cost may be) and up to the age limit set for the plan. You must also be a Canadian resident to apply for coverage with TD Insurance. As with all life insurance plans, if you pass away, your designated beneficiary can receive a tax-free lump sum payment that they can use as they wish.
Does TD Insurance offer a 100 year term life insurance policy?
Yes, TD Insurance offers a 100-year term life insurance policy. You can apply as early as your 18th birthday and up to 6 months after your 70th birthday .
You can apply for coverage up to $10,000,000. As an insured person, you can even apply for living benefits (up to 50% of the death benefit) in the event of a life-threatening medical condition, provided it meets the policy definitions.
Your designated beneficiary could receive a tax-free lump sum to use however they choose: to make mortgage payments, compensate for lost income, pay for tuition, or donate to charity.
Keep in mind that you will benefit from a 30-day evaluation period from the effective date of the policy; if you cancel it, all premiums paid will be refunded.
How much does the TD 100 Term Life Insurance Plan cost?
Premiums for any term life insurance policy depend on several factors, including age, gender, and the amount and type of coverage. Get a personalized quote for your price using our TD Term Life Insurance Quote Tool . You can also use the TD Life Insurance Calculator to determine how much insurance you may need.
How do I apply for TD 100 Term Life Insurance?
Ready to request a personalized quote for TD 100 Term Life Insurance? Visit our TD Term Life Insurance website to get a quote and apply online.
Not sure how much insurance you need? Use the TD Life Insurance Calculator to help.
Choosing the right type of term life insurance policy for you or your family can be difficult. Use our online resources to help you take the first step toward making an informed decision.
Helpful tip for Canadian residents aged 50 to 75 who want immediate coverage without a questionnaire or medical exam, and who may not qualify for other types of plans: consider TD Insurance ’s Guaranteed Acceptance Life Insurance (GALI) . This plan protects you for your entire life and, unlike other life insurance plans, no medical questionnaire is required. Coverage is up to $25,000 and starts immediately upon application. Plus, premiums don’t change, and when you turn 100, you keep your coverage but no longer have to pay premiums.
Learn more about the features and benefits of TD Guaranteed Acceptance Life Insurance in our next article on No Medical Exam Life Insurance .
