What a life insurance advisor does
A life insurance advisor helps individuals, families and business owners protect against the financial impact of death, disability and serious illness. They gather information about income, debts and dependants, recommend term or permanent life insurance, disability or critical illness coverage, and see each application through underwriting. Many also offer segregated funds or annuities. In Ontario, advisors must pass the LLQP exam and hold a life and accident and sickness licence from FSRA.
For a firm, an advisor's quality shows up in policy persistency, complaint levels and compliance reviews as much as in sales. Finch looks for advisors who complete thorough needs analyses, document the reasons behind each recommendation and disclose conflicts properly. We confirm licence status, discuss how the candidate builds a client base and screen for fit with your model, whether salaried, commission-based or a blend.
Typical responsibilities
- Complete needs analyses for individual, family and business clients
- Recommend suitable life, disability and critical illness products and explain the trade-offs
- Prepare applications and support clients through medical and financial underwriting
- Document recommendations, disclosures and client decisions
- Review existing coverage and replacement risks before advising any change
- Keep up continuing education and follow your firm's compliance procedures
Qualifications and credentials
- An active FSRA life and accident and sickness licence, obtained after passing the LLQP exam
- Errors and omissions insurance that meets FSRA requirements, held personally or through the sponsoring insurer
- Experience at an agency, MGA, bank or financial planning firm
- Designations such as the CLU or CFP are valued for advanced or business planning roles
- Using the title Financial Planner or Financial Advisor in Ontario requires a credential from a body FSRA has approved
Who hires a life insurance advisor
- Career agencies and managing general agencies
- Financial planning and wealth management firms
- Banks and credit unions with insurance divisions
- General insurance brokerages adding life and living benefits
Where we recruit life insurance advisor candidates
We fill life insurance advisor roles for employers across Toronto and the GTA, including North York, Scarborough, Etobicoke, Vaughan, Markham, Richmond Hill, Mississauga, Brampton, Oakville, Burlington, Oshawa and Pickering, and for employers across Canada. GTA employers can meet us at our North York office by appointment.
What Finch checks before you meet a candidate
- FSRA licence status, sponsorship and any complaints or conditions disclosed
- How they conduct and document a needs analysis
- Product knowledge across term, permanent, disability and critical illness coverage
- Approach to replacements, conflicts of interest and disclosure
- Eligibility to work in Canada and expectations about compensation structure
Interview questions to ask
- Walk me through how you would assess the needs of a young family with a mortgage and one income.
- When is replacing an existing policy in the client's interest, and how do you document that decision?
- How do you explain the difference between term and permanent insurance to someone who has never bought either?