Your Key to Success: Become an MDRT Level Life Insurance Producer in 2020

Are you constantly seeking ways to grow your life insurance business?

It may be time to consider membership in the Million Dollar Round Table (MDRT). 

You’ll be among good company – top life insurance producers all over the globe enjoy the myriad benefits of membership.

Here’s what you need to know about how you can become an MDRT level life insurance producer in 2020.

We’ll cover the requirements for membership, the eligible life insurance products and the advantages of being a part of this exclusive group of life insurance producers. 

Let’s dive in.

What is the Million Dollar Round Table (MDRT)?

The Million Dollar Round Table, or MDRT, was founded in 1927 as an independent, global organization made up of the world’s foremost life insurance and financial services professionals.

It has 72,000 members in 72 countries, representing more than 500 of the world’s top companies.

Not just anyone can be a part of such an organization. Becoming an MDRT level life insurance producer is a distinction that will elevate you above your competition.

The focus of the MDRT is on these six elements: 

1. Networking. 
2. Education.
3. Personal growth. 
4. Professional development.
5. Observing ethical standards. 
6. Exceptional client service.

Since the MDRT only recognizes high-achieving life insurance producers, your membership will ensure you’re well-respected and esteemed by your peers.   

Continuing education perks

MDRT recognizes that ongoing education for MDRT level life insurance producers is crucial for continued success.

The organization facilitates this goal by holding several meetings each year (where members can attend trainings and workshops) and provides an extensive library of resources that members can use for their continuing professional development.  

MDRT gives back

Paying it forward to society is another important mission for MDRT. 

The MDRT Foundation is a philanthropic branch that supplies funds to worthwhile nonprofits across the globe. 

Some of the more well-known organizations the MDRT supports are The Salvation Army, Habitat for Humanity and Make-A-Wish International and others.  

How to qualify for MDRT

Now that you understand how prestigious an organization the Million Dollar Round Table is, you may be wondering how you can join the ranks of other MDRT level life insurance producers.

These are some of the life insurance sales avenues you can consider in your quest to qualify for MDRT.

 1. Foreign national life insurance with no location stipulations 

This is an ideal solution for clients who don’t live in the U.S. but would like a United States-based life insurance policy.

These types of policies are referred to as “no nexus,” which means that the client can live somewhere other than the U.S. and still buy American life insurance.

 2. Retirement seminars

It’s always a good idea to think outside the box. Part of that is meeting your prospects and clients where they are. 

Putting on retirement seminars is a way to educate your clients about one of their most pressing areas of concern.

It can be lucrative for you and set you up for membership in the MDRT.

 3. Marketing to physicians 

Though the thought may make you apprehensive, the reality is that – with the right touch – you can have a lot of success and become a trusted resource for physicians.

MDRT requirements for membership

It should come as no surprise that such a distinguished organization would have some stringent requirements for membership.

Your suitability for membership is based on how effective you are at selling these seven types of insurance:

1. Life.
2. Accidental death and dismemberment.
3. Disability and other forms of insurance. 
4. Annuities.
5. Health insurance. 
6. Mutual funds and other securities. 
7. Fees earned from financial planning.

MDRT membership levels

Becoming an MDRT level life insurance producer isn’t just a matter of you’re in or you’re not. 

There are different levels of membership, each with their own conditions. They’re re-evaluated each year to maintain the exclusivity of the organization.

Here are the different methods and the level requirements for each.

 1. Base membership

ONE of these conditions must be met for a base MDRT membership.

• Fee/commission method: Produce at least $97,000 in paid, eligible commissions.
• Premium method: Produce a minimum of $194,000 in paid, eligible premiums.
• Income Qualification method: Have an annual gross income (from the sale and service of life insurance products) that is at least $164,000. Of this amount, $48,000 has to come from new business that was generated during the current year.

ONE of these conditions must be met for a Court of the Table MDRT membership.

• Commission and premium method: Produce at least $291,000 of eligible paid commissions, or $582,000 in paid premiums. 
• Income method: Produce at least $504,000 in annual gross income. $48,000 of which should come from new sales during the rear.

 3. Top of the Table membership

ONE of these conditions must be met for a Top of the Table MDRT membership.

• Commission and premium method: Produce at least $582,000 in eligible paid commissions. In premiums, you need to have collected $1.164 million in eligible paid premiums.
• Income method. You must produce at least $1.08 million, $48,000 of which has to be from new business throughout the year.
• Top of the Table waivers: If you have an off year and don’t hit the required numbers, you’re not totally out of luck. The Top of the Table waiver can be used if you have been a member for at least 10 years. Keep in mind that you’ll still have to pay the Top of the Table dues.

Benefits of MDRT membership

As you’ve probably picked up on by now, membership does have its privileges.

Here’s what you stand to gain by becoming an MDRT level life insurance producer.

1. Career growth

The production requirements at all membership levels encourage life insurance producers like you to set and attain business goals.

 2. Client trust

The code of ethics MDRT members are expected to follow guarantees you’ll act responsibly as a member, which makes your clients have confidence in you and your abilities.

3. Leadership possibilities

With your membership in the Million Dollar Round Table comes chances for you to take on volunteer roles in the organization. This can help you develop important skills that will carry over into your own business.

4. Opportunities to volunteer

As a member of MDRT, you’ll get the chance to volunteer at the charitable organizations already mentioned, but that’s not all that comes from volunteering.

In the process, you’re building relationships with leaders across the spectrum of the life insurance community.

5. Global networking

With 72 countries represented, you’ll get to engage and exchange ideas with a wide variety of people around the globe.

6. Receive “Round the Table” magazine

Exclusive to members of the MDRT, this publication comes out bi-monthly. It keeps members informed and gives them the chance to share information.

7. Access to online resources

MDRT provides a library of valuable resources and educational content that covers a wide range of life insurance industry topics and trends to keep you up-to-date.

8. Attend in-person meetings

The organization holds several annual meetings that give you a chance to get together with colleagues and share ideas in person, including the MDRT Global Experience and Conference, the MDRT Annual meeting and the Top of the Table Annual meeting.

9. A “whole person” concept

A healthy balance between your professional life and personal life is one of the most important keys to success as a life insurance producer. As a member of MDRT, you’ll be encouraged to find that equilibrium for yourself.

IS MDRT membership right for YOU? 

If you’re wondering if becoming an MDRT level life insurance producer is the right avenue for you, ask yourself these questions:

• Do I want to further my career? 
• Do I want to bring in more revenue? 
• Do I want to expand my professional and personal network? 
• Would I like to have the support and camaraderie of like-minded producers? 

If you found yourself answering “yes,” you should seriously consider applying for membership in the MDRT. 

You can be an MDRT level life insurance producer

Now that you know what’s required in terms of life insurance products and sales for MDRT membership, you can focus on the benefits.

The chance to be a part of a global organization of life insurance producers that are at the top of their game will give you a leg up on competitors and take your business to the next level.