The information provided in this article is for educational and informational purposes only. It is not intended as financial advice, investment advice, or a recommendation for any particular security, strategy, or investment product.
Investing involves risk, including the potential loss of principal. Past performance is no guarantee of future results. Before making any investment decisions, it is crucial to conduct thorough research and seek advice from a qualified financial professional.
Readers are advised to carefully consider their financial goals, risk tolerance, and investment horizon before making any investment decisions. Diversification does not guarantee profit or protect against loss in declining markets.
The content of this article may not be suitable for all investors and is not intended to be an offer, or the solicitation of any offer, to buy or sell any securities.
Always do your own due diligence and consult with a licensed financial advisor before making any investment decisions. The author and the platform on which this article is published are not responsible for any losses or damages that may result from reliance on the information provided herein.
How to become a Life Insurance Agent in Canada
If you are starting out in the Financial Services sector with an interest in selling life or accident and sickness insurance in Canada, you need to first complete the Life License Qualification Program (LLQP). The LLQP license will allow you to build insurance expertise on personal and corporate insurance as well as offer related investment products like Segregated funds and annuities.
Step 1: Registration
To begin this journey, you must first register with a government-regulated and approved financial institution or college. (Note that your license will be valid in all provinces, except Quebec due to different insurance laws).
Government-Approved Course Providers
- Business Career College
- Canadian Securities Institute
- College of Financial Professions
- iA Groupe Financie
- IFSE Institute
- La Capital Financial Security Insurance Company
- Oliver Publishing
- Primerica Life Insurance Company of Canada
- Real Estate and Mortgage Institute of Canada (REMIC)
- SeeWhy Learning
Course duration is approximately 100 hours and is offered by different course providers in various formats: in-class, virtual, or hybrid. Course completion time, however, varies from student to student.
Step 2: Exam preparation
The LLQP course is a prerequisite to the writing the LLQP exam. There are four modules covered by the institutions mentioned above:
- Life insurance
- Accident and sickness insurance
- Segregated funds and annuities
- Ethics and professional practice
- Ethics and professional practice (Quebec)
For each of these modules, you will receive study guides as well as access to SeeWhy learning’s online study tools which include audio lessons, practice exams, quizzes, and flash cards. To write the Provincial exam, you must complete these modules and present the course completion certificate to Canadian Insurance Participant Registry (CIPR) (This is the account you would have created during the enrollment process).
Step 4: Provincial Exams
Next, register for the licensing exams with your provincial insurance regulator. These exams can be written in-person or online (proctored electronically).
|Alberta||Alberta Insurance Council|
|British Columbia||Insurance Council of British Columbia|
|Manitoba||Insurance Council of Manitoba|
|New Brunswick||Financial and Consumer Services Commission|
|Newfoundland & Labrador||Superintendent of Insurance|
|Northwest Territories||Superintendent of Insurance|
|Nova Scotia||Superintendent of Insurance|
|Nunavut||Superintendent of Insurance|
|Ontario||Financial Services Commission of Ontario|
|Prince Edward Island||Superintendent of Insurance|
|Québec||Autorité des marchés financiers|
|Saskatchewan||Insurance Councils of Saskatchewan|
|Yukon||Superintendent of Insurance|
Step 5: Sponsorship
Passing the government exam isn’t the final step in getting licensed.
Upon successfully acquiring a minimum of 60% in each of the modules, you will have to find an insurance provider to sponsor your license application in your province. The sponsoring company (or insurer) will determine whether you have met all the criteria to be licensed. They will also oversee your activities to ensure your compliance with the rules and regulations as an agent.
Step 6: Application
This is it.
With the help of your sponsor, submit the application, pay the fee, have all the background checks cleared, and wait.