Insurance

Frequently Asked Questions (FAQ)

• Which field of insurance pays the most?

  On top of their average salary, insurance professionals earn a living in one of three ways: through commissions, a salary, or profit-sharing with their agency. While earnings will fluctuate depending on the insurance professional’s level of experience, there are some insurance fields that may pay more than others. According to Insurance Business Magazine, life insurance is one of the highest-paying insurance fields in Canada, due in part to its commission structure, which typically includes 40 percent to 100 percent commission for the first year’s annual premiums, with 2 to 5 percent renewal commission each year after. Learn more about life insurance salaries and commissions here.

• How much do insurance workers make in Canada?

  An insurance worker in Canada will earn differently depending on their level of experience, location, and the particular subfield of insurance that they work in. Entry-level salaries begin at $40,000 per year, but experienced workers can earn salaries as high as $133,000. What’s more, these numbers do not include potential additional earnings from commissions or profit-sharing.

  See Salaries and Commission below for more information on insurance earnings.

• Do I need a licence to work in insurance?

  Yes. In Canada, each province and territory has its own regulatory body for insurance brokers and agents, with its own requirements for licensing. You can only work in insurance in the province you obtained your insurance licence in.

  See our Licensing section below for more detail.

• What qualifications do I need to work in insurance in Canada?

  While entry-level positions may only require a high school diploma, more advanced positions, or specific fields such as underwriting, claims adjusting or actuarial roles may require a post-secondary degree in a related field such as finance, business, economics, or accounting.

• Is being an insurance agent a stressful job?

  While being an insurance worker can help families, businesses, and individuals stave off or prevent financial peril, some who work in the field may find it stressful, as they must balance sales pressures in a highly competitive market with supporting clients through high-stakes decisions.