In Canada, there are basically 2 types of insurance license you can get: a general insurance license and an LLQP license. The general insurance license is the one you need if you want to sell “general insurance” meaning home, car, business, travel, etc.
If you want to learn about the general insurance licenses, here are some helpful resources:
- RIBO License Guide (Ontario)
- OTL License Guide (Ontario)
- Alberta Insurance License Guide (Alberta)
- BC General Insurance License (British Columbia)
The LLQP license is the one you need if you want to sell life insurance, health insurance, and certain financial products like segregated funds or annuities.
HOW TO USE THIS GUIDE
This guide is meant to give you a brief overview of the key things you need to know about the LLQP license. If you want additional details, we’ve included helpful links to other articles on our website that contain more in-depth information about a particular topic.
For example, we talk briefly here about the LLQP exams but included a link to a more comprehensive guide on the specific details of the exam including: weights of topics, number of questions, duration, and more specific exam procedures.
WHAT IS AN LLQP LICENSE?
There are actually 2 types of LLQP license: a full LLQP life insurance license and the more limited A&S license. The full life insurance license let’s you sell all of the products available. The A&S license limits you to just accident & sickness insurance products.
So how do you get these licenses?
There are 4 open-book LLQP exams in the curriculum called “modules”:
- Life Insurance (50 MCQ)
- Accident & Sickness Insurance (50 MCQ)
- Segregated Funds & Annuities (50 MCQ)
- Ethics and Professional Practice (30 MCQ)
You can write these exams at different times and in any order. To get your full life insurance license, you need to pass all 4 modules. If you only want the A&S license, you just need to pass the Accident & Sickness Insurance module and the Ethics module.
LLQP LICENSING EXAM PREPARATION
First, you need to take an LLQP course with a CISRO approved LLQP education provider. After you have completed the course and met their qualification requirements, you can write the exam. Your education provider will approve you to write the provincial licensing exam with your provincial insurance regulator (ie. the Insurance Council of BC).