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Could be that you have the game installed (or have previously installed it) on too many computers. In that case you'd need to deauthorise devices you don't play on any more- I think you can do that through Origin.
Certain antivirus applications can also cause license errors, so that would be something to look at if you only have the game installed onto a single computer.
A recent patch made that bypass impossible, as described here: http://modthesims.info/showthread.php?t=603256
There's a workaround mentioned in the thread involving the removal of Securom, so that might still be an option for you if deauthorising doesn't work.