Getting life insurance can provide crucial financial security for your loved ones. But for some Canadians, qualifying for traditional policies with medical exams poses challenges. If you’ve been declined coverage or want to avoid invasive tests, Specialty Life Insurance delivers a solution.
Specialty Life Insurance is one of leading Canada life insurance providers who removes medical exams and simplifies the application process. By specializing in specialty or simplified issue life insurance, they cater to higher-risk applicants. But are their no medical exam products the right choice for your needs? This guide has all the answers on Specialty Life Insurance in Canada.
What is Specialty Life Insurance Company?
Specialty Life Insurance (SLI) is Canada’s leading no-medical life insurance provider. Founded in 2016, the company specializes in simple, hassle-free policies without medical exams. SLI is based in Concord, Ontario and owned by Insurance Supermarket Inc., one of Canada’s largest insurance brokerages. SLI offers competitive specialty life insurance products underwritten by established insurers like Chubb Life and Humania. [Source].
Specialty Life Insurance Product Offerings
Specialty Life Insurance caters to Canadians seeking no medical exam coverage. Here is an overview of SLI’s key insurance offerings:
Specialty Term Life Insurance
SLI provides term life insurance through its Evolution series. 10-year, 20-year, and 30-year policy terms are available, and coverage is up to $1 million for residents aged 18 to 70.
- Term 10: Age 18 to 70
- Term 20: Age 18 to 65
- Term 30: Age 18 to 55
These no-medical-exam plans have guaranteed premiums; only a health questionnaire is required.
Specialty Permanent Life Insurance
SLI’s Evolution T100 policy provides permanent life insurance which is no medical for lifelong protection. It builds cash value and offers guaranteed premiums. Coverage can reach up to $1 million for Canadian residents aged 18 to 80 through this simplified issue permanent policy.
Specialty Critical Illness Insurance
The SLI Critical Illness plan pays out a tax-free lump sum upon diagnosis of a covered condition. With guaranteed approval up to $25,000, the no medical exam policy has straightforward eligibility for residents 18-69 years old. It continues protection until age 75 and covers 24 critical illnesses.
Specialty Final Expense Insurance
SLI’s Final Expense coverage is designed to cover funeral costs and end-of-life expenses. This simplified issue plan offers instant approval for Canadian residents up to age 74 seeking up to $25,000 in no medical exam insurance.
Specialty Guaranteed Life Insurance
With SLI’s guaranteed-issue life insurance, acceptance is assured regardless of health or circumstances. No medical exam or health questions are required for this permanent plan, which offers lifelong protection and guaranteed premiums.
Specialty Accidental Death Insurance
For added affordability, SLI provides accidental death policies to complement existing life insurance. These no-medical exam plans have payouts triggered by accidental death or accidental injuries specified in the policy terms.
Specialty Over 50 Life Insurance
Canadians aged 50 and up can access tailored no medical exam life insurance from SLI. Both short-term and lifelong policies are offered with guaranteed premiums and simplified underwriting.
Specialty Seniors Life Insurance
SLI’s seniors life insurance plans prepare for final expenses and offer permanent protection. No medical exam is required for these policies with acceptance up to age 79.
How Much Does Specialty Life Insurance Cost?
As with most life insurance, SLI’s specialty policy pricing depends on personal factors like:
- Age: Age is one of the biggest determinants of life insurance rates. Younger applicants typically get the best rates, while seniors pay more due to higher risks. Monthly premiums can more than double from age 50 to age 70.
- Gender: Women often get lower rates than men of the same age, primarily due to longer average life expectancies. Gender pricing differences have narrowed in recent years but still remain.
- Health Status: Any medical conditions or chronic illnesses you disclose will increase premiums. Insurers charge higher rates for diabetes, heart disease, cancer, obesity, and other conditions that raise mortality risks. Even mild conditions like high blood pressure can bump rates.
- Smoking: If you are a smoker or tobacco user, expect to pay significantly higher premiums. Most insurers charge tobacco users double the rates of non-smokers.
- Coverage Amount: The death benefit amount elected impacts your premiums. Policyholders wanting $1 million in coverage pay higher premiums compared to those seeking only $100,000 in protection.
- Specialty vs. Traditional Policies: On average, specialty life insurance costs about 10-15% more than comparable traditional policies requiring medical underwriting. The streamlined underwriting increases insurers’ risks, so they charge moderately higher rates.
Here are sample monthly premium costs for healthy non-smokers at different ages, based on SLI quotes:
| Age | $25,000 Coverage | $100,000 Coverage | $500,000 Coverage |
| 30 years | $32 | $92 | $287 |
| 40 years | $32 | $124 | $412 |
| 50 years | $57 | $221 | $821 |
| 60 years | $81 | $341 | $1,127 |
| 70 years | $142 | $701 | $2,110 |
Exact pricing requires a personalized quote from SLI’s online form or an advisor. Comparing rates from numerous providers ensures you find the most affordable specialty life insurance for your situation.
Pros of Specialty Life Insurance
Choosing SLI for your no-medical exam life insurance policy has 7 key advantages:
- Specializes exclusively in the no medical insurance niche, simplifying underwriting.
- Offers low minimum coverage amounts starting from just $1,000.
- The quick and easy online application process takes 15 minutes or less.
- Competitive pricing relative to other no medical life insurance providers, especially for healthy applicants.
- Accepts monthly premium payments by credit card for convenience.
- Has flexible residency eligibility, accepting work, student and visitor visas.
- Good customer service reputation based on reviews.
Cons of Specialty Life Insurance
4 potential drawbacks to weigh with SLI policies are:
- As a newer company formed in 2015, SLI has a relatively short track record and operating history in Canada.
- SLI runs multiple websites that could potentially create confusion for some customers.
- No discount is offered for annual premium payments. Most insurers offer about 8% off.
- Limited online quoting tools are currently available; speaking to an advisor is required to get pricing.
How to Apply and Get Approved for Specialty Life Insurance?
Wondering how the application and approval process works for Specialty life insurance? Here is a step-by-step overview:
Research and Compare Providers
The first step is reviewing specialty life insurance companies like SLI and comparing options. Look at different policy types, premiums, ratings, and reviews. This helps you determine the best provider for your needs. Some of the top life insurance providers in the market are Co-operators Life Insurance, Sun Life insurance, Wawanesa Insurance, RBC insurance, Ivari life insurance, CAA life insurance.
Submit an Application
You can apply online or over the phone. Applications ask for personal details like age, marital status, occupation, and contact info.
Complete the Health Questionnaire
Instead of a medical exam, you’ll answer health history questions. Be sure to disclose any medical conditions, prescription medications, or past illnesses. This helps determine your rate class.
Sign Application Documents
Sign forms electronically or use voice signature verification over the phone. Submit any required supplementary forms.
Wait for the Underwriting Decision
It typically takes 24-48 hours to hear back on your approval. In many cases, policies start the same day.
Review Policy Documents
Once approved, review your policy contract, premium schedule, beneficiaries, and other details to ensure accuracy.
Pay Your First Premium
To activate coverage, pay your first monthly, quarterly, or annual premium via cheque, bank draft, or credit card.
Designate Your Beneficiaries
Choose one or more beneficiaries who will receive the tax-free death benefit payout. You can update beneficiaries later if needed.
That’s an overview of the hassle-free specialty life insurance application and approval process. Within a week or less, you can have your no-medical exam policy in place.
Specialty Life Insurance Reviews
Here is an overview of SLI’s reputation based on specialty life insurance reviews:
- Google – 4.1 out of 5 stars based on 900+ reviews
- Trustpilot – 4.1 out of 5 stars based on 2,000+ reviews
- Better Business Bureau – A+ rating despite average 1-star reviews
Positive feedback praises SLI’s easy application process, competitive pricing, and great customer service. Negative reviews cite pushy agents, lack of responsiveness, and multiple confusing websites. As with any insurance provider, specialty life insurance reviews will be mixed. However, based on most review platforms, SLI appears to offer a positive overall customer experience.
Is Specialty Life Insurance Right for You?
Specialty life insurance offers a valuable solution for these consumers:
Seniors
Older adults often have difficulty qualifying for traditional coverage requiring full medical underwriting. Specialty policies with simplified underwriting provide an accessible option for seniors needing life insurance. No medical exam removes barriers to obtaining coverage.
Pre-Existing Conditions
Anyone who has difficulty getting traditional coverage because of pre-existing conditions like diabetes, heart disease, COPD, or cancer can benefit from Specialty life insurance. Underwriters are more flexible in accepting applicants with non-severe illnesses.
Needle Phobia
If you wish to avoid blood work and lab tests due to fear of needles or phlebotomy, specialty life insurance eliminates this barrier. No medical exam means no need to provide blood samples.
Desire Fast Coverage
The underwriting period for traditional policies can take 4-8 weeks to await approval. With streamlined specialty underwriting, coverage can start the same day in many cases, appealing to applicants who want their policy in force quickly.
Considering a specialty policy may not be the best choice if:
- You are young and in excellent health. Traditional policies likely offer lower premiums.
- You do not have any pre-existing conditions. You may pay less with conventional underwriting.
- You are not concerned about wait times during underwriting. The speed of specialty policies is less beneficial.
- You are looking for a high coverage amount exceeding specialty policy limits. Traditional policies offer higher coverage maximums.
Be sure to compare specialty vs traditional polices to make the optimal choice. Consider both the pros of fast approval and potentially higher costs before deciding.
The Bottom Line
Specialty life insurance policies can provide crucial financial security through no medical exam coverage. SLI policies offer both temporary and permanent protection with simplified underwriting. While costs are higher overall, specialty life insurance opens the door to coverage for seniors and people with chronic health conditions often declined elsewhere.
By comparing life insurance providers carefully, you can secure the ideal no-medical exam life insurance policy for your budget and circumstances. Partnering with an independent insurance advisor guarantees you make the best choice.
FAQs related to Specialty Life Insurance
How does Specialty Life Insurance underwrite policies without medical exams?
Specialty Life Insurance uses simplified issue underwriting. Applicants only need to answer health history questions on the application. Specialty Life can approve policies just based on the application information rather than requiring medical exams or records.
Where is Specialty Life Insurance available? Do they operate in all provinces?
Specialty Life Insurance offers no medical exam policies in most Canadian provinces. However, availability may be limited in Quebec, Nunavut, Northwest Territories, and Yukon. Check with a Specialty Life agent for details on your province.
Why choose no medical exam life insurance from Specialty Life?
You may want to choose Specialty Life for their streamlined underwriting if you want to avoid medical exams or have been denied coverage. Their no exam approach also simplifies qualifying for applicants with pre-existing health conditions.
When should I consider a no medical exam policy from Specialty Life?
No exam policies from Specialty Life are good options for older applicants over 50, people with chronic health problems, or those who need life insurance fast without lengthy medical underwriting.
Do Specialty Life's no exam policies cover pre-existing conditions?
Yes, Specialty Life's simplified issue policies will cover pre-existing medical conditions as long as you disclose your history in the application. However, some conditions may impact qualification or rates.
Can Specialty Life deny coverage or increase rates after issuing a no exam policy?
No, Specialty Life cannot deny an issued no exam life insurance policy or increase your rates over time as long as you provide accurate information during underwriting.
