Costs to get life insurance agent licensed by Province
REMIC offers the HLLQP course (previously referred to as the LLQP course), in several Provinces across Canada. This article examines the licensing fees and costs for life insurance agents in each province. REMIC’s course is your first step into this lucrative industry. REMIC offers an interactive and informative course, with every student having a dedicated instructor assigned to them. REMIC’s instructors and support staff are determined to make your transition into your new career as enjoyable and smooth as possible! The full HLLQP Certification course consists of four modules – Life Insurance, Segregated Funds, Ethics and Professional Practice, and Accident & Sickness. The cost of the HLLQP Certification course ranges from $298 to $548, depending on the available option you choose. Additional information can be found through hllqp.remic.ca. Costs associated with getting licensed include the Certification course, the Provincial Licensing Exams, Provincial licensing fees and individual Errors and Omissions Insurance. The following is a breakdown for each Province.
HLLQP licensing fees in Ontario
In Ontario, individuals are licensed by the Financial Services Regulatory Authority of Ontario (FSRA). The Provincial Exams are administered through Durham College. Currently the Provincial Exams are conducted online via proctor, and the cost per exam is $66. According to Durham College’s webpage, paper exams are also available in Ontario and cost $40 per exam. For specific details and updates on the Provincial Exam process, please visit General Information English (mycampus.ca). In addition to the Errors and Omissions Insurance (which ranges depending on the sponsoring company), the current cost to become licensed in Ontario is $150. This fee is paid directly to the regulatory body FSRA and covers a two-year license period. For additional information, please reference: https://www.fsrao.ca/licensing/life-and-accident-sickness-agent/apply-new-life-and-accident-sickness-insurance-licence.
HLLQP licensing fees in British Columbia
In British Columbia, individuals are licensed by the Insurance Council of British Columbia (ICBC). The Provincial Exams are offered at their in-person location in Vancouver and Kelowna, and costs $55 per exam OR $145 if a candidate is writing all 4 exams on the same day. For additional information and to view available exam dates, please visit https://www.insurancecouncilofbc.com/llqp/exam-schedules-and-fees/. As of July 1, 2023, ICBC no longer offers online LLQP exams. For specific details and updates on the Provincial Exam process, please visit: https://www.insurancecouncilofbc.com/llqp/examinee-information-guides-and-exam-registration-form. In addition to the Errors and Omissions Insurance (which ranges depending on the sponsoring company), the current cost to apply/reapply for a license in British Columbia is approximately $300-$400. Once the application has been reviewed, a member of the ICBC will contact the applicant directly regarding payment. For additional information including annual license renewal details and costs, please reference: https://www.insurancecouncilofbc.com/getting-a-licence/licensing-fees/.
HLLQP licensing fees in Alberta
In Alberta, individuals are licensed by the Alberta Insurance Council (AIC). The Provincial Exams are offered in person in Calgary, Edmonton, Medicine Hat, Lethbridge, Red Deer, Fort McMurray, and Grande Prairie. For additional information on these in person exam options please visit https://www.abcouncil.ab.ca/schedules-locations/. As of March 1, 2023, AIC no longer offers online LLQP exams. The cost for all 4 LLQP Provincial Licensing Exams is $100. For specific details and updates on the Provincial Exam process, please reference: https://www.abcouncil.ab.ca/examination-fees/. In addition to the Errors and Omissions Insurance (which ranges depending on the sponsoring company), the current cost for a new or renewal license in Alberta is $95. For additional information, please reference: https://www.abcouncil.ab.ca/fees/.
HLLQP licensing fees in Manitoba
In Manitoba, individuals are licensed by the Insurance Council of Manitoba (ICM). The Provincial Exams are written at the ICM office every Tuesday. As of July 1, 2023, ICM no longer offers online LLQP exams. Eligible students must complete the Examination Registration Form through https://lms.icm.mb.ca/IcmPortal/Account/Login/.nnFor the first attempt, an exam sitting is defined as all modules. The $110.00 fee is paid once, even if initial modules are written on separate days. For rewrites, the $110.00 fee is to be paid per calendar day, which could encompass one module or multiple modules. In addition to the Errors and Omissions Insurance (which ranges depending on the sponsoring company), the current cost to become licensed in Manitoba is $150. For additional information, please reference: https://www.icm.mb.ca/licensing-info33/87-licensing-info/329-icm-exam-process-life-and-or-a-s-applicants-july-2023.
HLLQP licensing fees in New Brunswick
In New Brunswick, individuals are licensed by the Financial and Consumer Services Commission (FCNB). The Provincial Exams are offered through Durham College on behalf of the FCNB. Currently the Provincial Exams are conducted online via proctor, and the cost per exam is $66. The cost per paper exam through Durham College is $35. For more information, please visit General Information English (mycampus.ca). In New Brunswick Agent and Broker licenses expire on March 31st, June 30th, September 30th, or December 15th, whichever is closest to the anniversary of the date the license was issued without exceeding one year. For information on costs to becoming licensed in New Brunswick, please reference: https://fcnb.ca/en/insurance/insurance-licences/insurance-licence-fees-applications-and-renewals/.
HLLQP licensing fees in Nova Scotia
In Nova Scotia, individuals are licensed by the Nova Scotia Finance & Treasury Board. The Provincial Exams are offered through Durham College on behalf of the Nova Scotia Finance & Treasury Board. Currently the Provincial Exams are conducted online via proctor, and the cost per exam is $66. For additional details, please reference the following webpage: https://novascotia.ca/finance/en/home/insurance/licensing/agents/default.aspx.html#licenseapplication.nnIn addition to the Errors and Omissions Insurance (which ranges depending on the sponsoring company), the current cost for the initial licensing application as well as the renewal (issued for a 3-year period) is $398.10. For information on costs to becoming licensed in Nova Scotia, please reference: https://www.novascotia.ca/finance/en/home/insurance/licensing/agents/default.aspx#licenseapplication.
HLLQP licensing fees in Prince Edward Island
In P.E.I., individuals are licensed by the Department of Justice and Public Safety. The Provincial Exams are offered through the Department of Justice and Public Safety. LLQP exams are written exclusively online through Durham College, and the cost per exam is $66. Before scheduling your exam with Durham College, you must confirm your eligibility by emailing licensing@gov.pe.ca.nnIn addition to the Errors and Omissions Insurance (which ranges depending on the sponsoring company), the current cost to become licensed in P.E.I is $200, payable to the Minister of Finance Prince Edward Island. Licenses issued to agents are for a two-year period. For additional information, please reference https://www.princeedwardisland.ca/en/information/justice-and-public-safety/life-license-qualification-program-llqp?wbdisable=true.
HLLQP licensing fees in Saskatchewan
In Saskatchewan, individuals are licensed by the Insurance Councils of Saskatchewan (ICS). Applicants are no longer required to send Exam applications to Council. Applicants can apply directly to Durham College through Login (mycampus.ca). In addition to the Errors and Omissions Insurance (which ranges depending on the sponsoring company), the current cost to become licensed in Saskatchewan ranges from $75 to $125. For information on costs to becoming licensed in Saskatchewan, please reference: ICS – Licensing Fees (skcouncil.sk.ca).
Conclusion
As you can see, it’s fairly inexpensive to get into this lucrative career that can potentially earn you a six-figure income, especially when compared to other careers with the same income potential.
