MDRT - Really such a Big Deal?

It’s awards season again. I’m extremely grateful to the people who have contributed to the success – my clients, my family (both at home and at work) and my Heavenly Father. Some may be impressed with the accolades. However, although very satisfied with the results, I’m not overly excited about it. Here’s why.

For the uninitiated, membership to the Million Dollar Round Table (MDRT) is reserved for the top 5% of insurance professionals worldwide (according to some sources. Some other sources say 10% or even 1%). One achieves MDRT by selling a certain amount of insurance premiums. It is essentially a sales award – therein lies the problem. The criteria for this accolade does not take into account professionalism, sincerity nor financial expertise. It doesn’t even take into account ethics. Unfortunately I have seen too many “consultants” simply chasing the sale (sometimes to the detriment of their clients and neglect of their families).

To the credit of the MDRT organization, they do encourage adherence to a code of conduct and ethics. I also have no intention to belittle the achievements of my fellow MDRT qualifiers. It does take a certain amount of discipline and sacrifice to reach that level. To me, what is more important is not the sale itself but the process of uncovering and meeting the financial needs of the clients who trust me.

I encourage the consultants that I mentor to achieve MDRT early in their career. But how they go about it, trumps everything else. I would rather they take more time to achieve MDRT in the correct way than sell for the sake of the sale. MDRT is nothing if they do not advise clients from a heart of sincerity and a wealth of knowledge. I believe that as long as we go about our business in the correct manner, the accolades will come.

Therefore next time when someone boasts of being a member of the MDRT, let’s not be so easily impressed. Similarly, let’s not look down on consultants who have yet to achieve this accolade. Genuine desire to help clients is always more important than number of deals closed. In conclusion, is MDRT such a big deal? Yes it is – only if it is achieved by putting clients’ welfare ahead of the sale. Wouldn’t you agree?

Critical Illness coverage too Expensive? Here's an Alternative!

Most people would have at least a basic level of Critical Illness coverage. For those who don't I strongly recommend being covered for at least a bit. As a rule-of-thumb, the ideal amount of coverage one should have is 5 to 10 years worth of income. This would be sufficient to see us through being unable to work and the whole recovery process. However, to increase existing coverage to this level may not be affordable to everyone. One alternative is to focus on coverage against the no. 1 killer in Singapore - Cancer. Read on for more details.

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The unfortunate fact is that in Singapore, cancer remains the no. 1 killer. Almost 1 in 3 deaths are attributed to cancer1. Cancer cases have been rising over the years, and the number of people living with cancer continues to increase2. However, with advancements in cancer treatments, survival rates for people with cancer have greatly improved. Improvements in screening for some common cancers have also led to earlier detection and therefore more timely treatment for many.

Cancer survivors can now look forward to normal lifespans and a good quality of life due to newer and better treatment options. A comprehensive integrated-shield plan would take care of most of the treatment costs. However there are other unforeseen costs that would burden us should we not be prepared for it. Imagine having to worry about money for family expenses, when we are in no state of health to work. Increase in expenses may also come in the form of having to hire extra help, or increase transport costs when we have to frequent the hospital for treatment.

In view of these realities, it’s essential to have a plan that offers financial security and peace of mind. Having a lump sum payout can provide us with more options as well. AIA’s newly launched cancer insurance plan is one such plan. 

“AIA MultiStage Cancer Cover” offers 100% payout at early, intermediate or major stage cancer as well as affordable level premiums that don't go up with time. There’s only 3 underwriting questions and no need for any medical check-up. Moreover, should we sign up before 16 November 2020, we’ll even get 10% off the first year's premium.

This is as close to a no-frills, straightforward way to increase important critical illness coverage affordably, as one would get. Contact me for more info, or simply sign up here.

1. https://www.moh.gov.sg/resources-statistics/singapore-health-facts/principal-causes-of-death2. https://www.nccs.com.sg/patient-care/cancer-types/cancer-statistics

2. https://www.nccs.com.sg/patient-care/cancer-types/cancer-statistics