In Canada, insurance is a regulated industry. That means professionals must meet specific licensing requirements—not just to protect consumers, but to ensure insurers can meet their financial obligations when it matters most.

Licensing is handled at the provincial level, which means requirements can vary depending on where you live and plan to work. Provinces regulate important aspects of the business, including sales practices, fee structures, and the professional conduct of insurance agents.

In Ontario, life insurance agents must be licensed by the Financial Services Regulatory Authority of Ontario (FSRA). The primary pathway to licensure is through the Harmonized Life Licence Qualification Program (HLLQP), a standardized program across Canada.

Joseph White, founder and president of REMIC, says that, compared to other regulated careers, insurance brokering offers a relatively low barrier to entry—making it an appealing option for those seeking a career shift or new opportunity.

Basic Minimum Requirements

To become a life insurance agent in Ontario, you must:

• Be at least 18 years old
• Pass a criminal background check

Obtaining Your Life Insurance Licence

Step 1: Complete the HLLQP Licensing Course

The Harmonized Life Licence Qualification Program (HLLQP)—previously known as the Life Licence Qualification Program (LLQP)—is the prerequisite for writing the provincial licensing exams. Standardized in 2015, the HLLQP course prepares aspiring life insurance agents in all provinces and territories except Quebec.

Approved course providers, such as REMIC, offer the program in various formats, including self-paced, live online, and in-class options. Their programs typically cost between $350–$550; you can finish in as little as four days, or pace your learning over a year with part-time study. The course covers four modules:

• Life Insurance
• Accident and Sickness Insurance
• Segregated Funds and Annuities
• Ethics and Professional Practice

Each module concludes with a proctored exam, requiring a minimum score of 60 percent to pass. Upon successful completion, you’ll receive a certificate, valid for one year, allowing you to proceed to the provincial licensing exams.

Step 2: Pass the Provincial Licensing Exam

The provincial exams assess your knowledge in the four modules covered in the HLLQP course. You must pass all four exams within one year of completing the HLLQP course. If you fail an exam, you are allowed up to three additional attempts, with a mandatory 24-hour waiting period between each. Failing the fourth attempt requires a one-year waiting period before reapplying.

Step 3: Get Sponsorship and Apply for your Licence

After passing the provincial exams, you must apply for your life insurance agent license through FSRA within one year. This process requires sponsorship from a licensed insurance company, which will submit the application on your behalf. To help graduates make that transition, REMIC offers exclusive access to a network of brokerages with mentorship and onboarding programs. The licensing fee is $170, covering the first two years.

Continuing Education

Licensing doesn’t end with your first exam. To keep your skills sharp—and your licence active—you must complete 30 hours of continuing education (CE) every two years. Eligible topics include legal, regulatory, and technical aspects of life insurance. These CE requirements ensure agents stay current on regulations, industry standards, and ethical best practices. They also create a culture of lifelong learning that supports professional growth throughout your career.

While being naturally outgoing and extroverted can help, White—a self-proclaimed introvert—says that it’s not critical to success as a life insurance agent in Ontario. “What makes people successful is their ability to communicate abstract ideas to the person they’re talking to,” he says.

Typical responsibilities for an insurance broker include:

• Identifying clients’ insurance needs
• Recommending suitable life insurance products
• Assisting clients through the application and claims processes

Key skills and attributes include:

• Clear confident communication
• Strong reading comprehension
• Problem-solving and analytical thinking
• Persuasion and negotiation skills

Another important characteristic for life insurance agents is the ability to handle rejections from potential clients, White says. “Not everybody’s ‘into you’, and that’s okay. The ones who are could be really into what you have to offer, so it’s important to keep that stiff upper lip.”

Above all, life insurance agents must act in the best interest of their clients, maintaining ethical and transparent practices.

As a licensed life insurance agent, you can choose to work exclusively with one insurance company, or operate independently through a Managing General Agency (MGA), which provides administrative and operational support. These agencies are contracted by insurance companies to perform underwriting, binding, policy administration, claims, and more.

Many MGAs will have mentorship programs where experienced agents can offer guidance and advice to those starting out. White says that early in his career, he had a mentor in the mortgage industry who did just that. “I remember having a really bad week—every client I met was not interested in moving forward,” he says. “What really helped was [my mentor’s] ability to say, ‘I’ve been here before—don’t let this discourage you.’”

Cain Daniel, vice president of REMIC, says that one of the biggest benefits of a career as an insurance broker is the flexibility it brings. Agents can work in office settings, remotely, or in hybrid roles. “It’s that freedom to be able to never miss their kid’s event, never miss a date night with their spouse,” he says. “They can prioritize their schedule in a way that matters to them while also making a good living.”

Insurance agents and brokers in Canada are generally paid on a commission basis, meaning they earn a percentage of the premiums from the insurance policies they sell. Many also receive additional service fees for handling administrative tasks or renewals.

According to the Government of Canada’s Job Bank, on average across Canada, life insurance agents make between $20.43 an hour to $49.52 an hour. That said, Ontario posts a much higher hourly rate—$55.38. The average base pay for a life insurance agent in Canada is approximately $60,000 per year—however, with commissions, there’s no cap on earning potential, Daniel says.

“This is an incredibly lucrative industry,” Daniel says. “This is why we see people coming in and finding great success, especially if they build a good network.”

According to White, typically, for the first few months, a life insurance agent may not have an income, as they will be solely focused on attracting clients. By the end of the first year, White says, an insurance broker can expect to be earning between $50,000 to $60,000. By the second year, this jumps to $75,000 to $120,000—and by years three to five, a candidate could be looking at earning $250,000 per year.

“Once you’re in the second year, statistically, the sky’s the limit,” he says.

Life insurance typically pays higher upfront commissions compared to other types of insurance, and relies on renewals for sustained income.

Agents receive a significant percentage of the policy’s first-year premium (also known as first-year commission or FYC). For term life insurance, this can range from 30 percent to 70 percent, while for whole life insurance, it often falls between 90 percent and 105 percent.

After the first year, agents earn smaller commissions on the policy’s annual premiums, typically ranging from 2 percent to 5 percent. These renewal commissions provide ongoing income as long as the policy remains active.

Based on experience and annual premiums sold, assuming an agent maintains strong renewals, here’s an idea of what commission-based earnings can look like over time: