MDRT 2021 Revised Membership Requirements

[DHK]

Lowered about 38%. ($61,000 / $98,000)

The requirements haven't been this low in a LONG time - maybe since before the 2000s?

 

[Newby]

Lowered about 38%. ($61,000 / $98,000)

The requirements haven't been this low in a LONG time - maybe since before the 2000s?

I used to join every year back in the early 2000's and I think the minimum requirement back then was around $90,000 for life insurance.

 

[DHK]

In 2008, I think it was $88,000. The MDRT typically increases requirements by $1,000 a year. So to go back to $61,000 from today's otherwise $98,000... would be levels of about 37 years ago... or around 1983?

But actually, according to an older article, in 1985, MDRT requirement was $28,000 in commissions. So it's somewhere between 1983 and 2000 is how far back the qualifications went.

 

[tikibarrister]

So in 1927 the requirement was to have sold $1m in that year:

Million Dollar Round Table - Wikipedia

Adjusted for inflation, they should require $14.7m in 2020.

 

[DHK]

Today, that's 15 families at just $1 million each.

But there's also been the movement of focusing more on the cash values of life insurance, and to do it right, you need to have a minimum death benefit... so requirements were updated to reflect that (I believe). That would've been in the late 70's/early 80's.

 

[marindependent]

Yawn

 

[pfg1]

$61k in commissions in a year is MDRT?

 

[DHK]

It is for 2021 membership.

 

[pfg1]

It is for 2021 membership.

Wow. I never realized it was so low, even before the drop. Never really cared honestly. Sounds like a money grab. I would hope most folks that are full time are making that much in a year.

 

[Allen Trent]

Wow. I never realized it was so low, even before the drop. Never really cared honestly. Sounds like a money grab. I would hope most folks that are full time are making that much in a year.

Especially with term, IUL, final expense comm being 100-135%. My guess is tons of independents are not aware of MDRT as much or members of NAIFA, etc as the captive traditional carriers & multi-line were historically the ones who promoted both MDRT & NAIFA. But those same carriers tend to pay lower comm rates because they have other bonus & incentives & renewals, so the math of qualifying MDRT can be easier when comm rates are higher