Wednesday, October 07, 2009

Is life insurance a MLM company?

This year our company has 81 agents who had qualified as member for the elite Million Dollar Round Table (MDRT) over a total of more than 8000 agents nationwide. It represented 1% of our entire agency force. Founded in 1927, MDRT is the US-based premier association for the world's leading financial professionals in the life insurance business.

Out of the 81 members, four is considered as life member with membership of 26 yrs (one), 14 yrs (one), 11 yrs (one) and 10 yrs (one), and the rest range from 9 yrs to only 1 yr. Sometimes i wonder what happened to the rest! Not forgetting our company has been operating in this part of the country for more than 80 years.

The role of a life insurance agent is to sell insurance and be successful to build a strong clientele. At the same time to grow and serve the clients professionally throughout his life long career. I was brought up in this manner and culture, when i started selling insurance twenty seven years ago. We were taught the ethic, commitment, and the passion to enjoy selling to the needed one. We love being a life insurance agent, to preach with determination, to offer peace of mind to the master of the family, to offer financial assistance in an untimely death, to provide education for the children, and to offer a better future to the survivors.

However things have changed as environment and people changed. Today i look at our industry as more like a multi-level marketing (MLM) company. We talk more on recruitment rather than on the passion of selling life insurance. We talk more on making money from the overriding commission, incentives and oversea trips, rather than on 'love & concern' with our customers.
We talk more on the number of new agents brought in, rather than on the death cases we assisted. We no longer sell with the passion as a life insurance agent, but rather as an agency builder who commands glamour and admiration from the company.

I believe we have deviated from our original intention to sell as a life insurance agent. Making money is important. Saving and protecting lives is even more important. Though i might not be making as much as my colleagues who hold a higher level of agency, i still opt to remain and be focus in my selling as a life insurance agent.

I love this proverb - "No life ever grows great until it is focused, dedicated and disciplined." - Source Unknown.


Alvin Foo said...

The industry is never the same anymore as agents are selling for money and achieving MDRT status is surely the path to make even more money. That's why there are only a handful of life and qualifying MDRT members even though as you had mentioned Prudential has been around for 80 years.

Robert, you are one of kind and you will always be unique to Prudential after all you are the 1st life member for Prudential and had qualified year in year out since you joined the company. WHile i believed you were motivated to achieve MDRT to many money but i think your greater motivation and encouragement comes from helping people and being able to help and see them smiling back at your with gratefulness.

Your success and dedication to your clients have been an inspiration to me and i had learned a lot just by looking at how you attend to each of their needs. And you had certainly taken your passion for selling to the next level by sharing your knowledge and experience. Keep up the good work dad.

Yours truly,

Alvin Foo

Robert Foo said...

Hi Alvin,

I read with tears for its a touching compliment from a son who knows how to appreciate a father who willingly works for the sake of others to be happier.

Your words have reinforced my belief and it shows my son is now capable to follow the father's footsteps.

Remember this proverb - "No life ever grows great until is focused, dedicated and disciplined".

I am equally proud of you my son.


Anonymous said...

Hi Robert

Unfortunately, the truth is most people do believe in insurance but not agents anymore, and are forced to distrust agents, who do not realise how important their roles are in times of crisis.


Robert Foo said...

Hi Zenpoet,

You are totally right and we are to be blamed.

Unknown said...

I agree that making money is of important. Yet, saving and protecting the people who had earn it is even more important than anything else. I hope that this could be a lesson that everyone else should learn. By securing our future would definitely be give all of us a brighter future.


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Anonymous said...

Hi there
My husband, thirty-two and I, thirty are looking into life insurance. Can anyone let me know which company or web-sites We can use to acquire information. There are so many out there... wouldnt know how to start. Who do you personally use? Is there a health check included? What type of premiums are you paying? Is it fixed or will it increase every couple of years? We live in California also. Any help would be appriciated.

Robert Foo said...

Hi Anonymous 8 Feb,

All life insurance companies work the same but most important is to deal with a reliable and committed agent. Suggest that you should ask the recommendation from your friends who are professionally served by their present agents.

An efficient and knowledgeable agent will provide all the info you need. Best of luck to you my dear.

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