Life Insurance Frequently Asked Questions
Term Life insurance is life insurance that covers a specific amount of time. Typically, coverage is available for periods of 10, 15, 20 and 30 years. The main advantages of Term Life insurance are a lower premium, and often a physical is not required.
This is the tried-and-true Permanent Life insurance that most people think of when they hear "permanent insurance." Your coverage will stay in force, as long as you pay your premiums, and the policy will build cash value. This is a great type of policy if your goal is to buy it and tuck it away in a drawer until it's needed by your beneficiary. This type also generally has the highest premiums.
For simplified issue policies, there is no medical exam required and the coverage is typically approved or declined within 10 minutes. For fully underwritten policies that include a medical exam, the average approval time is 6 weeks. Policies may have some exceptions, so please stop by your local TD Bank Store if you have questions.
No, your premiums are guaranteed not to go up during the specified term as long as premiums are paid according to policy specifications.
No. Term Life insurance coverage cannot be canceled as long as premiums are paid according to policy specifications.
That depends on the policy's term. For example, if you purchase a 10-year Term Insurance policy, you are covered for 10 years as long as your premiums are paid. Once your term is complete, depending on your policy, you may have options to buy an additional term or Whole Life policy, continue annually or convert to a permanent policy. If you purchase Whole Life insurance, your coverage will last as long as you pay your premiums.
Most carriers allow you to cancel your life insurance policy within 10 to 45 days.