Specialty Life Insurance (SLi) is a boutique life insurance company focused on life insurance products for people who have difficulty getting traditional coverage. Their main focus is on simplified issue and guaranteed issue life insurance.
With Evolution, SLi is now more tailored to average and sub-standard risk markets. Applicants with some medical impairments can enjoy a simple, no medical application process, with the ability to qualify for higher face amounts at affordable costs, in only one business day.
The new plan also appears to be very attractive to those seeking instant coverage or those affected by COVID-19. Among others, more popular market segments include business owners, essential workers, marijuana smokers, snow-birds, and more.
Recently, Specialty Life Insurance (SLi) launched a unique four-dimensional pre-assessment tool called Jenie™ assist. It’s the only tool of its kind that allows advisors to make a quote by not only selecting prospects’ date of birth, gender, and smoking status, but also relevant medical conditions.
Here are a few examples of Specialty Life insurance quotes (as of December 2020). Please consider that these are approximate rates.
| No Medical Exams, Preferred Protection Insurance, $100,000 Coverage | No Medical Exams, Simplified Life Insurance, $100,000 Coverage | Guaranteed Life Insurance, $25,000 Coverage | |
| 30 years old male, non-smoker | $85 / month | $121 / month | $30 / months |
| 40 years old female, non-smoker | $115 / month | $140 / month | $30 / months |
| 50 years old male, non-smoker | $205 / month | $247 / month | $53 / month |
| 60 years old female, non-smoker | $316 / month | $346 / month | $75 / month |
SLi is focused on guaranteed and simplified life insurance products for those who would have challenges qualifying for traditional coverage.
Recently, Specialty Life (SLi) has essentially created a new category combining full underwriting without medical exams.
Specialty Life Evolution 1.0 (T10, 20 & 30) launched on September 29, 2020. SLi Evolution 1.0 issue ages are 18-70 for T10, 18-50 for T20, and 18-40 for T30. The maximum face amount, depending on the risk class, is up to $1,000,000 for issue ages of 18-50, and up to $500,000 for issue ages of 51-70.
Evolution 1.0 has some of the best in no medical market options for applicants with diabetes (including those diagnosed before age 30), history of cancer (every cancer is assessed separately), cardiovascular (heart), respiratory (lungs), and other conditions.
Some of the examples include applicants who smoke 15-20 marijuana joints a week but still managed to qualify for a very affordable rates when compared to traditional market rates that typically result in high ratings or declines.
Other examples include some of the COVID-19 impacts on traditional carriers’ risk appetite. It is also a good fit for applicants who had been declined or postponed for diabetes (both, type 1 and 2) or respiratory conditions, such as asthma or mild COPD.
Another category of target customers includes clients with a history of cancer. Rather than face a long underwriting process, and requiring an APS, these clients may easily qualify for between $500,000 to $1,000,000 in coverage, in one day and at a very competitive price.
