A simple cost breakdown of the Ontario: Other Than Life Insurance License.
A lot of students are (rightly) concerned about the OTL license cost and want to know what it is broken down. This guide will give you an overview of the total cost of getting your OTL license in Ontario. The cost on getting your OTL license comes from 3 sources: the cost of OTL study material, OTL exam fees, and OTL licensing fees.
OTL STUDY MATERIAL
There are many ways to prepare for the OTL exam. PNC Learning provides an online OTL course for $199. This course contains:
- Downloadable/Printable OTL Textbook
- Online Lectures
- Practice Questions
- Access to a Course Tutor to answer any questions you might have while studying
This online course contains everything you need to know to prepare for the OTL exam.
OTL EXAM FEE
The Insurance Institute administers the exams and they charge $105+HST for each attempt. To register for the exam, you need to complete their OTL exam registration form and send it to them with payment (credit cards accepted).
FISCO-OTL LICENSING FEE
Once you pass the exam, you have 12 months to find a job so they can sponsor you and help you complete your licensing application. The Financial Services Commission of Ontario (FISCO) is in charge of General Insurance Agent licensing and they charge a $150 fee.
This fee must be paid upon licensing renewal which happens every 2 years.
TOTAL OTL LICENSE COST
The total cost including HST for the exam is $467.65.
OTL LICENSE COSTS TOO HIGH?
Many people looking to transition into insurance as a new career might find these costs a bit too high. In that case, PNC Learning offers a variety of financial aid options from scholarships to monthly payment plans and more.