what certificates do you need to be an insruacne agent

How to Become an Insurance Agent

Everything Y'all Need to Know First

Come across our volume, How to Become a Life Insurance Agent. Over xc pages, packed with details on the exam, the grade, and the career. Merely $15 tin salvage you countless hours of searching for information; just $15 to decide if this is your best career selection. Encounter the details here.

Canada's fiscal services industry is dynamic and growing fast. Life insurance is just one of many financial services – others are banking, trusts, and investing. Life insurance companies are a large and vital contributor to Canada'due south economic system in addition to being a major employer, with over 130,000 people working in the business.

According to the Canadian Life and Health Insurance Association, a trade organization that represents Canada's life and health insurers, the insurance industry is 1 of the largest investors in the Canadian economic system with almost $475 billion in assets held in Canada. For an industry contour, see www.clhia.ca.

Becoming a life insurance amanuensis can be a great career choice, with many employment opportunities and lots of room for personal growth and advocacy.

The answers to the following questions volition explain some of the bones data for those intending to become an agent.They include data nearly the new LLQP introduced on January i, 2016.

What is the career potential for a life insurance agent?
Where will I discover a job?
What will I sell every bit an agent?
What are the steps to becoming a life insurance agent?
What happens if I move to another province?
What is needed to keep my license afterward I become it?
Who provides training to become a life insurance agent?
Which grooming company is all-time?
What about the provincial exam?
When I'm a life insurance agent, do I get a professional accreditation?
Is there another way to become licensed too the LLQP?
What other accreditations are available to those who sell life insurance and financial products?
Who are the life insurance regulators?

 What is the career potential for a life insurance agent?

Qualified life insurance agents are in demand past life insurance companies, banks and investment dealers, and contained insurance providers called brokers and managing general agencies (known equally MGAs). Given that the average age of a life agent at present is 62, the demand for new agents will escalate over the next few years as existing life agents begin to retire.

Becoming a life insurance agent is an excellent career choice for those who enjoy meeting and helping people, similar flexible hours, and are prepared to piece of work hard in return for a generous salary, commission, and bonus packet. Plus, yous have the option of becoming self-employed by condign an independent financial broker. Have a look at http://www.ifbc.ca.

Where will I observe a chore?

Yous can go a career agent, in which yous will represent the products of a single company or become an agent who represents many dissimilar companies.

Sun Life is one company that employs career agents and London Life is another. Their websites describe many of the benefits of becoming an employee amanuensis:
world wide web.sunlife.ca/Canada/sunlifeCA/Careers?vgnLocale=en_CA
www.londonlife.com

Most insurance now is sold through a broker or managing general agency (MGA). If you lot work for a broker or an MGA, you lot will represent the products of many companies to your clients. For instance, you could offering policies to your clients from Manulife, Transamerica, and Canada Life.

Here'southward a useful website:
www.financialadvisorjobs.ca/advocis/index.htm

Here's a listing of insurance companies with the types of insurance each sells:
www.olhi.ca/company_listing.html

What will I sell equally an agent?

Equally a life amanuensis you volition sell life insurance policies, health insurance policies, disability insurance, grouping insurance, business organization life and inability insurance, and two types of investments: annuities and segregated funds.

Life insurance policies fall into 2 broad categories: insurance for a period of time (term insurance) and insurance until death (called permanent insurance). There are several forms of permanent insurance.

Health insurance policies provide supplemental coverage to the government health insurance all Canadians enjoy. Health insurance is the umbrella name for travel insurance, dental plans, insurance for prescription drugs, vision care, disquisitional disease insurance, and long-term care insurance. Travel insurance is vital for anyone traveling outside Canada, whether for a weekend, a week, or a protracted stay away, such every bit that fabricated by snowbirds or students.

Disability insurance is a form of insurance that provides income replacement when a person tin no longer work considering of sickness or an blow.

You might want to cull to get a license only for health insurance sales and service. In this case, health and disability insurance are the only forms of insurance y'all will sell. Group insurance policies are sold to businesses that want to provide an employee benefit in the grade of health and inability insurance. Sometimes life insurance is as well provided every bit a group policy.

Business life and disability insurance is insurance intended to protect pocket-sized businesses against the decease or inability of ane of the business owners or partners.

Life insurance agents sell annuities and segregated funds equally investments. An annuity is an investment that requires the investor to make a deposit and, so, that eolith plus interest is repaid at regular intervals. A segregated fund is similar a mutual fund in many ways except information technology provides a guaranteed return on investment.

What are the steps to becoming a life insurance agent?

The new LLQP was implemented on January 1, 2016. It changes the study process and the examination for those who want to get a life insurance agent:

1. Enroll in the life licensing qualification program (LLQP) offered by qualified providers;
2. You will receive v study modules: Life Insurance, Blow & Sickness, Segregated Funds and Annuities, Ideals and Professional Exercise, and Tax. Y'all tin study these in any order your prefer: we suggest starting with Accident and Sickness Insurance, so Life, so Ethics, and then Seg Funds. Your provider may advise another approach.
3. There is a provincial exam for every module except Taxation. Your provider will set up the means by which you lot exist certified to write the provincial exams ---- a certification exam is usual. The pass marking is set up past each individual provider;
4. Laissez passer the provincial exams in the province where you live; this requires a marker of sixty% or greater. Although each exam is "open book," students cannot use the printed version of the study modules. A tablet will be provided for utilise during the exams and students should non rely on finding answers verbatim in the tablet;
5. After passing all iv exams, join an insurance provider;
6. Employ for your license for the province in which you will work (your employer may accept this step on your behalf); you volition need to pay a fee, and clear any background checks insurance regulators crave.
7. Acquire errors and omissions (E&O) insurance; this is a form of professional liability insurance that volition protect you from client claims against mistakes yous inadvertently make; your employer volition assist you notice an E&O company; E&O insurance is non optional.

 Quebec

Quebec follows a distinct training procedure as specified by the Autorité des Marchés Financiers (AMF). Some details are provided beneath. Too see:
www.lautorite.qc.ca/en/insurance.html

Requirements for those who want to sell life insurance (called insurance of persons) are:

Step 1: Satisfy the minimum qualifications

The minimum qualifications for the insurance of persons sector are as follows:
Diploma of Collegial Studies from Québec;
Diploma of Collegial Studies (DCS) in Insurance and Financial Advisory Services;
Attestation of collegial studies in insurance of persons recognized in an agreement to that outcome between the AMF and a Québec college-level institution;
Academy-level certificate in insurance of persons recognized in an agreement to that issue between the AMF and a university;
2 certificates of 30 credits each from a Canadian university;
Bachelor's caste, specialized graduate diploma (D.E.Due south.South.), Primary'due south degree or doctoral degree from a Canadian academy;
Determination issued past the AMF recognizing a level of education equivalent to the Diploma of Collegial Studies;
Conclusion issued by the AMF recognizing workplace skills;
Comparative evaluation for studies washed outside Québec issued by the ministère de l'Immigration et des Communautés culturelles du Québec indicating a minimum of 13 years of studies.

Step 2: Pass the AMF examinations

The AMF requires future professionals to laissez passer the following examinations in society to ensure they accept the necessary skills to properly advise clients.
- Applying the legal concepts and legislation pertaining to insurance of persons and to the activity of a representative in the insurance of persons sector
-Applying revenue enhancement concepts to professional practise – Insurance of Persons
-Preparing an individual life insurance plan adapted to a client'south needs, in particular on the ground of an analysis of the client's financial state of affairs and ability to pay the premium
-Preparing an individual disability insurance programme adapted to a client's needs, in particular on the footing of an assay of the client's financial state of affairs and power to pay the premium
-Preparing a segregated funds proposal and an individual financial products plan adjusted to a client's needs

An examination is valid for two years from the date passed. A failed exam may be rewritten iii times.

Step three: Complete a probationary flow

Once you have passed all the required examinations, you must consummate a 12-calendar week probationary flow where you will employ, in a real but supervised setting, the noesis and skills necessary to practice your profession. Trainees must work a minimum of 28 hours per week. All successfully completed examinations must be valid when beginning the probationary period.

Step iv: Apply for certification

You must submit an application to the AMF before the validity of your examinations expires. If the validity expires during your probationary period, you take thirty days from the terminate of this period to apply.

While your application is being processed and on receipt of a find to this outcome from the AMF, the probationary certificate volition remain in effect for a maximum of 45 days equally of the end of the probationary menses.

Requirements for those who desire to sell accident and sickness insurance are:

Step 1: Satisfy the minimum qualifications

The minimum qualifications are:
Secondary school diploma;
Attestation of an equivalent of Secondary V Studies (AESS);
Diploma of vocational studies;
Diploma of Collegial Studies from Québec;
Bachelor'southward degree, specialized graduate diploma (D.E.Due south.S.), Primary's degree or doctoral degree from a Canadian academy;
Comparative evaluation for studies done exterior Québec issued past the ministère de 50'Immigration et des Communautés culturelles du Québec, indicating a level of education equivalent to a secondary schoolhouse diploma;
Title of Chartered Insurance Professional (CIP) issued by the Insurance Establish of Canada or Fellow Chartered Insurance Professional person (FCIP) issued by the Insurance Found of Canada;
Title of Fellow, Life Management Plant (FLMI) issued by the Order LOMA.

Step 2: Pass the AMF examinations

The AMF requires hereafter professionals to laissez passer the following examinations:
-Applying the legal concepts and legislation pertaining to blow and sickness insurance to the activity of a representative in the blow or wellness insurance sector form
-Preparing an blow and sickness insurance plan adapted to a customer'due south needs, in particular on the ground of an assay of the customer'south financial state of affairs and ability to pay the premium

An exam is valid for 2 years from the appointment passed. A failed exam may be rewritten three times.

Step 3: Consummate a probationary period

Once you have passed all the required examinations, you must consummate a 6-calendar week probationary catamenia in a existent only supervised setting. Trainees must piece of work a minimum of 28 hours per week.

Step 4: Apply for a representative's certificate

Submit an application to the AMF before the validity of your examinations expires. If the validity of your examinations expires during your probationary period, y'all have 30 days from the end of this catamenia to utilize.
What happens if I movement to some other province?

If you plan to work in more than than one province, or if you move, you exercise non need to write the provincial exam again in that province. Quebec may be the exception; bank check with the AMF. You will apply to the provincial insurance regulator in that province and once you lot have provided proof that the test has been passed in one case, you lot will receive your new license. You may take a license from more than than ane province at a time.

What is needed to keep my license later on I become it?

To keep your license, yous must renew it annually and pay the required fee, and have fulfilled the continuing instruction requirement for the province to which you lot are applying. CLIFE is an excellent provider of CE and we hope you'll become our customer!

 Who provides training to become a life insurance agent?

The following is a list of the electric current (every bit of January 2016) LLQP course providers:

• Advocis/Foran
• Business concern Career College (BCC)
• Canadian Securities Institute (CSI)
• Combined Insurance Visitor of America
• IFSE Institute / IFIC
• La Capitale Fiscal Security Insurance Company
• London Life Insurance Company
• Oliver's Learning
• Primerica
• Seneca College of Applied Arts & Technology
• Sunlife Fiscal

 Which grooming company is best?

Every LLQP form, whether it is provided every bit books, online learning, seminars, or webinars, follows the study modules provided by the Autorité des marchés financiers.

Therefore, every grooming company provides the same course. They differ in the supporting study material they provide and in the price they charge.

Here are some questions to ask LLQP vendors to help you observe the package and provider that'southward right for you. Telephone call some providers and compare the answers to these questions:

1.    How is your program conducted:

a.    Self-study
b.    Educational activity via in-course seminars (and where are those seminars held and when)
c.    Pedagogy via webinars (how oft? when?)
d.    Other?
e.    Combination approach?

2.    What are the components of the program you offer?

a.    Book
b.    Online activities
c.    Exam preparation
d.    Webinars
due east.    Pre-certification exam testing
f.    Other

iii.   Who primarily purchases your LLQP?

a.    Students fresh from community college or university?
This answer will point a program written at a fairly high level and assume some degree of knowledge of financial services and finance.

b.    People seeking a new career?
This answer should indicate a program oriented towards people who do non accept prior noesis of Canadian financial services.

c.    People already working in the financial services industry?
This program will presume a loftier caste of knowledge about Canadian financial services, retirement, pensions, and investments.

iv.    What is the pass rate on your Certification Test?

5.    What is the pass rate for your students on the provincial exam?

half-dozen.    Where practice I write my Certification Examination and how quickly do I receive the results?

7.    How often tin can I rewrite my Certification Examination?

viii.    Who is the person I can speak to if I have questions about the content of the programme? Has this person written the provincial exam and when? Did he or she pass?

ix.    Tin can yous requite me a student reference I can speak to?

10.    Do you offer whatsoever guarantees?

 What most the provincial exams?

The provincial exam for life insurance agents (outside Quebec) is a series of 4 exams based on the study modules Life Insurance, Blow and Sickness Insurance, Segregated Funds and Annuities, and Ethics and Professional Practice. All exams must be passed to go a life insurance amanuensis.

Students are provided with a tablet since the exam are "open up book." However, a student should non expect to find answers to exam questions verbatim in the tablet, particularly in the time allotted for each exam.

Candidates must register for their exam at least seven (vii) business organisation days in advance.

Candidates for an Accident and Sickness insurance agent licence must write the following modules:

• Accident and sickness insurance
• Ethics and professional person practice*

Candidates must write the "Ethics and professional exercise" module required in the jurisdiction(south) in which they are seeking a licence:

• Ethics and professional practice (inside the context of common constabulary, for licensing in all provinces and territories except Quebec).
• Ethics and professional practise (within the context of ceremonious law, for licensing in Quebec)

There are 30 questions in each test except Ethics, which has 20. All exams must be completed in 75 minutes.

Exams may be written on split up days of the aforementioned mean solar day. The exam for each module is marked on its ain. Therefore, the student must accomplish 60% on each of the four exams to pass. A student volition demand to rewrite simply the module(s) in which he or she has not attained a pass mark (60%).

Please notation that a educatee must make his or her choice of a unmarried exam or all four exams at the time you book your examination. You cannot switch models one time that booking has been processed.

Before registering to write a provincial exam, students must register with the Canadian Insurance Participant Registry (CIPR). There is no cost to register. Hither is the link.

To write the provincial exams, it is necessary to register with Durham College: link.

Entry to the exam is provided to those who have a Certificate from an authorized provider, have paid the fee, and can provide photo ID when arriving for the exam that matches the ID on the Certificate.

The exam may be written on paper, or online. The online test should not be attempted past anyone without superior computer skills. Both exams require the student to read English or French quickly and accurately.

The pass marking is 60%. At that place are no breaks immune during the exam for any reason.

Additional data virtually the LLQP may be found through the Canadian Insurance Services Regulatory Organizations (CISRO)  http://www.cisro-ocra.com

Test Assistants

Durham College administers the PROVINCIAL LLQP exam for various provincial regulators.

The LLQP administration centre at Durham College is 9am - 3:30pm Monday - Friday (Eastern time). Candidates must register for their exam at least seven (7) business days in advance (exam sessions close to booking at seven:00AM each business day).

Registration may exist done:

Straight online: LLQP Exam Information for Durham College
Fax: 905-721-3345
Phone: 905-721-3341
Toll costless: 1-800-816-3615
Mail: 
Durham College, LLQP Department
1610 Champlain Ave,
Whitby,ON
L1N 6A7

LLQP exam fees are (per module):

Ontario: $24.50 (paper exam or computer exam)
New Brunswick: $35.00 (newspaper exam); computer exam not offered

When I'thou a life insurance agent, do I get a professional accreditation?

No. LLQP is not a designation. See accreditations below.

 Is there another style to become licensed likewise the LLQP?

No.

 What other accreditations are available to those who sell life insurance and financial products?

Life insurance agents who already take their licenses often pursue additional studies to heighten their knowledge and value to customers. These include the:

Certified Fiscal Planner® (CFP®): An internationally recognized designation provided in Canada by the Financial Planning Standards Quango (FPSC). For more than information, encounter www.fpsc.ca.

Chartered Financial Analyst (CFA): Offered past The Global Association of Investment Professionals, the CFA is internationally recognized and is generally undertaken by those seeking careers every bit mutual fund portfolio managers: come across world wide web.cfainstitute.org.

Chartered Life Underwriter® (CLU®): Offered by Advocis, the CLU is described as Canada's premier wealth transfer and estate planning designation: encounter www.advocis.ca/didactics/CLU.html.

Young man of Canadian Securities Institute (FCSI): The FCSI designation covers every aspect of financial services - investment management, fiscal planning, derivatives, and risk management: see www.fcsi.ca.

Registered Health Underwriter (RHU): This designation is offered by The Institute for Advanced Fiscal Instruction. This designation is existence replaced by the Certified Wellness Insurance Specialist (CHS) designation starting September 1, 2011. This new designation is meant for advisors looking to specialize in the field of living benefits: see www.iafe.ca.

Fellow, Constitute of Canadian Bankers (FICB): This designation is attained by those pursuing the direction of financial service institutions: come across
www.csi.ca/student/en_ca/designations/pbp.xhtml.

Beau, Life Management Institute (FLMI): The FLMI is designated by Hill, an international system. Information technology advances expertise in the operations, products and management of life and wellness insurance companies: Loma likewise offers a number of other designations: see www.colina.org.

Registered Financial Planner™ (R.F.P. ®): Offered past The Institute of Avant-garde Financial Planners: see www.iafp.ca.

The Canadian Securities Constitute and its affiliate the Canadian Bankers' Association also offer the following designations:
The Chartered Strategic Wealth Professional person (CSWP™):www.csi.ca/student/en_ca/designations/cswp.xhtml
Personal Financial Planner (PFP®):www.csi.ca/student/en_ca/designations/pfp.xhtml
Canadian Investment Manager (CIM):www.csi.ca/student/en_ca/designations/cim.xhtml
Member, Trust Plant (MTI®):www.csi.ca/student/en_ca/designations/mti.xhtml

 Who are the life insurance regulators?

At that place is no national insurance regulator. The provincial regulators, whose responsibilities include agent licensing, are:

BC: Insurance Council of British Columbia

www.insurancecouncilofbc.com

Suite 300 - 1040 West Georgia Street
P.O. Box vii
Vancouver, British Columbia
V6E 4H1
Phone: 604-688-0321
Toll costless within BC: 1-877-688-0321

AB: Alberta Insurance Council

www.abcouncil.ab.ca

Suite 600 Bell Tower,
10104-103 Avenue
Edmonton, Alberta T5J 0H8
Phone: 780-421-4148

SK: Insurance Councils of Saskatchewan

www.insurancecouncils.sk.ca

310 - 2631 - 28th Avenue
Regina SK
S4S 6X3
Phone: 306-347-0862

MB: Insurance Council of Manitoba

www.icm.mb.ca

466 – 167 Lombard Ave.
Winnipeg, MB
R3B 0T6
Phone: 204-988-6800

ON: Financial Services Commission of Ontario

world wide web.fsco.gov.on.ca

Financial Services Commission of Ontario (FSCO)
5160 Yonge Street
Box 85
Toronto, Ontario
M2N 6L9
Phone: 416-250-7250
Cost costless: 1-800-668-0128

QC: There are two regulators in Quebec:

Autorité des Marchés Financiers

www.lautorite.qc.ca

Cite de Québec
Identify de la Cité,
Bout Cominar
2640
Boulevard Laurier
Bureau 400
Québec (Québec)
G1V 5C1
Telephone: 418- 525-0337

Montréal
800, square Victoria, 22e étage
C.P. 246
Tour de la Bourse
Montréal, QC
H4Z 1G3
Phone: 514-395-0337
Toll free: ane-877-525-0337

Institut québecois de planification financière

www.iqpf.org

iv Place du Commerce
Suite 420
Île-des-Soeurs
Verdun, Quebec
H3E 1J4
Telephone: 514-767-4040
Toll complimentary: 1-800-640-4050

NS: Nova Scotia Department of Finance

www.gov.ns.ca/finance/en/home/insurance/licensing/agents.aspx

Nova Scotia Section of Finance
PO Box 187
1723 Hollis St.
Halifax, NS
B3J 2N3
Phone: 902-424-5528 or 902-424-7551

NB: New Brunswick Ministry of Justice and Consumer Diplomacy

world wide web.gnb.ca

Superintendent of Insurance
Department of Justice - Insurance Co-operative
Kings Identify
P.O. Box 6000
Fredericton, NB
E3B 5H1
Phone: 506-453-2541 or 506-453-8548

PEI: Prince Edward Island Section of Justice and Public Safety; Consumer, Corporate, and Insurance Services

www.gov.pe.ca/jps/index.php3?number=1027199〈=E

Prince Edward Island
PEI Securities Role
Consumer, Corporate and Insurance Services Division
Department of Justice and Public Safety
95 Rochford Street
quaternary Flooring, Shaw Building
Charlottetown, Prince Edward Isle
Phone: 902-368-4550

NL: Newfoundland and Labrador Department of Government Services, Insurance, Pensions & Securities

www.gs.gov.nl.ca/insurance/index.html#insurance

Newfoundland and Labrador
Department of Regime Services
P.O. Box 8700
St. John'south, NL A1B 4J6
Phone: 709-729-2595

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Source: https://www.clifece.ca/index.php/component/content/article/36/65-become-an-insurance-agent

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