Overview

The insurance regulators across Canada have introduced a new and enhanced education proficiency regime to license Life Insurance agents referred to as the LLQP. This program replaces the current Level I & Level II licensing regime administrated exclusively by the Canadian Association of Insurance and Financial Advisors ("CAIFA"). IFIC has been accredited as an education provider under the new LLQP.

Together with the Peel Institute of Applied Finance, www.IFSE.ca is offering an innovative course that will be effective, flexible and a solid learning foundation for insurance professionals who are entering the field.

IFIC together with the Peel Institute of Applied Finance, has released an enriched Web-based training course ideal for accommodating different students and different learning styles. This course emphasizes practical case studies that will provide you with the practical skills that insurance professionals need to excel on the job.

This broad-based curriculum covers all levels of performance and has assessments with immediate feedback to ensure participants’ master each section of material.

Register today at www.IFSE.ca.

Prerequisites: None.
Suggested study time: 80 - 100 hours.
Languages offered: English.
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There are no admission requirements for Life License Qualification Program. [Back to top]

Equivalency

Students wishing to attain equivalency status for courses completed with other institutions may do so during program registration or course enrolment. Official documentation must be sent to IFSE.ca from the academic institution directly. No photocopies or faxes of documents will be accepted. [Back to top]

Unit 1: Insurance Industry    In this unit, you will learn about the basics of insurance, including basic terms, the history of the industry, and your role as an insurance agent. You will also be introduced to the various insurance products. Topics Include: History and Philosophy of Insurance Roles and Functions Insurance Products and their Benefits

Unit 2: Individual Life Insurance Products In this unit, you will learn about the features and benefits of the different individual life insurance products available. Topics Include: Life Insurance Overview Term Life Insurance Permanent Life Insurance Universal Life and Term-100 Supplementary Benefits and Riders Advanced Case Studies in Choosing Life Insurance Products

Unit 3: Individual Disability and Accident & Sickness Products In this unit, you will learn about the various types of disability and A&S products available to individuals, such as disability insurance, long-term care, and critical illness. Topics Include: Disability Insurance Disability: Coverage and Exclusions Government Programs Offering Disability Benefits Accident and Sickness (A&S) Critical Illness and Long-term Care Advanced Case Studies in Disability and A&S

Unit 4: Group Insurance Products In this unit, you will learn about the features of group insurance and how it differs from individual life insurance. You will also learn about different types of group insurance, such as group life insurance, group disability, and group accident and sickness. Topics Include: Group Insurance and How it Works Group Life Insurance Group Disability Insurance Group Accident and Sickness Insurance

Unit 5: The Life Insurance Contract In this unit, you will learn about the main components of an insurance policy, the provisions and limitations of an insurance policy, and methods of naming beneficiaries of an insurance policy. Topics Include: The Contract Policy Provisions and Limitations Beneficiaries

Unit 6: Non-insurance Investment Products In this unit, you will learn about the non-insurance investment products available and the financial institutions that offer them. As an insurance agent, it is important that you are familiar with these products, in order to advise your clients. Note: While you are required to have an understanding of the content in this unit, you must remember that being licensed as a life agent does NOT entitle you to sell non-insurance products. You require a separate securities license to sell mutual funds, stocks, bonds, and other financial securities. Topics Include: Financial Institutions and Products Guaranteed vs. Non-guaranteed Investments Fixed Income Financial Instruments Equity-based Financial Instruments Introduction to Mutual Funds Types of Mutual Funds Factors to Consider in Evaluating Investments Calculating Investment Returns

Unit 7: Insurance Investment Products In this unit, you will learn about the features and benefits of annuities and segregated funds (IVICs), the fees and regulations associated with IVICs, and the advantages and disadvantages of insurance investment products. As an insurance agent you will be able to advise clients on appropriate investments and develop investment strategies. Topics Include: Annuities Segregated Funds (IVICs) Fee Structure Regulatory Requirements Investment Products

Unit 8: Underwriting, Issues, and Claims In this unit, you will learn about the underwriting process, the requirements and sections of the application, the delivery of the contract, and the claims process. Note: In studying this unit, you may find it useful to refer to Unit 5: The Life Insurance Contract. The policy provisions mentioned in this unit are addressed in detail in Unit 5. Topics Include: Introduction to Underwriting The Application The Underwriting Process Delivery of the Contract The Claims Process

Unit 9: Taxation In this unit, you will learn about the basics of the Canadian tax system and the tax implications and consequences of investment income, insurance policies, and insurance benefits. Topics Include: Canadian Tax System Investments and Taxes Tax Implications of Insurance Insurance Benefits and Tax Consequences Tax Strategies and Life Insurance

Unit 10: Retirement In this unit, you will learn about the retirement planning process, government and employment pension plans, and RRSPs. Topics Include: The Retirement Planning Process Government and Employment Pension Plans Introduction to RRSPs Types of RRSPs Foreign Content Rules Withdrawing from RRSPs Advanced Case Studies

Unit 11: Needs Analysis / Risk Management In this unit, you will learn about the risk management process, the steps in researching insurance products, the role of insurance in financial planning, and the use of life insurance to preserve an estate or meet business needs. Topics Include: Risk Management Process Researching Insurance Products Personal Financial Planning Role of Life Insurance in Estate Creation and Conservation How Life Insurance Fulfills Business Needs Case Studies in Needs Analysis

Unit 12: Legal and Professional Standards In this unit, you will learn about the laws affecting the insurance contract, the responsibilities and duties of an agent, and the features and benefits of errors and omissions insurance (E&O). Topics Include: Laws Concerning Insurance Your Responsibilities as an Agent Errors and Omissions Insurance Legal and Professional Standards

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