Specialty Life Insurance Review 2024 (Updated!)
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Discover the methodologyLooking for straightforward, no-medical exam life insurance? Specialty Life Insurance provides accessible, flexible options for Canadians with coverage up to $500,000. But is Specialty Life Insurance legit? Is it right for you?
In this Specialty Life Insurance review, we’ll explore everything you need to know: What does it offer? What are its pros and cons? How to apply? How to get a quote? You'll find all the answers here.
You can also use our free tool below to compare life insurance quotes from Canada's best companies to decide if Specialty Life Insurance is the best for you or if something else suits you better.
Specialty Life Insurance: 5 Key Takeaways
- Specialty Life Insurance caters best to those seeking no-medical exam insurance.
- Coverage up to $500,000 is available even for those with pre-existing conditions.
- Special coverage options for senior Canadians up to 80 years of age.
- Term life insurance in lengths including 10 and 20, and a Term 100 coverage option.
- Guaranteed acceptance life insurance up to $50,000.
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Our Specialty Life Insurance review: A good no-medical option
Specialty Life Insurance is a standout provider in Canada for offering no-medical-exam life insurance options, making it an ideal choice for individuals with pre-existing conditions, seniors, or those looking for simple coverage without the hassle of medical tests.
Their offerings include term life insurance, permanent life insurance, guaranteed life insurance, and accidental death & dismemberment insurance. Coverage amounts can reach up to $500,000, with term life policies available for 10, 20, or 30 years.
Notably, their Guaranteed Life Insurance option is designed for those who may have difficulty qualifying for traditional life insurance, offering guaranteed acceptance with coverage up to $50,000. For seniors, the company provides affordable life insurance tailored to individuals aged 50 and above, with no medical exams required and permanent protection options.
While Specialty Life Insurance offers simple and affordable policies, it may not be suitable for those needing larger coverage amounts or more customizable plans. For those seeking higher coverage or more flexible, investment-linked policies, competitors like Sun Life Insurance or Manulife may be more appropriate.
Overall, Specialty Life Insurance is best for those looking for accessible, no-fuss life insurance, especially seniors or individuals with pre-existing health conditions.
Expert advice
Specialty Life Insurance is great for those seeking straightforward, affordable coverage with no medical exams, especially seniors or individuals with health issues. However, it may not be suitable for those needing larger coverage amounts or more tailored policies, as providers like Sun Life, Canada Life, and Manulife offer more comprehensive, customizable options.
Pros of SLI Specialty Life Insurance
- No medical exams are required, simplifying the application process.
- Fixed premiums ensure predictable costs.
- Coverage options up to $500,000.
- Eligibility for individuals with pre-existing conditions.
- Permanent protection plans are available.
- Special coverage options for senior Canadians.
Cons of SLI Specialty Life Insurance
- Relatively new policy provider
- Multiple websites that could lead to confusion, as also pointed out by specialty life insurance reviews from customers
- Less customization options
- Limited online quote tools; requires speaking with an advisor
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.
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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, 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.
Who owns Specialty Life Insurance in Canada?
Specialty Life Insurance is owned by Insurance Supermarket International Inc. (ISI), a leading insurance brokerage in Canada. ISI operates as a managing general agent and has been providing insurance solutions since 2015.
Is Specialty Life Insurance legit?
It is a "BBB" accredited company which indicates that the business is officially recognized by the Better Business Bureau as meeting their accreditation standards. Also called SLI Specialty Life Insurance, the company holds a positive Trustpilot rating of 4.2 out of 5 stars from as many as 2,079 reviews, reflecting customer satisfaction with its products and services.
What does Specialty Life Insurance cost in 2024?
Specialty life insurance costs, like other insurance plans, depend on the following factors:
- Age
- Gender
- Smoking status
- Coverage amount
- Term length
- Add-ons/riders if any
Specialty Life Insurance rates are not available online and require you to request a quote over the phone after filling in the coverage requirement information on the website. However, here are the average costs of life insurance policies in Canada in 2024.
Below is a general overview of average monthly premiums for a $500,000 term life insurance policy, based on age and gender:
| Age | Male Premium | Female Premium |
|---|---|---|
| 20 | $22/month | $14/month |
| 30 | $22/month | $15/month |
| 40 | $28/month | $20/month |
| 50 | $62/month | $45/month |
| 60 | $180/month | $127/month |
For personalized quotes, check out our free tool below. Compare life insurance quotes from Canada's best companies and get the best deals using our comparator.
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What types of insurance does SPI Specialty Life Insurance offer?
Specialty Life Insurance offers a range of life insurance products designed to meet the diverse needs of Canadians.Here's an overview of their offerings:
| Insurance Type | Coverage Amount | Premiums | Eligibility | Application Process |
|---|---|---|---|---|
| Term Life Insurance | Up to $500,000 | Guaranteed to stay level | Canadian residents aged 18-80 | No medical exams |
| Permanent Life Insurance | $10,000 to $500,000 | Guaranteed to stay level | Canadian residents aged 18-80 | No medical exams |
| Guaranteed Life Insurance | $5,000 to $50,000 | Guaranteed to stay level | Canadian residents aged 18-80 | No medical exams |
| Accidental Death & Dismemberment (AD&D) Insurance | Up to $500,000 | Affordable | Canadian residents aged 18-80 | No medical exams |
| Seniors Life Insurance | $5,000 to $50,000 | Guaranteed to stay level | Canadian residents aged 18-80 | No medical exams |
Term Life Insurance
Term Life Insurance provides coverage for a specified period, such as 10, 20, or 30 years. It's ideal for individuals seeking affordable protection to cover temporary financial obligations like mortgages or children's education expenses.
- Coverage Amount: Up to $500,000
- Term Lengths: 10, 20, or 30 years
- Premiums: Guaranteed to remain level throughout the term
- Eligibility: Available to Canadian residents aged 18-80
- Application Process: No medical exams required; a simple health questionnaire is completed
Permanent Life Insurance
Permanent Life Insurance offers lifelong coverage, ensuring your beneficiaries receive a tax-free payout upon your passing. It's suitable for those looking to provide long-term financial security to their loved ones.
- Coverage Amount: From $10,000 to $500,000
- Premiums: Guaranteed to stay level for the duration of the policy
- Eligibility: Available to Canadian residents aged 18-80
- Application Process: No medical exams required; a simple health questionnaire is completed
Guaranteed Life Insurance
Guaranteed Life Insurance is designed for individuals who may have difficulty obtaining traditional life insurance due to health concerns. Acceptance is guaranteed, regardless of health history.
- Coverage Amount: From $5,000 to $50,000
- Premiums: Guaranteed to remain level
- Eligibility: Available to Canadian residents aged 18-80
- Application Process: No medical exams required; only one health-related question is asked
Accidental Death and Dismemberment (AD&D) Insurance
AD&D Insurance provides additional coverage in the event of accidental death or dismemberment.It's an affordable way to enhance your existing life insurance policy.
- Coverage Amount: Up to $500,000
- Benefits: Pays a lump sum benefit in case of accidental death or specific accidental injuries
- Eligibility: Available to Canadian residents aged 18-80
- Application Process: No medical exams required; a simple health questionnaire is completed
Seniors Life Insurance
Tailored for seniors, this plan offers affordable, permanent coverage without the need for medical exams.It's designed to help cover final expenses and provide financial support to loved ones.
- Coverage Amount: From $5,000 to $50,000
- Premiums: Guaranteed to remain level
- Eligibility: Available to Canadian residents aged 18-80
- Application Process: No medical exams required; a simple health questionnaire is completed
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 like gender, age, and then the coverage amount, to get your quote. It takes less than a minute.
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.
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How to contact Specialty Life Insurance Customer Service?
You can reach Specialty Life Insurance Canada through one of the following means of communication.
| 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 a 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 out 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 numbers.
How are Specialty Life Insurance reviews from customers?
Many customers appreciate the no medical exam requirement for certain policies, which makes the application process faster and more accessible. Additionally, clients have noted that their policies are easy to manage and straightforward, which is particularly beneficial for those new to life insurance or looking for basic coverage.
However, some customers have reported persistent unsolicited communications from the company, such as multiple phone calls, emails, and text messages, even after expressing disinterest.
To protect yourself from Specialty Life Insurance spam calls or even others, consider the following precautions:
- Verify the Source: If you receive unsolicited communications, take the time to verify the legitimacy of the company. Research their contact details and check for any complaints or reviews to ensure they are trustworthy.
- Protect Your Personal Information: Never share sensitive personal or financial details over the phone, email, or text, especially if the communication was unsolicited. Always exercise caution when providing such information.
- Be Cautious of Unsolicited Offers: Be skeptical of unexpected calls, emails, or texts offering life insurance, particularly if they seem too good to be true or pressure you into making quick decisions.
- Report Suspicious Activity: If you suspect you've encountered a scam, report it to your local consumer protection agency or the appropriate regulatory body to help prevent others from falling victim.
FAQs on Specialty Life Insurance
Yes, Specialty Life Insurance is a legitimate company operating in Canada. Founded in 2015, it has established a positive reputation among policyholders and financial experts. The company is licensed and regulated in both Canada and the United States, ensuring compliance with industry standards.
You can contact Specialty Life Insurance by calling 1-877-754-5404, emailing [email protected], or visiting their office at 8000 Jane Street, Tower A, Suite 101, Concord, ON L4K 5B8. They are available Monday to Friday, 9:00 AM to 6:00 PM EST. You can also reach them through their website contact form.
Specialty Life Insurance is a Canadian-owned and operated financial services company. It specializes in providing simplified and no-medical life insurance coverage options, focusing on solutions for individuals who may find it challenging to obtain traditional insurance.
Specialty Life Insurance offers permanent life, Term 100, and final expense insurance, providing flexible coverage options with no medical exams required. Their policies are designed to be accessible, particularly for those who face challenges with traditional insurance. Coverage can go up to $1 million, depending on the plan.
