Your Ultimate Guide In Becoming An Insurance Agent in Canada

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The financial services industry in Canada is vibrant and rapidly expanding. Banking, trusts, and investing are just a few of the many financial services available. With over 130,000 employees, life insurance businesses are a significant contributor to Canada’s economy and a big employer.

According to the Canadian Life and Health Insurance Association, the insurance business, a trade group that represents Canada’s life and health insurers, is one of the country’s top investors, with almost $475 billion in assets.

Insurance sales may not be a glamorous or high-profile profession, but it provides products that help people at various phases of their life. A career in insurance sales can be rewarding for someone with an aptitude for selling. Provincial governments license and regulate insurance agents and brokers to safeguard Canadian consumers. While the specifics of becoming an insurance agent differ by province, the overall process is consistent across the country. For example, if you are interested in becoming an insurance agent in the province of Ontario, then it’s important that you learn all about the RIBO license. This is a requirement by law and will allow you to work as an insurance broker or agent in the province, click here for RIBO license details.

A career as a life insurance agent can be a rewarding one, with several job options and plenty of space for personal development and promotion. Becoming a life insurance agent is ideal for those who enjoy meeting and assisting people, prefer flexible hours, and are willing to put in long hours in exchange for a substantial salary, commission, and bonus package. Additionally, you can work for yourself as an independent financial broker. 

How does insurance licensing work?

In Canada, insurance is regulated at both the federal and provincial levels. The federal level is concerned with guaranteeing the financial viability of insurance corporations. In contrast, the local level is involved with individual licensing. 

The insurance regulator decides which insurance positions require a license and what an individual must do to obtain one. Individual requirements usually include a course or program of study followed by one or more exams. Depending on local legislation, an educational body and/or the regulator may offer the examinations.

At the very least, get your education to the end of high school. Insurance is a tough business, and most firms will not consider candidates without a high school diploma. Many people prefer to use agents with a college diploma.

Find a job with a company that will sponsor you for CAIB designation. To become a licensed insurance agent, you often need to be supported by an employer. Your license is only valid while you are employed. Job postings for insurance agents can be found at insurance companies, financial firms, and brokerages. Positions are frequently advertised in traditional job ads. Still, you can also call firms of interest to check about current openings.

Starting out with licensing

Suppose you already work in the insurance industry. In that case, your company should be able to supply you with details on license requirements. You should also be aware that your employer must ensure that you are licensed in the province(s) where you serve consumers, not just the region where you work or live. We outlined some essential key points when it comes to licensing:

  • Find out what kind of training you’ll need to apply for a license in your province. 
  • The requirements differ depending on the jurisdiction and the sort of insurance you’ll sell. For a detailed list of courses necessary in your jurisdiction, contact your provincial insurance ministry, the provincial department of finance, or an industry group.
  • In your own jurisdiction, apply for a license to sell insurance. 
  • Be prepared to show proof of completion of the needed curriculum and pay an application fee.
  • Some provinces will require you to pass the provincial exam.
  • Some states won’t need the provincial test but will require one for certain types of insurance transactions. 
  • A criminal background check will be necessary.
  • Before your license expires, renew it. 
  • Your license must be renewed every two years in most cases. 
  • You may need to reapply for a license as if you were a new insurance agent if your license is terminated by your employer or expires.

Some characteristics of a successful insurance agent

To be a successful insurance agent, you must be a particular type of person. Great insurance agents have a set of characteristics and skills that, like puzzle pieces, come together to define their success. People and technical abilities, as well as exceptional salesmanship and all in between, are all required.

  • Personality Qualities. The ability to work with people is the most crucial trait of a successful insurance agent. They must communicate effectively with others without resorting to technical phrases or insurance jargon that could lead to customer misinformation. To grasp what clients require and want, agents must be able to listen and empathize with them. 
  • Excellent salesmanship. By nature, insurance agents are salespeople. To recruit, develop, and sustain their clients, agents must have extraordinary sales abilities in addition to strong people skills. Attending a range of seminars and enrolling in professional training programs can help agents improve their skills.
  • Customer Service Expertise. To be successful as an insurance agent, you must have excellent client service abilities. Responses to queries, emails, and phone calls must be made promptly. Customers want their insurance agents to assist them promptly and simply resolve concerns. Having a solid work ethic and excellent customer service skills go hand in hand. A successful career as an insurance agent requires being proactive in building new client relationships and maintaining existing customer relationships.
  • A high level of energy. To be a successful insurance agent, you must be motivated, enthusiastic, optimistic, and engaged with your clients. Your customer relationships will reflect your love for what you do if you show it.
  • Honesty. “Honesty is the best policy,” as the old adage goes. This is never more true than when it comes to insurance agents. A good agent will obtain greater respect and confidence from their clients by telling the truth up front. Deceptive agents do not last long in the insurance sector.

Warning: Only the province in which you are licensed allows you to sell insurance. You must apply for a license in each area where you plan to sell insurance if you want to offer insurance in more than one.

Suppose you currently have an insurance sales license in one of Canada’s provinces. In that case, you won’t need to take any additional examinations or courses to apply for permits in other provinces. In most situations, you can qualify for additional licenses by submitting a Certificate of Authority from your home province to the jurisdiction where you are seeking.

If you are licensed in any U.S. state, you may use the same procedure to apply for an insurance license in a Canadian province.

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