LLQP Study Guide 2026

Everything you need to pass the LLQP exam in one place: the exam format, every topic to study, real practice questions with explanations, flashcards, and full-length practice tests. Free, no sign-up needed.

📋 LLQP Exam Format at a Glance

75
Questions
120 min
Time Limit
60.00%
Passing Score

📚 LLQP Topics to Study (75)

✍️ Sample LLQP Questions & Answers

1. What is the 'capital needs analysis' primarily used to calculate?
The lump sum needed to fund specific financial obligations at death

Capital needs analysis identifies the specific lump sum required at death to cover obligations such as debts, final expenses, education costs, and income replacement.

2. Why is it important for an insurance advisor to know the amount of a client's CPP and OAS benefits when conducting a needs analysis?
Government benefits provide a baseline income floor that reduces the amount of additional insurance or savings coverage the client may need

CPP, QPP, and OAS provide a guaranteed income floor in retirement. When calculating life insurance needs, disability coverage gaps, and retirement savings targets, the advisor must offset projected government benefits against total income needs. Ignoring these programs leads to recommending more coverage than necessary.

3. Which type of life insurance product is typically sold without a medical exam, using only a short health questionnaire to determine eligibility?
Simplified issue life insurance

Simplified issue life insurance uses a brief health questionnaire instead of a full medical exam, trading faster approval for higher premiums or lower coverage limits.

4. An employee who is covered by $200,000 of group life insurance resigns from their job. Which of the following statements best describes the 'conversion privilege' available to this employee?
The employee is entitled to receive the cash surrender value of their group coverage.

The conversion privilege allows an employee whose group life coverage terminates (e.g., due to leaving their job) to convert that coverage into an individual permanent life insurance policy without having to provide evidence of insurability. This must typically be done within 31 days of the termination of group coverage.

5. How does tobacco use affect life insurance underwriting in Canada?
Tobacco users typically pay significantly higher premiums than non-tobacco users due to increased mortality risk

Tobacco use significantly increases premiums because it is one of the strongest predictors of increased mortality, with smoker rates typically being double or more the non-smoker rates.

6. What is the 'free look' or 'cooling off' period in Canadian insurance?
A period after policy delivery during which the policyholder can cancel for a full refund

The free look period gives policyholders a specified number of days after receiving their policy to review it and cancel for a full premium refund.

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Your LLQP Study Path
1. Learn with Flashcards → 2. Drill Practice Tests → 3. Take the Full Exam Simulation
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