Alerts and Updates for LLQP Segregated Funds Module (Canada)
Current facts on the Segregated Funds and Annuities module: who must write it, the 66 dollar Ontario fee, the 75-minute format and the one-year window, each claim sourced
Updated : 2 days ago
View Complete ArticleLLQP Segregated Funds and Annuities module at a glance
| Element | Detail |
|---|---|
| Questions | 35 items with 5 pilot questions, scored out of 30 |
| Time | 75 minutes |
| Pass mark | At least 60 per cent on this module alone |
| Required for | The full life licence; not part of an accident and sickness only licence |
| Top-up route | In Alberta, an A and S licensee adding life writes this module and Life Insurance only |
| Ontario fee | 66 dollars per module in person since August 1, 2025 |
This is the module most often left until last, and it is the same length and weight as the Life and Accident and Sickness papers. Only Ethics and Professional Practice is shorter, at 25 questions scored out of 20. The 60 per cent threshold is applied separately to each module, with no averaging.
Dates and windows
| What | When | Status |
|---|---|---|
| Booking the Segregated Funds module | On demand after certification by an approved course provider | Rolling — book on demand |
| Ontario online option withdrawn | July 1, 2026 | Confirmed |
| Current Ontario in-person fee | 66 dollars per module since August 1, 2025 | Confirmed |
| Virtual online fee while it existed | 84 dollars from August 1, 2025 until the Ontario withdrawal | Closed |
| Gap required between attempts | 24 hours | Confirmed |
| Lock-out after a fourth failure | One year, plus re-taking the prerequisite course | Confirmed |
| Certification validity | One year from the initial date of certification, per the Alberta Insurance Council | Confirmed |
| Licence application deadline | One year from the date the first module is passed | Confirmed |
Nothing about this module runs to a calendar of sittings. What bind are the one-year certification life, the one-year window that opens when the first module is passed, and the availability of in-person appointments now that Ontario has closed the online route.
What this means for your preparation
Two errors recur. The first is treating Segregated Funds and Annuities as a short appendix to the life syllabus; it is a full 35-item paper on the same 75-minute clock and the same 60 per cent bar as the Life module. The second is leaving it until last on the assumption that the licence turns on the Life paper. Because the one-year application window starts at the first pass, a late segregated funds attempt is the one most likely to run out of time.
Where this module sits in the licence structure
The harmonized LLQP is a single qualification delivered as four module exams: Ethics and Professional Practice, Life Insurance, Accident and Sickness Insurance, and Segregated Funds and Annuities. The Alberta Insurance Council states that a life licence requires all four to be completed and passed. Segregated Funds is the module that distinguishes the full life licence from the accident and sickness only route, and it is one of the two papers, with Life Insurance, that an existing Alberta A and S licensee writes when topping up. That makes it the natural first module for a candidate already holding an A and S licence, and simply one of four for a candidate starting from nothing.
Format discipline on a 30-point paper
The Insurance Council of BC's examinee guide states that the Segregated Funds and Annuities module contains 35 questions but is scored out of 30, with five pilot questions excluded from the score; the Alberta Insurance Council describes the same paper as 30 questions plus 5 pilot. The examination administration policy sets the duration at 75 minutes and the pass mark at 60 per cent, which is 18 of the 30 scored items. Pilot questions are not marked as such on the paper, so all 35 must be attempted at roughly two minutes each. There is no facility to bank time across modules because each is booked and written as a separate appointment.
What the supplied reference material can and cannot do
The Canadian Securities Institute describes the harmonized LLQP exam as open-book with standardised preparation material supplied on tablets, and the Insurance Council of BC states that examinees receive a tablet, or a computer at some locations, containing an electronic version of the approved reference material, with calculators supplied and no other materials permitted. On a segregated funds paper the calculator is genuinely useful and the reference is worth opening for a defined term, but at two minutes a question there is no room to read the material through. Candidates who rely on the open-book format instead of learning the product structures are the ones who run out of time on the second half.
Ontario's in-person-only regime and the module you do last
FSRA discontinued online LLQP exams in Ontario with effect from July 1, 2026, announced on March 23, 2026, as a measure against exam misconduct, and said accommodation remains for candidates facing distance difficulties. The practical effect falls hardest on the last module a candidate writes, because a failed attempt now requires another supervised appointment rather than another login, and appointment availability is outside the candidate's control. With the 24-hour minimum between attempts already in the rules, the sensible course is to hold provisional bookings for the remaining modules rather than waiting for each result before booking the next.
Costs, clocks and the price of a fourth failure
The exam itself is cheap relative to everything around it: 66 dollars per module in person in Ontario since August 1, 2025, against 65 dollars from August 1, 2024. What is expensive is failing four times, because FSRA then imposes a one-year wait and requires the prerequisite course to be taken again. FSRA's February 7, 2024 policy also added extended waits after unsuccessful third and fourth attempts, a written response requirement where an exam breach has occurred, and penalties for cheating of a two-year exam suspension or permanent removal and refusal of a licence. Alongside that sits the one-year validity on both certification and the first passed module.
Common questions
Is the Segregated Funds module compulsory?
For a life licence, yes. The Alberta Insurance Council states that the harmonized LLQP comprises Accident and Sickness Insurance, Ethics and Professional Practice, Life Insurance, and Segregated Funds and Annuities, and that a life licence requires all four modules to be completed and all four exams passed. It is not part of an accident and sickness only route: an Alberta A and S licensee adding a life licence writes the Life Insurance and Segregated Funds and Annuities exams and nothing else. Module requirements are set provincially, so confirm with your own regulator.
How long is the Segregated Funds exam and how many questions does it have?
The LLQP examination administration policy states that modules run 75 minutes with five pilot questions each that do not affect scoring. The Insurance Council of BC's examinee guide states that the Segregated Funds and Annuities module, like Life Insurance and Accident and Sickness, contains 35 questions but is scored out of 30. The Alberta Insurance Council gives the same structure as 30 scored plus 5 pilot questions. By contrast the Ethics and Professional Practice module has 25 questions scored out of 20.
What is the pass mark and when do results arrive?
The pass mark is at least 60 per cent on each module, per the LLQP examination administration policy, with the Insurance Council of BC's guide stating that 60 per cent or higher is required. There is no aggregate score across modules. Results are released through the administrator's portal on a published schedule: the Insurance Council of BC quotes three business days for Metro Vancouver in-person exams and five business days for other locations, and will not give results over the telephone. Its administration policy quotes five and seven business days respectively.
What does the exam cost?
In Ontario, FSRA published Durham College's per-module fees effective August 1, 2025 as 66 dollars for a paper-based in-person exam, 66 dollars for an electronic in-person exam and 84 dollars for a virtual online exam, with no HST shown. The previous schedule, effective August 1, 2024, was 65, 65 and 82 dollars, and Durham attributed that increase to rising technology and business costs. Since Ontario withdrew online sittings on July 1, 2026 the in-person rate applies. Fees are set provincially, so other provinces differ.
How long do I have to use my pass?
FSRA states that a candidate has one year to apply for the licence from the date of first passing the exam, and its licensing guide puts it as examination results being valid for one year as of the first module successfully passed, after which the exam must be retaken. The Alberta Insurance Council states that a course provider's certification is valid for one year from the initial date of certification. The LLQP examination administration policy used in British Columbia states that course completion and exam results each remain valid for one year.
Does Quebec have the same Segregated Funds module?
Quebec is outside the harmonized arrangement. Its programme is administered by the Autorité des marchés financiers rather than by a common-law provincial regulator, and national course providers split the ethics content into a common law version and a Quebec Civil Code version. LLQP Canada, an industry site and the only source located for this comparison, reports that the module breakdown and exam delivery differ in Quebec, that the programme is primarily French, and that Quebec advisers are additionally overseen by the Chambre de la sécurité financière.
