2010mdrt Mem Benefits


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Million Dollar Roundtable (MDRT)

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2010mdrt Mem Benefits

  1. 1. Million Dollar Round Table
  2. 2. About MDRT • The Premier Association of Financial Professionals® • Member driven and member oriented • 31,857 members in 79 nations U.S. 35% Japan 10% Canada 3% India 12% Hong Kong 6% Korea 17% • An independent, international association • Members represent 465 companies
  3. 3. Why MDRT? • To provide incentive for all insurance and financial services professionals and advisors to reach their full potential in professional development, technical competence and sales performance • To elevate professional standards and prestige of insurance and financial services professionals
  4. 4. Mission Statement …To be a valued, member driven, international network of leading insurance and financial services professionals who serve their clients by exemplary performance and the highest standards of ethics, knowledge, service and productivity.
  5. 5. MDRT’s History In 1927, 32 extraordinary life insurance producers, each having sold at least $1 million of life insurance, gathered to organize a forum dedicated to fostering a high standard, professional approach to life insurance sales. They met at the National Association of Life Underwriters convention in Memphis, Tennessee, USA.
  6. 6. MDRT’s Code of Ethics Members of MDRT should be ever mindful that complete compliance with and observance of the Code of Ethics of the MDRT shall serve to promote the highest quality standards of membership. These standards will be beneficial to the public and the insurance and financial services profession.
  7. 7. MDRT Status Designations Qualifying Member: First-time, approved applicants with production, become Qualifying members until the 10th year of membership is attained. Qualifying & Life Member: Members attain Qualifying and Life (QL) status when approved for the 10th year of membership and maintain this status by submitting certified production. Life Member: Once Qualifying and Life membership is attained, a member may apply as a Life (L) member by not including certified production with the membership application. *All members must apply every year to continue their MDRT affiliation.
  8. 8. 2010 MDRT Requirements MDRT USD 87,900 of eligible commissions or USD 175,800 of eligible premium Court of the Table USD 263,700 commission or USD 527,400 premium (Three times the basic requirement) Top of the Table USD 527,400 commission or USD 1,054,800 premium (Six times the basic requirement) Applicants must be members of a recognized professional association, unless they reside in country where an association is not required.
  9. 9. Eligible Products A minimum of 50 percent of the 2010 production requirement (USD 43,950 commissions or USD 87,900 premium) must come from the following policies: • Individual/Group life (ordinary/term) • Individual/Group annuities • Individual/Group disability • Individual/Group accidental death/dismemberment • Individual/Group long-term care • Individual/Group critical illness
  10. 10. Eligible Products Additional commissions or premium credit may come from: • Individual/Group health care coverage • Mutual funds/equivalent • Securities • Wrap accounts/asset management accounts • Financial Planning Fees/Fees for Advice
  11. 11. Membership Totals Year Members 2009 31,857 2008 39,340 2007 35,662 2006 35,781 2005 32,981 2004 29,449 2003 27,545
  12. 12. 2009 Top Companies Members SBI Life Insurance Co. Ltd. (India) 2,677 New York Life (USA) 2,013 Samsung Life Insurance Co. Ltd. (Republic of Korea) 1,828 Northwestern Mutual Finance Network (USA) 1,291 Prudential Life Insurance Co. Ltd. (Japan) 693 AIA-Hong Kong (Hong Kong SAR) 661 MetLife Korea (Republic of Korea) 659 Kyobo Life Insurance Co. Ltd. (Republic of Korea) 609 ING Life Insurance Co. Ltd. (Republic of Korea) 604 Prudential Insurance-America (USA) 596
  13. 13. 2009 U.S. Top Companies Members New York Life 2,013 Northwestern Mutual Finance Network 1,291 Prudential Insurance-America 596 AXA Advisors LLC 513 Massachusetts Mutual Life Ins Co 471 Securian Financial Group 401 MetLife 374 Guardian Life Insurance 357 Lincoln Financial Group 246 Principal Financial Group 246
  14. 14. 2009 Non-U.S. Top Companies Members SBI Life Insurance Co. Ltd. (India) 2,677 Samsung Life Insurance Co. Ltd. (Republic of Korea) 1,828 Prudential Life Insurance Co. Ltd. (Japan) 693 AIA-Hong Kong (Hong Kong SAR) 661 MetLife Korea (Republic of Korea) 659 Kyobo Life Insurance Co. Ltd. (Republic of Korea) 609 ING Life Insurance Co. Ltd. (Republic of Korea) 604 Sony Life Insurance Co. (Japan) 572 American Life-Japan 445 HSBC Life (Hong Kong SAR) 384
  15. 15. 2009 Facts and Figures • 5,334 members on Honor Roll; individuals with 15 or more years of qualification with production • 46 percent of members are under age 45 • 34 percent of members are female • 65 percent of members reside outside of the United States • 4,337 Court of the Table members • 1,608 Top of the Table members
  16. 16. Volunteer Structure Executive Committee President, Immediate Past President, First Vice President, Second Vice President and Secretary Management Council Executive Committee and nine Divisional Vice Presidents • Approximately 36 standing committees • Approximately 700 volunteers at the Annual Meeting
  17. 17. Membership Benefits • Increased production • Increased quality of life • Professional development • Validation of credentials as a • Support system for business top producer and personal needs • Public relations programs • Networking opportunities • Charitable involvement • Achievement of personal opportunities through the goals MDRT Foundation • Increased prestige, self- • Leadership opportunities esteem and confidence within MDRT
  18. 18. MDRT Annual Meeting • The MDRT Annual Meeting is the life insurance industry’s sales meeting “par excellence.” • The four-day meeting features breakfast sessions, Main Platform presentations and targeted focus sessions. • Approximately 6,000 MDRT qualifiers and special guests attend each year, including company CEOs, company marketing officers and nonmember general agents/managers.
  19. 19. MDRT Annual Meeting Program General Arrangements (PGA): The Path to Leadership Approximately 700 member volunteers serve on any of nine Annual Meeting task forces. The PGA Committee of Annual Meeting member volunteers provides members with the opportunity to be part of the Annual Meeting. It is from the PGA that members are chosen for MDRT leadership positions.
  20. 20. Whole Person Concept Introduced at the 1962 MDRT Annual Meeting by philosopher Mortimer J. Adler, author of The Great Books of the Western World. Whole Person advocates balancing of seven vital parts of life: health, family, spiritual, education, financial, service and career Balance is rewarded with increased energy, peace of mind, improved productivity and a greater sense of fulfillment
  21. 21. MDRT Foundation • MDRT’s philanthropic arm, founded in 1959 • Mission is to encourage volunteerism and support charities in member communities • More than $23 million granted to more than 1,600 charities around the world • Member-driven • Web site: www.mdrtfoundation.org
  22. 22. MDRT/GAMA Mentoring Program Mission Statement To facilitate and encourage effective mentoring relationships between successful insurance and financial services professionals and individuals aspiring to Million Dollar Round Table membership. The program promotes coaching, guidance and direction , creating an atmosphere of success.
  23. 23. MDRT Headquarters MDRT International Headquarters is located in Park Ridge, Illinois, USA, a suburb of Chicago MDRT members are supported by about 75 staff members
  24. 24. Headquarters Staff Departments include: - Executive - Finance and Administration - Human Resources/Professional Services - Information Services -Marketing and Communications -MDRT Foundation -Meeting Services -Membership and International Services
  25. 25. Satellite Offices MDRT Europe Brussels, Belgium europe@mdrt.org MDRT Asia Pacific Singapore asiapacific@mdrt.org
  26. 26. For more information contact: Million Dollar Round Table Membership Department 325 West Touhy Avenue Park Ridge, Illinois 60068 USA Phone: +1 847.692.6378 Fax: +1 847.518.8921 E-mail: membership@mdrt.org Web: www.mdrt.org