Fact CheckedSpecialty Life Insurance (SLi) is a Canadian insurer that focuses on people who have trouble getting approved elsewhere. If you’ve been denied coverage or have health issues that make traditional policies tough to qualify for, SLi may look like a lifeline.
Their products range from small final expense plans all the way up to simplified term insurance. Here’s what they currently offer:
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Guaranteed Protection – guaranteed approval, no health questions, small coverage amounts for final expenses.
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Final Expense – simplified coverage for seniors designed to handle funeral costs.
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Standard & Preferred Protection – no-medical plans for people with moderate health issues.
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Evolution Series Term Plans – Term 10, 20, 30, and Term 100 (permanent) for those who need larger, longer-lasting coverage without a medical exam.
On the surface, SLi sounds like the perfect solution for anyone who’s been declined before. But here’s the catch: it’s often more expensive than traditional insurance, and many of their policies come with restrictions like waiting periods or rising premiums.
That’s why doing your homework matters. The right policy could save you thousands of dollars and give your family more financial security.
So let’s take a closer look at SLi…what they offer, who it works best for, and where the pros and cons really lie
SLi: A little Bit About ‘Em
SLi is owned by the same folks who run Insurance Supermarket Inc. Founded in 2015, Specialty Life Insurance (SLi) is a small company in the non-medical-life insurance niche. Its main focus is providing life insurance for seniors in Canada.
Other names used to describe the no medical life insurance products SLi sells include:
- No Medical Exam
- Simplified Issue
- Guaranteed Issue
When Does Specialty Life Insurance Make Sense?
Specialty Life Insurance makes the most sense if you don’t qualify for traditional fully underwritten coverage. In many cases, regular term or whole life insurance from the big carriers is more affordable and comes with stronger guarantees.
That said, SLi has expanded its lineup. Their Evolution Series term plans give people access to 10, 20, and 30-year term coverage (plus a Term 100 permanent option) without a medical exam. For some applicants — especially those who want more than just a small final expense plan — this can be a helpful alternative.
Still, if you’ve been declined everywhere else and simply want peace of mind knowing your final expenses are covered, SLi’s guaranteed issue or final expense policies can fill that gap.
👉 At Policy Architects, our role is to compare SLi against every other option on the Canadian market. Sometimes we recommend it, sometimes we find something better. Either way, you get honest advice, not a sales pitch.
What is No Medical Life Insurance?
Unlike traditional medically underwritten insurance, simplified issue products do NOT require consumers to take a physical or medical exam to qualify.
These policies are ideal for consumers with mild to moderate health issues (seniors), who may be afraid of needles, or people hurrying to secure coverage.
No Medical Life Insurance is one of the fastest-growing sectors in the Canadian Insurance Industry.
Originally, SLi insurance started with a few no-medical products underwritten by Chubb Insurance of Canada. These included:
- Final Expense
- Critical Illness
- Accidental Death Plan
In partnership with Ivari from 2017 to 2021, Speciality Life Insurance offered three additional plans that are presently no longer available:
- Guaranteed Protection
- Standard Protection
- Preferred Protection Plans
Financial Rating
Because SLi Insurance is a small, new company, it’s hard to find accessible financial reports online. Specialty Life insurance doesn’t appear to be rated with agencies like AM Best or DBRS.
However, you can take solace in the fact that established carriers like Ivari, Chubb, and Humania have underwritten Specialty Life’s products.
Recently in 2022, Gallatin Point Capital invested US$100 million into ISI, the company that owns Specialty Life.
Customer Reviews
Speciality Life Insurance Reviews: Google & the BBB
Specialty Life Insurance Reviews: Better Business Bureau
SLi Insurance is accredited by the BBB and technically holds an A+ rating. But customer feedback is limited. There are only a small number of reviews, most being negative (averaging around 1 out of 5 stars). This isn’t unusual for insurers; people are more likely to leave reviews when they’re upset than when they’re satisfied.
Specialty Life Insurance Reviews: Google
On Google, SLi performs much better. Their rating generally sits between 4.0 and 4.2 out of 5 based on hundreds of reviews. That’s strong for the life insurance industry, where even a 3.0 is considered decent. It suggests that despite some complaints, most customers are having positive experiences.
My take: Reviews should always be taken with a grain of salt, but compared to other Canadian insurers, SLi stands out in the online ratings game. They’ve clearly put effort into collecting feedback and engaging with clients — something many bigger carriers don’t even bother with.
Specialty Life Insurance Products
Their original site, SpecialtyLifeInsurance.ca, lists only three products:
- Final Expense
- Critical Illness
- Accidental Death
Whereas what appears to be a newer site, SLinsurance.ca lists the three mentioned above and three additional products:
- Guaranteed Protection
- Standard Protection
- Preferred Protection
This could be problematic. If you’re a consumer visiting SpecialtyLifeInsurance.ca, you may not know the three newer products listed on Slinsurance.ca.
No Blood Tests or Physical Exams Required
All of Specialty Life’s products are no-medical plans. You can qualify and secure coverage without a life insurance medical exam. SLi’s programs are geared toward seniors seeking small burial insurance policies to cover final expenses.
Let’s take a look at what they’ve got!
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Guaranteed Protection Plan
This is SLi’s “last resort” policy. If you’ve been turned down everywhere else and you still want coverage, this plan will take you. No health questions, no medical exam — approval is guaranteed.
Here’s what the details look like:
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Eligibility: Ages 40–79, Canadian residency required
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Coverage amounts: $1,000–$50,000
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Waiting period: Two years for natural death (if you pass away during that time, your family only gets back premiums plus 3% interest)
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Premiums: Start at a set rate, then increase every five years
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Underwriter: Ivari
My take? This plan is best if your health is very poor or you’ve had multiple declines elsewhere. Just remember, premiums rise over time and the two-year wait can be a drawback if you need immediate protection.
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Final Expense Plan
Think of this plan as a close cousin to the Guaranteed Protection option. It’s designed for people with serious health issues who still want a small policy to cover funeral costs and final bills. The application is simple, but like the Guaranteed Protection plan, there are trade-offs.
Here’s what it looks like:
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Eligibility: Ages 18–74, Canadian residents
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Coverage amounts: $5,000–$25,000
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Accidental death benefit: Pays four times the face amount if death is accidental (up to age 75)
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Waiting period: Two years for natural death
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Premiums: Start at a fixed rate, then increase every five years
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Underwriter: Chubb Insurance
My take? This plan works if your only goal is to leave money for funeral expenses and you can’t qualify for other simplified options. But keep in mind, costs go up every five years, and with a two-year waiting period, it’s not instant peace of mind for natural causes.
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Standard Protection Plan
Now we’re getting into SLi’s more balanced option. The Standard Protection Plan is for people with moderate health issues — maybe you’ve had a heart attack or stroke in the past, or you’re managing a chronic condition. Unlike the guaranteed plans, you’ll need to answer some health questions, but the trade-off is better coverage and level premiums.
Here’s what it looks like:
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Eligibility: Ages 18–79, Canadian residency required
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Coverage amounts: Up to $300,000 (ages 18–70) and up to $150,000 (ages 71–79)
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Health questions: 13 qualifying questions
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Waiting period: Two years for natural death (payout is premiums plus 10% interest during that time)
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Premiums: Level — they never increase
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Underwriter: Ivari Insurance
My take? If you can qualify for this plan, it’s a much better value than the guaranteed options. The premiums stay the same for life, and the coverage amounts are higher. It’s best suited for someone who has some health challenges but isn’t uninsurable.
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Preferred Protection Plan
This is SLi’s best-value option. The Preferred Protection Plan is designed for people who have only mild health issues — things like controlled high blood pressure, cholesterol, or well-managed diabetes. It’s also the only SLi plan with no waiting period, which makes it much more attractive if you qualify.
Here’s what it looks like:
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Eligibility: Ages 18–70, Canadian residency required
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Coverage amounts: Up to $300,000
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Health questions: 23 qualifying questions
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Waiting period: None — coverage starts immediately
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Premiums: Level — they’ll never increase
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Underwriter: Ivari Insurance
My take? This is the plan to aim for if you can qualify. The premiums are more affordable, the coverage amounts are higher, and you’re protected right away. If your health is reasonably stable, this option is far stronger than the guaranteed or final expense plans.
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Evolution Series Term Plans
In 2021, SLi stepped beyond final expense and guaranteed policies by launching the Evolution Series with Humania Assurance. These are simplified-issue term plans, which means you still skip the medical exam, but you’ll answer some health questions. The trade-off is higher coverage amounts and longer-lasting protection than the burial-type plans.
Here’s what they look like:
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Eligibility: Canadians who qualify with a short health questionnaire
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Coverage options: Term 10, Term 20, Term 30, and Term 100 (permanent)
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Coverage amounts: Higher than final expense plans, designed to protect income, mortgages, or family needs
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Process: Simplified underwriting with Jenie, SLi’s virtual assistant
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Underwriter: Humania Assurance
My take? The Evolution Series is SLi’s attempt to compete with bigger players in the simplified-issue space. If you qualify, these plans can give you meaningful coverage without the invasive medicals. If you’re healthy enough to qualify for a fully underwritten term from a major carrier, you’ll almost always pay less
Now let’s check out what Specialty Life has to offer:
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Specialty Life Insurance Critical Illness Plan
This plan is about protecting your finances while you’re still alive. If you’re diagnosed with a serious illness, it pays out a tax-free lump sum that you can use however you want — cover household bills, pay the mortgage, or even take time off to focus on recovery. The appeal here is speed and simplicity: you don’t need a medical exam, and approval can happen quickly.
Here’s what it looks like:
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Eligibility: Ages 18–69, Canadian residents
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Coverage amounts: $5,000–$150,000
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Conditions covered: 24 major illnesses (like cancer, stroke, and heart attack)
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Exclusions: No benefits for pre-existing conditions within the first two years; no cancer coverage in the first 90 days
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Coverage length: Until age 75
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Underwriter: Chubb Insurance
My take? This plan is best for people who want quick access to critical illness protection without dealing with medical exams. Just remember, the exclusions and waiting periods are important — especially the cancer clause. If you’re healthy enough to qualify elsewhere, broader coverage may be available at a lower cost.
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Accidental Death Plan
This is the simplest policy SLi offers and also the most limited. It only pays out if death is caused by an accident. That means no payout for illnesses like cancer or heart disease, which are far more common causes of death. It can work as a top-up for someone in a high-risk job, but it shouldn’t be confused with full life insurance.
Here’s what it looks like:
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Eligibility: Ages 18–69, Canadian residents
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Coverage amounts: Up to $500,000
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Benefits: Full payout for accidental death; partial payout for debilitating accidental injuries. Extra benefits may include in-hospital payments, bereavement support, and home or vehicle modification assistance
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Coverage length: Until age 75
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Exclusions: Illness, suicide, misuse of medication, hazardous activities, non-commercial flights, acts of war, and more
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Underwriter: Chubb Insurance
My take? Accidental death insurance is cheap and easy to get, but the odds of it ever paying out are slim once you’re past your 30s. I usually don’t recommend it as a stand-alone plan. It only makes sense if you can’t qualify for anything else and want at least some form of coverage in place.
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SLi Application Process
As I mentioned, an SLi insurance application does not require physical or medical tests. However, you are required to answer qualifying health questions for the Standard and Preferred Protection Plans.
I get it; you don’t want to answer any questions. That’s fine, but expect to pay more for your insurance. Also, the coverage you qualify for comes with a two-year waiting period.
Answering questions is a good thing. The more questions you answer, the more affordable the coverage will likely be. The only way to find out is to go through the process. You’re healthier than you think!
Voice Authorization – No Signature Required
Specialty Life Insurance has a well-integrated, easy-to-use electronic application. If you’re meeting with your agent or advisor face-to-face, you can complete an application in 20 minutes or less.
Do you know what I like even better? SLi is the only carrier in Canada that uses voice signature technology in its application process.
Why should you care? Voice signature technology allows you to complete the application over the phone from the comfort of your home.
SLi insurance allows you to sign your life insurance application verbally. No more fumbling with your cell phone or logging into your computer to check your inbox for an email signature request.
E-signatures are awesome, but not everyone can access a computer or is comfortable executing one.
Specialty Life Insurance Pros
1. Niche Provider – No Medical Life Insurance Canada
What do the experts say when you’re starting a business? Specialize & niche down.
Well, SLi Insurance has certainly done that. They’re focused on the no-medical niche, with products ranging from small final expense plans all the way up to simplified term coverage through their Evolution Series.
2. Underwritten by Ivari & the Chubb Insurance Company of Canada
Specialty Life Insurance may be a newborn compared to leading Canadian carriers that have been around for over a century. But by partnering with established companies like Ivari, Chubb, and now Humania (who underwrites their Evolution Series term plans), SLi has both credibility and financial stability.
3. No Needles, No Peeing in a Cup When You Apply for an SLi Policy
Specialty Life Insurance is exclusively a no-medical life insurance carrier. This means no health or physical exams… only some qualifying questions with their Standard, Preferred, and Evolution Series term plans.
4. Application Process with Voice Signature Technology
If you’d like to complete an application from the comfort of your home, SLi Insurance is the company for you. Their voice signature application lets you complete the entire process over the phone.
5. Offers Lowest Minimum Coverage Amounts
If you’re in the market for a small final expense plan, SLi allows you to select benefit amounts as low as $1,000.
6. Accepts Monthly Payment By Credit Card
Most life insurance companies in Canada do not accept credit cards as an option for paying premiums. Some carriers, including Canada Protection Plan, allow you to pay with a credit card if you opt for annual payment. Specialty Life Insurance makes using your credit card to pay monthly even easier.
7. Flexible Residency Rules for Applicants
Specialty Insurance accepts refugees, super visas, work & student visas, and pretty much anybody who has a permanent address.
8. Competitive Pricing If You’re On The Healthier Side
Compared to other companies in this market niche, such as Canada Protection Plan, SLi insurance is competitively priced, especially for healthier individuals who qualify for their Preferred Protection Plan or Evolution Series term coverage.
9. Great Online Reviews
For most life insurance companies, online reviews are mixed. Specialty Life must be doing something right — they’re sitting at about 4.1 to 4.2 out of 5 on review platforms like Trustpilot and Google, which is impressive for any insurer.
Specialty Life Insurance Cons
1. Small Company With a Short History
SLi is underwritten by bigger names like Ivari, Chubb, and Humania — so the backing is there. But as a brand, Specialty Life itself is still relatively new (founded in 2015). That means there isn’t the same long claims-paying track record you’ll see with century-old carriers like Sun Life or Manulife.
2. If You’re Over 70, You Don’t Qualify for SLi’s Most Affordable, Permanent Coverage!
While the Evolution Series term plans open up higher coverage amounts, they still stop at age 70. Beyond that, you’re restricted to permanent final expense or guaranteed options — which usually come with waiting periods and smaller face amounts.
3. Specialty Life Sells Plans With Graded Premiums
Both the Guaranteed Protection and Final Expense plans increase in cost every five years. That can make them expensive over time, especially if you live into your 80s.
4. Premiums NOT Guaranteed
Certain SLi plans (like Guaranteed Protection) allow the insurer to adjust premiums annually for your risk group. While this doesn’t happen often, it’s not the kind of guarantee most clients want in a final expense policy.
5. No 8% Discount When You Pay Annually
Unlike most Canadian insurers, SLi doesn’t offer an 8% savings if you pay annually instead of monthly. That means no built-in discount for people who’d prefer to pay in one lump sum.
6. Confusing Online Presence – Three Different Websites
SLi’s online presence spans multiple sites: specialtylifeinsurance.ca, specialtylife.ca, and slinsurance.ca, each featuring different product listings. Navigating between them can be confusing for consumers.
7. Pricing Can Be High Compared to Traditional Term
With the Evolution Series term plans, SLi has improved its options — but the pricing is still higher than traditional fully underwritten term insurance. If you’re healthy enough to qualify for a standard policy, you’ll almost always save money by going with a big carrier.
FAQS
Is Specialty Life Insurance available everywhere in Canada?
Yes, SLi offers coverage across Canada. They’re even flexible with residency, accepting people on work or study permits, super visas, and in some cases refugees.
Does SLi really approve everyone?
Not quite. Their Guaranteed Protection plan is guaranteed issue — no questions asked. But their Standard and Preferred plans do ask a handful of health questions. The more questions you can answer, the better the pricing.
How long is the waiting period?
Most guaranteed issue plans have a two-year waiting period for natural deaths. If you pass away from an accident, you’re covered right away.
Are premiums locked in?
It depends. Some SLi policies (like Standard and Preferred) have level premiums that stay the same. Others (like Guaranteed Protection and Final Expense) have graded premiums, which means your costs go up every five years.
Is SLi a financially strong company?
SLi is fairly new (founded in 2015), so it doesn’t have decades of history like Manulife or Sun Life. That said, its products are underwritten by bigger names like Ivari, Chubb, and Humania, which adds credibility.
Is Specialty Life Insurance a good option?
It can be, but usually only if you’ve been declined elsewhere. If you’re in decent health, you’ll likely find better pricing and stronger guarantees with other insurers.
Call Policy Architects Today!
So, is SLi the right fit for you? Sometimes yes, sometimes no. At Policy Architects, our job is to compare SLi against every other option on the market so you don’t overpay or get stuck with the wrong plan.
They have fantastic online reviews, are underwritten by Ivari Canada, and have a convenient application process.
But keep in mind that simplified-issue life insurance isn’t for everybody. These plans are best suited for individuals with moderate to severe health and insurability issues.
