Western Ambulance will call Air Life dispatch. That does not guarantee an Air Life flight, however. There is an agreement between the helicopter EMS companies here to call another one if they can't make it for some reason. It's certainly possible that they'll call AL and Flight For Life will show up, for example.
I've never heard of an insurance company distinguishing between flight medical transport, however. Emergency transport is emergency transport. The only reason they might not cover you is some type of waiver for motorsports competition, but they would generally also deny ground transport at that point as well. That's what you need to be checking your policy for, not worrying about if they'll cover one color of helicopter over another.