Becoming a Canadian Life Insurance Agent

[hiennhan12]

Hello,

I'm looking to start selling life insurance and, hopefully, personal and commercial insurance in the future.

I already have a complementary business with roughly 3500 clients who trust me with certain financial aspects of their lives. I've already been asked 100's of times if I sell financial products or insurance products so it seems like an easy add on for me.

That said, I do have a few questions as it's not that easy to find answers about the Canadian insurance business compared to the US insurance industry which doesn't help since things are different.

However, here are my questions:

1). Can you be sponsored by any life insurance company? If so, can you be sponsored by multiple insurance companies at the same time?

2). Do I need to be apart of a brokerage or can I just sell insurance for those insurance companies I am sponsored by, by myself? I can be independent, correct? Or am I forced, like P&C insurance, to have a full-time job at brokerage?

3). What is the typical commission for a life insurance agent in Canada? Is it around 80%-100% first year and 1-2% for years 2-5 and nothing after?

Found a lot of conflicting information so just trying to figure these 3 aspects out before I take my exam. No point in taking an exam if I can't sell insurance.

Any help is much appreciated!!!

 

[shadowgun1104]

@hiennhan12 See @shatteredparadigm comment. Hope this helps.

Edit: format

 

[shatteredparadigm]

@hiennhan12 im myself working for industrial alliance. you can still sell other cie if needed. For exemple, i can sell sunlife, empire life, transamerica and a couple more. The commission where i work is 125% for the first 2 years, theres is 4 bonus every trimester that give you 25% more and they are quite easy to get. When you become a top seller it's up to 185% plus the 25% bonus.