To become a life insurance agent in Canada, there are a few steps you have to do which varies by province. This article will give you a general overview of the process so you know what to expect and introduces PNC Learning’s new Life Insurance Agent course.
Step 1) Life Insurance Agent Course & Certification
First you need to study for the exam and get a certificate from an approved provider after completing the course. The Life License Qualification Program (LLQP) consists of 4 modules:
- Life Insurance
- Accident & Sickness Insurance
- Segregated Funds & Annuities
- Ethics & Professional Practice (there is another version of this module if you are in Quebec)
To get a full life insurance license, you need to complete all 4 of these modules. Once you complete the modules, your approved LLQP education provider will certify you on the Canadian Insurance Participant Registry (CIPR) which allows you to sit the official provincial licensing exam.
Step 2) LLQP Exam
The exams are administered by your provincial regulator. Here’s a list for your convenience:
|British Columbia (BC)||Insurance Council of British Columbia|
|Alberta||Alberta Insurance Council (AIC)|
|Ontario||Financial Services Commission of Ontario (FSCO)|
|Saskatchewan||Insurance Council of Saskatchewan|
|Manitoba||Insurance Council of Manitoba|
|New Brunswick||Financial and Consumer Services Commission|
|Newfoundland & Labrador||Superintendent of Insurance|
|Nova Scotia||Superintendent of Insurance|
|Prince Edward Island (PEI)||Superintendent of Insurance|
|Quebec||Autorité des marchés financiers (AMF)|
|Yukon||Superintendent of Insurance|
|Northwest Territories||Superintendent of Insurance|
|Nunavut||Superintendent of Insurance|
You take the exam one module at a time but you need to pass all 4 within a 1 year time frame to earn your full life insurance license. Less courses are required for an Accident & Sickness (A&S) license.
Starting January 1st, 2016, the educational requirements across Canada were harmonized which means if you want to move to another province, you do not need to take any additional exams.
Step 3) Employment/Sponsorship
After you’ve passed, you need to find an insurance provider to work with. You contract with them to act as an insurance agent selling for them and they become your license sponsor. They will help you complete your licensing paperwork and oversee your work in this industry.
Step 4) Errors & Omissions (E&O) Insurance
Having insurance is a requirement of your licensing and will most likely come from your employer. This type of insurance protects you when clients claim that you have made a mistake.
Step 5) Life Insurance Agent Application
After you have all these pieces in place, you can complete your licensing application which includes submitting an application, paying a licensing fee, and passing background checks (criminal & financial).
Different provinces may have additional rules and requirements on top of the basic steps outlined here. For example, the Insurance Council of British Columbia requires all new licensees complete a Council Rules Course within 1 year of licensing.