Becoming a licensed life insurance agent in Ontario is a rewarding career path, but it’s essential to understand the costs. This article provides a detailed breakdown of all the costs, including course fees, licensing fees, and other expenses.
Education Course Cost
The first step towards becoming a licensed life insurance agent is enrolling in the pre-licensing education course. The cost of these courses can range from $300 to $1000, depending on the provider. A full breakdown and review of each provider can be found here.
Licensing Exam Cost
Once you’ve completed your education, the next step is to pass the licensing exams. The exam fees are around $260. After passing the exam, you’ll need to find a company to work for and get hired. You will then apply for a license through the Financial Services Regulatory Authority of Ontario (FSRA).
The licensing fee in Ontario is $150 for a two-year license.
E&O and Other Costs
In addition to these costs, you will also need to obtain Errors and Omissions insurance. You will then join a life insurance company that may also charge you additional fees for a variety of reasons.
Continuing Education Costs
You should also consider the cost of continuing education, which is required to maintain your license. These costs can vary but expect to spend around $100 per year.
In total, the initial cost to become a licensed life insurance agent in Ontario can be estimated around $1000 to $2500 to get started. However, these costs can vary based on the education provider and company that you join.