U.S. life insurance agents will have to earn more this year to qualify for the 2009 Million Dollar Round Table.
The MDRT, Park Ridge, Ill., has announced that it has increased the U.S. production requirement to $87,900 in eligible commissions, or $175,800 in eligible premiums or new money invested.
Last year, to qualify in the United States, agents were required to produce $81,800 in eligible commissions or $163,600 in eligible premiums.
To qualify for 2009 Court of the Table status, agents must produce 3 times the amount required for initial MDRT qualification requirements. That’s $263,700 in eligible commissions or $527,400 in eligible premiums.
To reach Top of the Table status, agents must produce at least 6 times the initial production requirement, which comes to $527,400 in eligible commissions or $1,054,800 in eligible premiums.
At least 50% of the production amount must come from sales of individual or group life insurance; accidental death and dismemberment insurance; annuities, disability income insurance; long term care insurance; critical illness insurance; and pension products written by life insurance companies. The rest can come from sales of mutual funds, securities, wrap accounts, health insurance and pensions from companies other than life insurance companies.
In addition to meeting the production requirements, prospective members must belong to a nonprofit professional association with at least 100 members.