Virtual life insurance broker

The insurers pay you commission. Clients are individuals and families, such as new parents, homebuyers and people planning for retirement or final expenses.

First-year commission on each policy sold, often with smaller renewal commission. Income arrives in lumps and depends on how many policies are approved and stay in force.

• Explaining money topics simply
• Listening and asking good questions
• Self-discipline and follow-up
• Honest, careful record keeping

• Licensing is set by each province or territory, and Quebec has its own regulator and French-language rules, so check yours before you sell anything
• Errors and omissions insurance is usually expected, check what your MGA or regulator requires
• Commission can be clawed back if a policy lapses or is cancelled early, so plan your cash flow
• Privacy and suitability rules apply to client information and advice, check your regulator's guidance
• Ask an accountant how your tax and any GST/HST obligations work as a self-employed broker

Estimates suggest startup costs are typically around $1,500 to $5,000 CAD, depending on licensing, software and errors and omissions cover. Check what your MGA or regulator requires, and ask an accountant about tax and any GST/HST.

Licensing is set by each province or territory, and Quebec has its own regulator and French-language rules, so check yours before you sell anything. Also check errors and omissions insurance, plus privacy and suitability rules for client information and advice.

Monthly revenue is typically estimated at around $1,000 to $5,000 CAD, depending on how many policies you arrange. Commission can be clawed back if a policy lapses or is cancelled early, so plan your cash flow.