Ben Nguyen 
Specialty Life Insurance is one of the leading life insurance companies in Canada. It offers a range of no-medical and simplified life insurance solutions. Focusing on fast approvals and hassle-free applications, Specialty Life Insurance appeals to individuals seeking insurance coverage without extensive medical underwriting.
This guide explores Specialty Life Insurance’s essential features, policy options, costs, eligibility requirements, and more. Whether you are looking to secure life insurance coverage quickly or have been denied traditional policies, Specialty Life Insurance presents an accessible insurance alternative worth considering.
What is Specialty Life Insurance (SLI)?
Founded in 2015 and headquartered in Concord, Ontario, Specialty Life Insurance (SLI) has swiftly established itself as a major provider of no-medical life insurance policies in Canada.
Despite being a relatively new player in the life insurance industry, SLI has earned positive reviews from customers, praising its efficient application process and competitive premiums. The company focuses specifically on no-medical life insurance plans that eliminate traditional medical exams or health questionnaires. This makes securing coverage more accessible for individuals managing health conditions or needle anxiety.
SLI is owned by the group behind Insurance Supermarket Inc., a recognized player in Canada’s insurance sector. This adds credibility regarding SLI’s financial backing and business operations. SLI has found its niche by concentrating exclusively on non-medical life insurance, appealing to those seeking expedited coverage.
What products does Specialty Life Insurance offer?
Specialty Life Insurance provides an array of no-medical insurance solutions tailored to particular needs. Below is an in-depth look at the company’s primary offerings:
SLI Term Life Insurance
SLI term life insurance delivers affordable temporary coverage for set periods ranging from 10 to 30 years. Premiums remain level over the selected duration, providing cost certainty. Beneficiaries receive payouts in the event of death within the term length. Options include:
- Paramount Term 10
- Paramount Term 20
- Paramount Term 30
Coverage amounts range from $10,000 to $500,000. No medical options are available, opening accessibility for all applicants between ages 18-80.
As policies eventually expire, term life insurance aligns well with temporary needs like:
- Mortgages
- Child-rearing costs
- Income replacement during peak earning years
Protection can be renewed or converted to permanent insurance at the end of the term if needs persist.
SLI Permanent Life Insurance (T100)
Specialty Life’s permanent coverage is the Paramount Term 100 (T100) plan. This policy provides lifelong insurance that never expires, given premiums are paid. The T100 plan offers:
- Lifetime protection with fixed, guaranteed premiums
- Coverage up to $500,000
- Tax-free death benefit payout to beneficiaries
This ensures your loved ones are sheltered by a death benefit whenever it is required.
Permanent policies are ideal for long-term goals like:
- Estate planning
- Leaving an inheritance
- Covering final expenses with guaranteed payouts
While permanent life insurance costs more than temporary term life, T100 remains affordably priced compared to other non-medical permanent offerings. It is an excellent solution for enduring peace of mind.
SLI Guaranteed Life Insurance
Specialty’s guaranteed acceptance policy is called Excelsior. It provides:
- Permanent lifetime coverages. It is an excellent solution for enduring peace of mind.
- Instant approval up to $50,000 for ages 18-70 and $25,000 for 71-80
- No medical exam or health questions are required
SLI Accidental Death Insurance
The Sentinel+ accidental death plan pays out if you pass away from a covered accident. Key features include:
- Up to $500,000 coverage regardless of health
- Available for Canadian residents aged 18-70
- Extra benefits like disability payouts
SLI Final Expense Insurance
Specialty Life Insurance caters to seniors through its competitively priced final expense insurance in Canada. This specialized policy provides up to $50,000 in coverage for Canadians up to age 74 and is explicitly designed to cover end-of-life costs.
Approval is instant, and no medical exams are required. Your lifetime protection starts immediately, regardless of health conditions. Premiums may increase incrementally at renewal periods but remain reasonable compared to other final expense offerings.
With its simplified application and Elder Day customer support, Specialty Life Insurance’s final expense insurance is purpose-built for older adults, aiming to lessen the financial burden on loved ones.
SLI Critical Illness Insurance
Receiving a critical illness diagnosis can carry significant financial implications in addition to health-related challenges. From lost income to uncovered treatment costs, day-to-day life can become a struggle.
Specialty Life Insurance’s critical illness policy pays out a tax-free lump sum upon diagnosis of any of 24 covered critical conditions. This includes major illnesses like:
- Cancer
- Stroke
- Heart attack
- Coronary artery bypass surgery
Payouts up to $25,000 help offset costs not accounted for by public or private health insurance. With no medical underwriting, Canadians between 18 and 69 are guaranteed acceptance for critical illness coverage.
The plan also provides unique continued protection. If you unfortunately experience a second critical illness after an initial claim, your coverage remains active with a supplementary payout. This ensures you have sustained support when it matters most.
Other Specialty Life Insurance Offerings
In addition to its core products, Specialty Life also provides tailored life insurance solutions for specific needs:
No Medical Exam Life Insurance
The no medical exam life insurance from Specialty Life is ideal for individuals who were previously denied coverage due to health issues. This policy skips the medical exam and health questions, providing easy acceptance. Both term life insurance and permanent life insurance options are available to align with short or long-term needs.
Seniors Life Insurance
Specialty Life’s seniors policies provide affordable term life insurance for applicants aged 65 and up. With no medical exam or health questions, seniors can easily get end-of-life expenses and funeral costs covered.
Final Thoughts
Specialty Life Insurance aims to make no medical life insurance achievable for all Canadians. These additional offerings cater to seniors, high-risk applicants, and those needing short or long-term financial security for their families. With guaranteed acceptance policies and relaxed health requirements, Specialty Life removes obstacles for specialized coverage.
How do Specialty Life Insurance premiums and costs compare?
Premium rates for Specialty Life Insurance products vary based on personal attributes like age, gender, smoking status, and more. However, its no-medical underwriting helps keep costs reasonable for many applicants compared to competitors.
Specialty Life Insurance represents affordable options for permanent and temporary coverage for younger, healthier individuals.
Here are sample monthly costs for non-smokers:
| Policy | 30-year-old male | 40-year-old female | 50-year-old male | 60-year-old female |
|---|---|---|---|---|
| Preferred Protection Insurance ($100,000) | $92 | $124 | $221 | $341 |
| Simplified Life Insurance ($100,000) | $131 | $151 | $267 | $374 |
| Guaranteed Life Insurance ($25,000) | $32 | $32 | $57 | $81 |
Applicants outside this demographic may encounter somewhat higher premiums depending on their age, health, and lifestyle. Overall, Specialty Life Insurance focuses on maintaining competitive pricing across its policy selection.
Your unique attributes and desired coverage amount influence your exact premiums. Connecting with a licensed advisor allows you to get a personalized quote tailored to your needs.
In what unique scenarios might Specialty Life Insurance be suitable?
Specialty Life Insurance caters well to niche scenarios outside typical insurance needs. Two cases where their offerings stand out include:
Seniors Seeking Coverage
Applying for life insurance can be frustrating for older adults who face age-related eligibility barriers. Specialty Life Insurance provides multiple options for those up to 79 years old without cumbersome medical underwriting.
Their simplified application process, Elder Support Team, and policies like final expense insurance make securing coverage in advanced age straightforward. This empowers vulnerable seniors to gain financial protection.
Business Owners
Business insurance products from Specialty Life insurance provide protection against key personnel’s death. These policies ensure continuity for owners, partners, or vital employees by providing resources to maintain operations and transition leadership.
Specialty Life Insurance offers customizable business insurance for companies of any size. It provides dedicated support and tailored coverage for owners seeking business insurance.
What do customers think about Specialty Life Insurance?
Overall, customer satisfaction with Specialty Life Insurance is high based on reviews. They hold an impressive 4.2 out of 5-star average across various platforms. Users point to easy applications and reasonable pricing as advantages.
However, a repeated complaint is the company maintaining multiple websites (specialtylifeinsurance.ca, specialtylife.ca, etc.), causing confusion for some customers. Streamlining domains could improve user experience.
While any insurer will have some negative feedback, Specialty Life Insurance’s 30-day money-back guarantee on new policies provides a welcome buffer for dissatisfied customers to re-evaluate their purchase. This highlights their focus on a positive customer journey.
What Are the Main Pros of Selecting Specialty Life Insurance?
No Medical Exams
Specialty Life Insurance provides coverage without requiring medical exams, perfectly accommodating applicants unable to undergo invasive testing.
Hassle-Free Application
The streamlined online application process ensures a smooth onboarding experience for clients.
Low Minimum Coverage
Specialty Life offers excellent flexibility with minimum expense sums starting from just $1,000.
Affordable Premiums
Compared to conventional policies necessitating medical exams, Specialty Life’s rates are very competitively priced.
Credit Card Payments
Specialty Life accepts credit card payments to facilitate easy and secure transactions.
30-Day Money-Back Guarantee
Unsatisfied customers can return policies within 30 days for a full premium refund.
What Are the Potential Drawbacks of Specialty Life Insurance?
Minimal Operating History
As a relatively new insurer, Specialty Life lacks an extensive performance track record compared to long-standing providers.
Multiple Websites
Specialty Life runs several websites catering to different demographics, which could cause confusion when navigating services.
No Discounts for Annual Payments
Unlike some competitors, Specialty Life does not offer discounted pricing incentives for policyholders who opt for annual premium payments.
How can I determine if Specialty Life Insurance is the right choice?
When searching for life insurance, exploring offerings from a diverse range of providers is advisable. This allows you to compare and contrast options to find the best match.
Specialty Life Insurance excels in non-medical life insurance niches that are often overlooked or inaccessible. Quick application turnaround and accommodating underwriting expand access to individuals who may have been denied coverage elsewhere.
However, those seeking specialized products like juvenile life insurance or niche riders may need to look at other insurers. Specialty Life Insurance also does not offer whole life insurance.
Below is a summary of who Specialty Life Insurance caters to most optimally:
- Applicants wanting to avoid medical underwriting
- Senior citizens needing final expense insurance
- Anyone needing coverage fast with same-day approval potential
For such segments, Specialty Life Insurance presents an appealing option for securing life insurance simply and efficiently. However, it remains prudent to compare quotes from a range of providers to find your optimal match. Working with a licensed advisor allows you to evaluate your best policy options through an unbiased lens.
With dozens of providers to choose from, selecting the right life insurance company in Canada can seem daunting. To help narrow your search, we’ve compiled this guide to the top life insurance companies in the country. We’ll provide an overview of leading insurers like Manulife, RBC Insurance, Sun Life, Wawanesa, iA Financial, Foresters, Canada Life, TD life insurance and more, exploring their key products, financial strength, customer service reputation, and suitability for different applicants.
Whether you’re looking for affordable term life insurance, permanent coverage, or specialized policies, understanding the landscape of providers is the first step to finding the best fit. Read on for a comprehensive introduction to the top life insurance companies currently operating in Canada.
Frequently Asked Questions (FAQs)
How long does it take to get approved for Specialty Life Insurance?
One of the benefits of Specialty Life Insurance is fast approval, often on the same day you apply. Their streamlined process enables issuing policies quickly after completing a short online application.
Can I adjust my coverage after purchasing a Specialty Life Insurance policy?
Yes, most Specialty Life Insurance policies allow you to decrease your coverage amount as your needs change. However, increasing coverage would require a new application and underwriting process.
What is Specialty Life Insurance's customer service like?
Reviews of Specialty Life Insurance's customer service are generally positive. They offer phone, email, and mail contact options. Some customers have complained of slow response times.
Does Specialty Life Insurance operate in all provinces?
Yes, Specialty Life Insurance provides coverage to all provinces and territories in Canada. They offer nation-wide access to their no-medical life insurance products.
What are Specialty Life Insurance's ratings from credit agencies?
As a relatively new company, Specialty Life Insurance is not yet rated by major credit agencies. However, they are financially backed by Insurance Supermarket Inc., which adds credibility.
Is Specialty Life Insurance cheaper than other life insurance companies?
Specialty Life Insurance offers competitive premium rates, making their no-medical life insurance policies affordable for many applicants. However, rates still vary significantly based on individual factors.
What are the steps to purchase Specialty Life Insurance?
The steps are: 1) Request quote online 2) Speak with an advisor to provide details 3) Complete simple application 4) Review policy details 5) Provide payment. Rapid approval means you're covered quickly!
How do I pay premiums for Specialty Life Insurance?
Premiums can be paid monthly, quarterly, semi-annually or annually via credit card, debit card, electronic funds transfer or check. Specialty Life Insurance accepts various payment options.
What is a life insurance exclusion period?
An exclusion period refers to a time period after a life insurance policy takes effect during which the insurer will not pay out the death benefit if the insured dies. This period is often 1-2 years.
Does Specialty Life Insurance have any exclusion periods?
Most of Specialty Life Insurance's no-medical policies do not have exclusion periods. However, their guaranteed issue life insurance does have a two-year exclusion period for death from pre-existing conditions.
Who regulates Specialty Life Insurance?
As a Canadian life insurance company, Specialty Life Insurance is regulated federally by OSFI and provincially by FSCO in Ontario, where they are headquartered.
How do I submit a claim to Specialty Life Insurance?
To submit a life insurance claim, your beneficiaries will need to contact Specialty Life Insurance's claims department with required documents such as the death certificate. Their advisors help through the process.
Does Specialty Life Insurance drug test applicants?
No, Specialty Life Insurance does not drug test applicants during the application process since they provide no-medical life insurance. Drug testing is associated with traditionally underwritten policies.
What is the difference between Specialty Life vs. Sun Life Insurance?
Sun Life is an established national insurer providing traditional life insurance that requires medical underwriting, while Specialty Life is a newer company specializing strictly in no-medical life insurance.
Is Specialty Life Insurance affordable?
Yes, Specialty Life Insurance offers competitively priced premiums on its no-medical life insurance products, making coverage affordable for many individuals. Exact rates vary based on specific details.
What happens if I stop paying Specialty Life Insurance premiums?
If you stop paying premiums, your Specialty Life Insurance policy will lapse after a grace period. This will end your coverage unless you reinstate the policy by paying owed premiums.
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