Anyone interested in becoming a Life Insurance Agent (or Life Agent for short) in Ontario must pass the LLQP exams. It’s straightforward, and the entry barrier to the job is low. Learn everything you need to know about LLQP in Ontario below.
Life Insurance Agent (Life agent)
Life agents work for an insurance company or independently sell life insurance policies from multiple companies. The best part? There are no educational requirements other than taking a required course for LLQP.
Job prospects are good as well. With a quick search, life agent sales jobs are also abundant online. This is because most insurance companies offer commission rather than a guaranteed income. This payment method enables companies to hire and pay anyone who’d become productive with minimal loss.
How to obtain LLQP License
Life Agent prospects must complete and pass the LLQP course with an approved provider. Once you’re given a certificate of completion by your course provider, you’ll be able to take the LLQP exam administered by Durham College.
It’s important to note that once you’re certified to take the exam, you have one full year to pass the LLQP exam. Failure to take and pass the exam means you’ll need to redo the course again. For more info, check out this article.
Exam rewrite rules for LLQP in Ontario
Accidents happen. You can still rewrite your exam if you fail any of the LLQP modules. However, note that there are conditions that you must follow. Here are the three conditions that apply to individual exam modules:
- If you fail the same module (ex. accident and sickness) three times, the wait time is three months.
- If you fail four times, the same wait time applies as above.
- If you fail five times, you must wait six months. Beyond five times still have the same wait time restriction.
LLQP License Sponsorship
Once you get your LLQP designation, you must have sponsorship by a licensed insurer for the first two years. Your sponsor will ensure you satisfy all licensing requirements, including your CE credits and E&O insurance. Following your two years, you’ll have a non-sponsored license status. The main difference is that you’ll be responsible for your license renewal when it’s due.
You’ll need 30 CE credit hours during the first two years. Maintaining a record of your certificate of completion for a minimum of four years is essential. If the Financial Services Regulatory Authority of Ontario (FSRA) audits you, you’ll need to show proof of your CE hours. Learn more about CE courses here.
E&O Insurance for LLQP in Ontario
Errors and Omission (E&O) protects you as a working professional. As a Life agent, your policy must have at least a $1M limit/occurrence, have the same legal name as on your agent license, and include extended coverage for fraudulent acts. More details about E&O are here.
LLQP in Ontario Summary
Becoming a Life Agent is not as difficult as you think. Make sure you are well prepared for your exams and follow the tips to help you succeed as an agent! Click here for our LLQP course.