Exploring the Life Licence Qualification Program (LLQP)

What is the LLQP?

The Life Licence Qualification Program (LLQP) is the first step towards applying for a life insurance licence. Before an adviser in the financial services sector is allowed to begin selling life insurance products, they must complete and pass the LLQP and earn a certificate of completion. Once the certification exam is completed, applicants may apply to their provincial insurance council to write the licencing exam. Once the licencing exam is passed, the applicant is permitted to apply for a licence to sell life insurance, accident and sickness insurance products, and life insurance related investment products like segregated funds and annuities. Application for a life insurance licence is done through the licencing regulatory body for the specific province.

LLQP Exam Process

The LLQP Exam is comprised of 140 multiple choice questions. Writers are given four hours to complete the exam.

The passing grade in all jurisdictions is 60%. A successful writer will be permitted to apply for a life insurance licence. An unsuccessful writer will be given two more attempts, for a total of three, and is then required to wait six months before writing again. Feedback from an unsuccessful exam attempt is generally not available as insurance councils do not release old exam questions, nor do they indicate to candidates which questions were answered correctly and incorrectly.

Why Take the LLQP?

The LLQP is an entry level program. In order to become eligible to work for many companies, including Freedom 55 and Sun Life, a candidate must first complete and pass the LLQP. Individuals considering entering the financial services industry can broaden their skill-set and differentiate themselves from other applicants by completing the LLQP.

The LLQP is currently being overhauled by Canadian Insurance Services Regulatory Organizations (CISRO), who are working to ensure national harmonization of the LLQP licencing procedures. The LLQP Harmonization Project is scheduled to come into effect in early 2016, so individuals who wish to write the provincial licencing exam to become a licensed life insurance salesperson, or who want to learn about life insurance on a broad level before the program is redesigned should do so as soon as possible.

Ashton’s LLQP Course

Offered in partnership with IFSE, Ashton’s LLQP course focuses on practical case studies to provide students with applicable skills, as well as providing students the knowledge necessary to pass the provincial examination. Taught by highly qualified financial professionals, this three-day program describes individual and group life insurance products and discusses available accident and sickness insurance products. Ashton LLQP students explore non-insurance investment products such as mutual funds, stocks & bonds, issues & claims, taxation, retirement strategies, needs analysis & risk management, as well as legal and professional standards.

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