Are you planning to be a Life Insurance Agent? Then you must know that being one is not easy, it takes a lot of hard work and determination. To start your career as a life insurance agent in Canada or add life insurance to your financial services offerings, you got to have HLLQP (Harmonized Life License Qualification Program) license which is mandatory for all. HLLQP is one common standard used across Canada to be a life insurance agent. Life insurance agent’s basic services include selling various life and health insurance policies, products as well as specific insurance investments that include separated funds and annuities. To become a licensed life insurance it is mandatory to register and complete HLLQP by a certified provider, pass LLQP exam and register with a provincial insurance regulator. Now let us discuss in detail step by step how you can be licensed life insurance agent? • Certification You will have to register in Harmonized Life License Qualification Program which is offered by the IFSE institute. You have to complete a total of 5 modules in this program which primarily depends upon the type of license you want. To become a certified life insurance agent you will have to pass all the exams related to your modules. Once you complete all these modules successfully, your status will be uploaded by IFSE on Canadian Insurance Participant Registry account that you have to create at the time of registration. • Exams for Licensing Your next step will require you to register for the licensing exam with your relevant provincial insurance regulator. You will also have to qualify all these exams successfully depending on your module. It is mandatory to complete all these exams in a one-year time frame. • Funding/Sponsorship After completing all of the required exams successfully you will have to find an insurance provider who can fund/sponsor your license appeal. Plus, the sponsoring company will also provide a contract to you where you will work as an insurance agent for the organization itself. The company will ensure if you have met all the necessary criteria’s and are applicable for licensing or not. They will basically observe your quality of work as an insurance agent and will evaluate you on the basis of your overall activities. • Errors & Omissions Insurance (E&O) You will have to obtain E&O insurance before applying for your license. Error and omissions insurance is all about protecting you from any kind of involuntary or accidental mistakes you may commit during your work. Having an errors and omissions insurance is compulsory; you can ask your sponsoring authorities to help you in providing an efficient E&O provider. • Application The application generally includes steps like paying a license fee, submitting an application, and in-depth background checks (like criminal records, financial records etc). Always ensure that you have provided all the required information as it is going to be reviewed by the higher authorities and accordingly, you will be evaluated for the license.
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