A general insurance license lets you sell home, auto, business, travel insurance, etc. You can sell everything except life, accident & sickness, or health insurance.
If you’ve found your way onto this website and are reading this article, you likely have some interest in getting into the insurance industry. If you are, congratulations, I think it’s a great industry with a lot of potential in terms of growth, earnings, and personal fulfillment. That said, it is tightly regulated and navigating that can be confusing for a lot of people.
WHAT ARE THE DIFFERENT TYPES OF INSURANCE LICENSES IN CANADA?
Generally speaking, you have 2 types of insurance that you need a license to sell: general insurance and life insurance.
General insurance means property and casualty insurance which is also sometimes called property & liability. This includes insurance products such as: home insurance, car insurance, business insurance, etc. These are insurance products meant to protect you against financial loss resulting from loss to your property or if you are found legally responsible for causing loss to someone else (ie. if you hit someone with your car by accident).
Life insurance refers to products insuring someone’s health or life. This includes products like: health insurance, term life insurance, permanent life insurance, group benefits, dental plans, etc.
There are 3 levels of license used in Canada, you can learn more about them here.
WHAT DO I NEED TO SELL GENERAL INSURANCE IN CANADA?
The requirements vary from province to province but generally speaking, you need to study for and pass the Level 1 exam to start your career. To do that, we have a variety of general insurance provincial licensing prep courses. Make sure you choose the right one for your province. If you’re not sure, ask us.