Specialty Life Insurance Review

Welcome to our comprehensive review of Specialty Life Insurance, offering a fresh perspective on this relatively new insurance company in the market. If you’ve been seeking an insurer that accommodates unique circumstances such as needle phobia or medical conditions hindering qualification for standard policies, Specialty Life Insurance might just be the solution you’re looking for. In this article, we will delve into the core features and offerings of Specialty Life Insurance, presenting you with the information you need to make an informed decision regarding your insurance needs.

In this article:

• Company Overview
• Specialty Life Insurance Review
  • Pros and Cons of Selecting Specialty Life Insurance
• Specialty Life Insurance Products and Features
• How much does Specialty Life Insurance cost?
• How to Get a Quote from Specialty Life Insurance
• Frequently Asked Questions (FAQs) about Specialty Life Insurance

Company Overview

Founded in 2015, Specialty Life Insurance has quickly established itself as a significant player in the industry by specializing in several no-medical life insurance plans. Their online application process allows for swift coverage, with many policies starting the same day you apply. With $370 billion in financial assets, it’s worth noting that Specialty Insurance is owned by the same group behind Insurance Supermarket Inc. 

Specialty Life Insurance distinguishes itself by streamlining the application and purchase process for coverage, making it remarkably hassle-free. Unlike numerous competitors that mandate working with an advisor, Specialty Life Insurance enables customers to conveniently purchase their plans online through their user-friendly website. This user-centric approach sets them apart and ensures a seamless and efficient experience for policyholders.

Specialty Life Insurance Review

Specialty Insurance has an impressive review score of 4.2 stars out of 5 on Google, even beating big Canadian insurers like RBC Insurance, Manulife, Canada Protection Plan, and CIBC. On the other hand, there are some 1-star reviews, and some 5-star reviews that don’t have any descriptions or profile pictures. Thus it’s important to remember that these are online reviews and take them with a grain of salt as people most commonly report their negative experiences over their good ones. 

Specialty Life Insurance stands apart from traditional policies as it offers no-medical life insurance, eliminating the need for a medical examination. The application process is streamlined, ensuring a faster and simpler experience for applicants. However, it’s essential to note that Specialty Life Insurance does not provide products like whole life coverage. Instead, they specialize in offering Personal insurance, Seniors life insurance, and Business insurance.

Pros and Cons of Selecting Specialty Life Insurance

Let’s take a closer look at some of the company’s strengths and weaknesses:

Pros:

• No medical life insurance: Specialty Life Insurance offers coverage without requiring a medical examination, making it more accessible for applicants with medical conditions or needle phobia.
• Simple application: The insurance application process is straightforward and hassle-free, ensuring a smoother experience for potential policyholders.
• Low minimum coverage available: Specialty Life Insurance offers the flexibility of low minimum coverage options, accommodating various budgetary needs and preferences.
• Competitive premium rates: The company provides competitive premium rates, making their insurance policies more affordable for a broader range of customers.
• Accepts payment by credit card: Specialty Life Insurance offers the convenience of accepting payment by credit card, facilitating easy and secure transactions.
• 30-day money-back guarantee: The company provides a 30-day money-back guarantee, allowing customers to review and reassess their policy during this period.

Cons:

• Short history: As a relatively new insurance company, Specialty Life Insurance may lack an extensive track record, which could raise concerns for some potential customers.
• Multiple websites that could lead to confusion: The presence of multiple websites affiliated with Specialty Life Insurance may cause confusion or difficulties in finding specific information or services.
• No discount offered for paying annual premiums: Unlike some competitors, Specialty Life Insurance does not offer discounts for policyholders who choose to pay their premiums annually, potentially missing out on cost-saving opportunities for long-term customers.

Specialty Life Insurance Products and Features

Specialty Life specializes in offering no-medical life insurance products, setting itself apart from traditional life insurance policies that typically involve a medical examination and health questionnaire. With no-medical life insurance, you can skip the medical test, though some health questions may still be required. These policies are particularly beneficial for individuals with underlying medical conditions or those who prefer to avoid the physical exam due to time constraints or personal preferences.

On their original website, specialtylifeinsurance.ca, Specialty mentions three primary products: Critical Illness Plan, Final Expense Plan, and Accidental Death Plan. However, on two newer sites, specialtylife.ca and slinsurance.ca, additional life insurance products are listed, expanding their offerings to cater to a diverse range of customers.

Term Life Insurance:

Term life insurance is a straightforward and popular form of life insurance that pays a death benefit to the beneficiaries of the policyholder. Coverage is provided for a specified term, offering financial protection during that period. Specialty Life Insurance offers a no-medical term life insurance option with three plans to choose from – T10, T20, and T30. To be eligible, applicants need to be Canadian residents aged between 18 and 80.

Coverage amounts range from $1,000 to $1 million, making it a versatile choice for various needs. Lower coverage amounts are suitable for covering funeral expenses or obtaining affordable seniors’ life insurance policies.

Permanent Life Insurance (T100):

Specialty Life Insurance provides one permanent life insurance policy, known as Term 100 or T100. This coverage is designed for individuals who wish to leave a lasting legacy for their children or ensure financial security for final expenses. T100 life insurance requires no medical underwriting and offers a maximum coverage of up to $1 million.

Critical Illness Insurance:

Specialty Life Insurance’s Critical Illness coverage proves invaluable in the event of a serious illness. This policy provides a lump sum, tax-free payment that can be used to cover expenses not covered by standard health plans. With no medical exam required, the application process is straightforward, and instant approval is granted for coverage of up to $25,000.

The policy covers 24 critical illnesses and offers guaranteed acceptance for Canadian residents aged between 18 to 69 years. The coverage extends until the age of 75, and a unique feature called the second event benefit ensures that the policy remains active even after the first claim. This added protection enhances the policy’s value, providing ongoing financial security during challenging times.

Final Expense Insurance:

An alternative to the T100 plan, Specialty’s Final Expense Plan, is an attractive option for those seeking $50,000 in coverage. With instant approval, an online application, and guaranteed acceptance, this policy simplifies the process for applicants. There are no medical exams or health questions required. The policy can be purchased until age 74 and provides coverage until the age of 100, making it an ideal choice for a funeral expense policy.

No Medical Exam Life Insurance:

If you have faced previous coverage denials due to health conditions, Specialty’s no medical exam life insurance could be the ideal solution. This policy eliminates the need for a medical test or health questions to qualify, providing a hassle-free application process. With flexible options available for specific terms or lifelong coverage, applicants can secure the protection they need without medical underwriting.

Guaranteed Issue Life Insurance:

With Specialty’s Guaranteed Issue Life Insurance plan, you can rest assured that coverage will not be denied, regardless of your situation. The policy entails neither a medical exam nor health questions, simplifying the application process and ensuring accessibility to all applicants.

Over 50 Life Insurance:

Specialty’s over 50 life insurance provides a perfect solution if age concerns have hindered you from obtaining optimal coverage. This no medical plan caters to both short-term and long-term needs, ensuring comprehensive protection for individuals in this age bracket.

Seniors Life Insurance:

Seniors life insurance is tailored to support applicants in preparing for end-of-life expenses. With eligibility up to age 79, this policy offers peace of mind without the requirement of a medical exam or answering health questions during the application process.

How much does Specialty Life Insurance cost?

The cost of life insurance is determined by various factors, including your age, health, and lifestyle habits.

For example, a 30-year-old male non-smoker is estimated to pay $32 per month for $25,000 coverage and $92 per month for $100,000 coverage. Keep in mind that these estimates are for non-smokers; smokers generally have higher premium rates.

Since exact prices can vary and are tailored to individual circumstances, it is advisable to request a personalized quote from their website to determine your unique premium.

However, before making a final decision on an insurance provider, we recommend you contact us at Protect Your Wealth for expert advice. By speaking to an experienced insurance broker, you can make an informed choice and find the best life insurance coverage to suit your needs.

How to Get a Quote from Specialty Life Insurance

Before finalizing your decision on Specialty Life Insurance or any other provider, it is essential to compare various options available in Canada. With numerous life insurance providers to choose from, you can easily compare and receive quotes right here on this website.

If you have already chosen Specialty Life Insurance, getting a quote is straightforward. Visit their website or consult with an advisor to proceed. On the product page corresponding to your desired policy type, provide your personal information and requested coverage amount to receive a customized quote.

For any inquiries or assistance with Specialty Life Insurance, reach out to their customer service:

Contact Number: 1-888-721-1461

Address: 8000 Jane Street, Tower A, Suite 101, Concord, ON L4K 5B8

Email: info@specialtylifeinsurance

Frequently Asked Questions (FAQs) About Specialty Life Insurance

Find a solution for what you’re looking for

Specialty Life Insurance stands out as a reputable and innovative insurance company, offering no-medical life insurance plans and accommodating unique circumstances. With a streamlined application process, competitive premiums, and a diverse range of policy options, they have swiftly earned a positive reputation in the industry. However, it’s essential to consider both the strengths and weaknesses outlined in the review to make an informed decision. At Protect Your Wealth, we work with and compare policies and quotes from the best life insurance companies in Canada to ensure the best solution for you and your needs. We’ve been providing expert life insurance solutions since 2007, including no medical life insurance, term life insurance, and permanent life insurance, to build the best package to give you the protection you need. 

Contact Protect Your Wealth or call us at 1-877-654-6119 to talk to an advisor today. We’re proudly based out of Hamilton, and service clients anywhere in Ontario, Alberta and British Columbia; including areas such as Ancaster, Vancouver, and St. Albert.