TD loan insurance is the right coverage you need to protect your loan.The plan can pay you or your beneficiaries up to $250,000 in the event of your death or if you suffer a covered accidental dismemberment as specified in the Certificate of Insurance. The life insurance lump sum is paid to the insured towards interest owing, and to help him settle his outstanding TD personal loans. Furthermore, the insured can also enhance his TD loan insurance by adding optional TD loan disability insurance to the plan. If the insured becomes totally disabled, this addendum can pay the insured up to $2,000 of his monthly loan payments for a maximum of 60 months.
If you are not satisfied with the TD Loan Insurance product, you can cancel your coverage and get a full refund within 30 days of purchasing the plan. This loan insurance premium is calculated based on your age, the amortization period of the loan, and the amount of your loan at the time of application, with the applicable discounts excluded.
Learn more about credit from these informative articles to help you decide in choosing the best plan for you.