Being a life insurance broker is a tremendously rewarding way to provide job security, stability and livelihood. The need for insurance brokers are plentiful, opportunities for growth and advancement are visible, and the industry is broad and varied enough to avoid boredom. As a life insurance broker, you’ll help people to choose the most suitable form of insurance coverage for their needs. This includes all types of insurance like Health Insurance, Group Insurance, Disability Coverage, Travel Insurance, Critical Illness Insurance, Life Insurance, and Final Expense Planning. While insurance brokers are independent professionals, they work for their clients as opposed to insurance companies. One advantage of your independence is that you can recommend to your clients the products that are in their best interest.
You’ll have to take a course, and write a licensing exam before you can start your career as an insurance broker. This can be done at the speed in which your current schedule will allow it. The steps that you must take to become licensed can vary depending on the province in which you work. If you’re interested in becoming an insurance broker, there are training resources to utilize and specific steps you must take to meet your licensing requirements.
How to become a Life Insurance Broker in Canada?
If you are interested in becoming a licensed insurance agent, there are a number of steps involved in the process and requirements will differ from province to province.
Certification
You will need to enroll in the Harmonized Life License Qualification Program (HLLQP) which can be completed through Experior and it’s licensing partners. The training program includes five modules:
- Life insurance
- Accident & sickness insurance
- Segregated funds & annuities
- Ethics & professional practice
- Ethics & professional practice (Québec)
To earn certification, you will have to pass all the pre-licensing exams required by the modules you take. A combination of the modules is needed depending on the type of certification and licensing level you want.
- 1. Licensing Exams
Next, you need to register for the licensing exams with your applicable provincial insurance regulator. To earn your insurance brokerage license you must pass a series of modular tests. However, to do so, you must complete all of the exams within a year. For a list of these regulators, see here:
Province/territory | Regulator |
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 |
- 2. Sponsorship
Once you’ve passed the exams, it’s time to find an insurance provider to sponsor your license, depending on the province. The insurers are responsible for determining whether you have met the qualifications to become a licensed insurance agent. In addition a credit check (determining your financial responsibility with a satisfactory credit rating) and criminal record report are required, for sponsorship and licensing. They also monitor and supervise your activities to ensure that you meet all applicable rules and regulations regarding your work as an insurance broker.
- 3. Errors and Omissions Insurance
In order to apply for your license, you will need to acquire Errors & Omissions (E&O) insurance, which is a professional liability insurance policy that protects you from client claims against any unintentional mistakes. E&O coverage is required for all agents, and Experior has great discounts for our brokers across Canada.
- 4. Application
The process of getting a Life License includes submitting license applications and paying a licensing fee, as well as clearance of any background checks that may be required to prove your credibility. Our friendly staff and automated proprietary system help to make sure you provide all the necessary information when completing the license application. The jurisdictions will review your application form and supplemental information to make sure you meet all the licensing requirements. They will also make a decision about whether you have “good character and reputation” and whether you will “carry on business in good faith”.
Does Experior Financial provide training resources to become an Insurance Broker?
Experior Financial Group provides a great discount to all of our agents with access to a certification program and licensing courses through its partners that offer program discounts to help agents become an insurance broker and obtain their insurance licenses. In addition, Experior Financial Group offers agents with current licenses more resources to obtain additional credentials and continuing education credits. We provide CE credits almost weekly throughout the year through our partner companies for all licensed personnel to receive to keep their hours of continuing education in line with the regulators.
Start your Insurance Business with Experior Today
If you’re ready to get on the path to becoming a life insurance broker or are interested in learning more about a career in financial services, contact an Experior Financial Group Associate today! We will guide you on how to enroll in the licensing program for becoming an Insurance Broker and get you started on the path to writing your exams. Experior Associates can expect excellent benefits of being a part of our fast growing company, a top-notch training program, and the opportunity to earn a substantial income. Our goal is to help Associates grow their agency by providing them with all of the tools, information, and technology that will enable them to do so. We have over 26 Insurance/Investment partners and will provide insight from experts in the industry. Come join us as we continue to revolutionize the insurance industry one life at a time.
