Become a life insurance agent in Ontario
Are you considering obtaining your life insurance agent license in Ontario? The process involves several steps. Here, we offer a broad overview of the essential prerequisites to help you embark on this rewarding career path.
Life insurance regulators, including the Financial Services Regulatory Authority of Ontario (FSRA), introduced an efficient qualification program for aspiring life insurance agents in Ontario. This initiative, known as the Life License Qualification Program (LLQP), standardized the licensing requirements for life insurance across Canada.
Individuals focused on exclusively selling accident and sickness (A&S) products will find that the licensing procedure follows the similar path to that of obtaining a full life license.
Getting a life insurance license in Ontario is a simple 5 step process:
1. LLQP certification:
Enroll and successfully complete the LLQP course. Completion of the LLQP course is a prerequisite for taking the LLQP exam, and this course must be undertaken through a recognized and approved course provider.
The LLQP course is offered in both English and French, and the associated fees are determined by the respective course providers.
For additional details, including an overview and a list of approved course providers, check this link to refer to the information at “About the LLQP course“.
2. Successfully pass the LLQP exam:
You have to register for the licensing exams with the provincial insurance regulator – Financial Services Regulatory Authority of Ontario (FSRA). The LLQP exam consists of four modules, encompassing the curriculum outlined in the qualifying course. Durham College administers this exam, and to be eligible to take it, you must present a certificate of completion for the LLQP course.
You have only one year after completing the course to pass the LLQP exam. If you fail to pass the exam within a year, you will need to redo the qualifying course.
For additional information, such as a detailed description, fees, and the registration link, please refer to the resources available at “About the LLQP exam“.
3. Get sponsorship:
You’ll need to locate an insurance provider to endorse your license application. The sponsoring company (or insurer) will assess whether you’ve fulfilled all the criteria for licensing and will monitor your activities to ensure compliance with the rules and regulations governing agents.
4. Have errors and omissions insurance:
It is a mandatory requirement to have the erros and omissions insurance coverage throughout the duration of your license, irrespective of whether you are actively involved in selling insurance. FSRA conducts random audits to verify that agents are adhering to this obligation.
As a newly licensed agent, you may be covered by your sponsoring insurer’s E&O policy.
5. Submit the Application:
With the help of your sponsor, submit the application, pay the necessary fee payment, ensure the clearance of all background checks, and then await the processing of your application.
Ready to embark on your journey toward becoming a life insurance agent? Enroll today for the LLQP. If you require sponsorship for your license application, we’re here to assist you with that.
