Is Specialty Life Insurance Worth It? Review (2024)
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Discover the methodologyDid you know that even in 2023, about one-third of the Canadian population remains without life insurance? This is concerning because life insurance plays a crucial role in ensuring financial security for you and your loved ones, especially during unpredictable times
However, selecting the best policy could be tricky. Given the many options available, it's important to explore various providers. Among these, Specialty Life Insurance stands out, having garnered commendable feedback from its customers. But is it the right choice for you?
In this review, we take you through what Specialty Life Insurance offers, its pros, cons, premiums, and more, to help you decide if it's the best option for you. You could also use our comparator to get free quotes from multiple providers so you can buy a policy that suits you best.
Specialty Life Insurance: 5 key takeaways
- Specialty Life Insurance caters best to those seeking no-medical insurance.
- It primarily offers a single permanent life insurance product (T100) and a final expense insurance plan.
- The company stands out by enabling online purchase of insurance plans.
- Despite a relatively short history, Specialty Life Insurance has favorable customer reviews for trustworthiness.
- Compare plans from other providers using HelloSafe comparator and get free personalized quotes.
Who is Specialty Life Insurance?
Founded in 2015 and headquartered in Concord, Ontario, Specialty Life Insurance focuses on no-medical life insurance options. Despite being around for a short period of time, the insurance provider receives good customer reviews for trustworthiness.
Specialty Life Insurance has three different websites- specialtylifeinsurance.ca, specialtylife.ca for seniors, and slinsurance.ca for advisors.
Good to know
"Is specialty life insurance legit?" is one of the more common questions that appeared during our research. It is a "BBB" accredited company which indicates that the business is officially recognised by the Better Business Bureau as meeting their accreditation standards. Also referred to as sli specialty life insurance, It is also rated positively by Trustpilot. But who owns Specialty life insurance? It is owned by the same people who own the Insurance Supermarket Inc.
Our Specialty Life Insurance review: A good choice for no-medical option
Specialty Life Insurance, with its focus on no-medical insurance options and streamlined application process, is a standout choice for individuals seeking straightforward coverage without the hassle of medical exams.
Their commitment to online purchase options sets them apart, making it a great match for those who prefer a digital approach. Keep in mind that it might not be the best fit for those seeking extensive policy variety, as the emphasis remains on their single permanent life insurance product (T100) and final expense plan.
Products like whole life are not available with Specialty Life Insurance. They offer:
- Personal insurance
- Seniors life insurance
- Business insurance
Here are a few of the company’s pros and cons.
Pros
- No medical life insurance
- Simple application
- Low minimum coverage available
- Competitive premium rates
- Accepts payment by credit card
- 30-day money-back guarantee
Cons
- Relatively new policy provider
- Multiple websites that could lead to confusion, as also pointed out by specialty life insurance reviews from customers
- No discount is offered for paying annual premiums
But before settling on any provider, we recommend that you compare plans and coverage from multiple providers. You could simply try our comparator tool below to get free quotes from Canada's best life insurance providers. Look at 20+ leading providers at once.
Compare the best life insurance companies
What do Specialty Life Insurance policies cover?
Life insurance is not limited to healthy or middle-aged adults but is an investment that can make sense for people of all ages. The coverage can help family members maintain their lifestyle if when you are no longer, pay for the funeral expenses or pay off debts.
Specialty Life Insurance offers no-medical life insurance to Canadians, providing peace of mind and financial security for their loved ones in the event of their passing. This insurance covers both natural and accidental death.
- Specialty Life Insurance caters to family protection cover that could cover a variety of needs from mortgage and rent payments, funeral costs, provide income for beneficiaries and educational expenses.
- Critical illness helps cover medical and lifestyle expenses if you’re ever diagnosed with one of 24 critical illnesses including stroke, heart attack and cancer.
- Business insurance covers you or key employees to help with business continuity planning.
How much does Specialty Life Insurance cost?
Life insurance will depend on several factors including your age, health and lifestyle habits. We estimate that a 30-year-old male non-smoker will pay $32/month for $25,000 coverage and $92/month for $100,000 coverage. Here are some estimated monthly premiums for non-smokers. Smokers will pay more.
| 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 |
As exact prices evolve and may be unique to you, ask for a personalized quote from their website for your unique premium.
What types of life insurance does Specialty Insurance offer?
Let’s take a look at all the different types of life insurance policy options available for you.
| Policy | Term life insurance | Final Expense Plan | Accidental Death Plan | Critical Illness Plan |
|---|---|---|---|---|
| Age | 18-80 | 18-74 | 18-69 | 18-69 |
| Coverage | $1,000 to $1 million | $50,000 | Up to $250,000 | $5,000 up to $50,000. |
| Term |
| Up to age 100 (must be purchased before age 74) | To age 69 | Up to age 75 |
| Premiums | Level premiums for term. Newable or convertible at expiration | Renewed every 5 years, may increase | n/a | Renewed every 5 years, may increase |
Term life insurance
The simplest form of life insurance, term life insurance, pays a death benefit to a policyholder’s beneficiaries. Coverage lasts for a pre-specified term. It offers no-medical term life insurance and has three plans to choose from — T10, T20 and T30. The only requirements are Canadian residency and being between age 18 and 80
Coverage is for anywhere from $1,000 to $1 million. The lower amounts make it a great option for covering funeral expenses or having an inexpensive seniors' life insurance policy.
| Policy Feature | T100 | Term |
|---|---|---|
| No expiration prior to age 100 | ||
| Guaranteed lifetime coverage | ||
| Choice of guaranteed fixed premiums throughout the duration |
Permanent life insurance
It offers one permanent policy. This coverage is suitable for those who wish to leave a legacy for their children or guarantee final expenses. Term 100 life insurance, or T100, has no medical underwriting and offers a maximum coverage of up to $1 million.
Final Expense Insurance
An alternative to a T100 plan is Specialty's Final Expense Plan. With instant approval, an online application and guaranteed acceptance, it's a compelling option for $50,000 coverage. There are no medical exams or health questions. The policy can be purchased up to age 74 and covers the policyholder until age 100 — making it a perfect funeral expense policy.
Critical Illness Insurance
Critical illness coverage by Specialty LIfe Insurance can be useful in case of an illness. It will provide a lump sum, tax-free payment and this money can be used to pay for expenses that are not covered in the health plan. That said, this plan also does not require any medical exam and has instant approval for $25,000 in coverage.
It covers 24 critical illnesses and there is a guaranteed acceptance for residents aged between 18 to 69 years. The policy provides coverage to age of 75 and also has a second event benefit which means your claim does not end with the first claim.
How do I get a Specialty Life Insurance quote?
If you've decided on Specialty life insurance, quotes are readily available through its website or an advisor. All you have to do is navigate to the product page for the policy type you want. Once there, you enter your personal information and requested coverage amount to get your quote.
Before settling on any provider, take the time to compare the competition as Canada has dozens of life insurance providers. While it may seem like a daunting process, we've made it simple for you. Use our comparator tool below and get personalised quotes from the best life insurance providers in Canada, and in a few seconds.
Compare the best life insurance companies
Specialty life insurance customer service
| Communication | Contact details |
|---|---|
| Specialty life insurance phone number | 1-888-721-1461 |
| Address | 8000 Jane Street Tower A, Suite 101 Concord, ON L4K 5B8 |
| [email protected] |
Have an question for Specialty Life Insurance customer service? An online form will help you reach the right person to help you. Some specialty life insurance reviews from customers say this is a roundabout process to have to fill a form and then connect to the concerned person. A few also claim delays in response or troubles in connecting with Specialty life insurance phone number.
