Home-based disability insurance advisor

Insurers pay you commission on policies you sell. The client pays the premiums, not you. Typical clients are self-employed people, tradespeople, professionals and small business owners with no workplace benefits.

Commission from insurers, usually largest in the first year of a policy, plus smaller ongoing renewal commissions on some products. Income can be uneven at first, as it depends on policies approved.

• Explaining complex products in plain language
• Patience and trust building
• Self-discipline and follow-up
• Basic sales and record keeping

• Licensing is set by each province or territory, so check your provincial regulator. Quebec has its own rules and French-language requirements
• Errors and omissions (E&O) insurance, which is often required, either through your MGA or on your own
• Commission-only income in the first months while you study, get licensed and wait for policies to be approved
• Suitability and disclosure rules, and privacy law for client health and financial information
• Check with your municipality about any home-based business licence, and with the CRA about GST/HST and tax on self-employed income

Estimated startup costs are typically around $2,000 to $6,000, depending on your setup and how you are contracted with an MGA or insurers. Treat this as an estimate and confirm what your own arrangement requires.

Estimated monthly revenue is typically around $1,000 to $5,000, depending on the policies you sell and get approved. Income is commission-only, and the first months can be slow while you study, get licensed and wait for approvals.

Licensing is set by each province or territory, so check your regulator. Quebec has its own rules and French-language requirements. Also check E&O insurance, suitability and disclosure rules, privacy law, any home business licence, and GST/HST.