The protection of your line of credit is of a paramount importance. Luckily for you, TD line of credit insurance is designed to provide an adequate protection for your line of credit if you suffer a covered accidental dismemberment, as defined in the Certificate of Insurance, or die. In the event of these, the insured will be paid up to $300,000 towards discharge or penalty fees, interest owing, and for the unpaid line of credit balance less any arrears.
You can further enhance your TD line of credit insurance by adding TD line of credit critical illness insurance to the plan. This coverage can pay the insured up to $300,000 if he is diagnosed with stroke, acute heart attack and life-threatening cancer. TD also offers discounts and competitive group rates in its line of credit insurance.
Why TD Line of Credit Insurance Makes Sense
The premium in TD line of credit insurance is based on the insured’s age at the time of billing, as well as his average balance and the number of days in the billing period, with the exclusion of discounts applied. If the average balance portion exceeds $75,000, a 20% discount will apply to the premium and a 15% discount will apply to the premium if more than one person becomes insured for critical illness and life insurance in the same line of credit.