2007 Top of the Table Annual Meeting October 17-20, Phoenix, Arizona, USA

Title: Growing a Family, Not Just a Business My Journey to the Top of the Table Jaydev R. Patel Saturday, October 20, 2007

Speaker(s): Day:

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MDRT - Growing a Family, not Just a Business: My Journey to Top of the Table Jaydev R Patel

Simon Gibson: Our next speaker is going to talk about growing a family, not just a business, but a journey to Top of the Table. Jay Patel is a 34 year member of MDRT with 13 Court of the Table and six Top of the Table honors. During the course of three decades, Jay has built a relationship network which encompasses 39 states and multiple generations of families. Born in [sha jee tra], India, Jays career history started with a job in the unemployment office making $1.21 an hour. He eventually went on to become New York Lifes 1983 council president, an honor bestowed on the highest achievers. During his first contract year alone in 1973 at New York Life, he broke the sales record for first year agents. His total insurance in force today is over $2.7 billion. Jays journey to greatness as a life insurance salesperson included stops in four countries and numerous careers before he arrived at his lifes work. Jays story is one of tenacity, planning and the value of friendship. Jay and his wife [pa nee ma], who is here, was so moved by Father Boyle on Thursday, that they have become with one contribution, the latest contributors to the Excalibur Society. In no small way this has helped us to reach our target of $30,000 for Homeboy Industries. Before we welcome Jay, please watch this short video. [video plays] Ladies and gentlemen, please welcome Jay Patel. Jaydev Patel: Your presence indicates that you can do it too. You have done it. There is a sentimental value to that bicycle. Some 45 years ago, when I wanted to buy that bicycle, I couldnt afford it. My uncle had to guarantee and co-sign it. Ten years into this business, in 1983, when I decided to buy the [ross], my contact at the bank came to me and they wanted me to finance. I simply said I am paying cash. Only life insurance agents can do that. I graduated with a masters degree in chemistry in 1966. In 1967, I moved to Kenya where I taught in high school. In 1968, I immigrated to Canada at the age of 25 to find out that I was qualified to find a meaningful job. I tried my hand at serving the drinks in a bar on the [] and that was where I was told that was my last day. I found a job in an employment insurance agency doing clerical work for $1.21 an hour. In August 1969, I decided to make it to the United States. I boarded a Greyhound bus to New York City and

arrived at Port Authority in the early morning hours. Despite the time, a police officer convinced me I wanted to go to the YMCA. He convinced me to take a train, the subway, because that will cost a quarter compared to taxi which would have cost me $1.00. I was brave enough to take a train my first day in New York City. In about a week, I found a job as the chemist for $125 a week. With my career as a chemist on solid footing in 1971, I returned to India via Kenya where I got married in one week. Within a couple of months after arriving back to the U.S., once again I was laid off on the []. I was looking for another job. I found another job, and I found out it was a big company. In 1973 because of a recession, once again I was laid off, and I was looking for my ninth job in less than a couple of years. At this time, my wife was expecting. She was on a leave from her job as a secretary. It was a very sad time for us. We passed our time watching water get []. It was us, our future child and assorted extra family members dependent on our combined income unemployment income of less than $200 a week. During this time, two agents came to sell me the policy, one from Prudential and one from New York Life. I did not show much interest, but it gave me the idea of selling insurance part time until a more meaningful job opportunity came along. I ran the idea with my family. The general consensus was that I was crazy. They told me life insurance agents are last in line, and something people already []. My wife said Im married to a chemist and not an insurance agent; Id rather be unemployed than becoming an agent. My uncle who helped me to finance my education, taught me that I should consider my options, and find a job suitable to my occupation. My family and friends thought that a life insurance agent was undesirable, and they also convinced me that I would be as successful as when I was working as a bartender in Canada. They considered that I am shy and reserved, and they could not understand how I was going to make it in sales. What they did not understand, and later I learned that the less you talk, the more you sell. I decided I had nothing to lose. I didnt have a job, so I called New York Life. I went to see the manager. I went with all of my certificates and character references. The manager told me that in this business you are paid on the performance. I was curious to find out if I wanted to earn $10,000 a year, what should I have to do? And he told me that I would have to write about 100 policies. It was a daunting challenge, but with the added motivation of our newborn son, Sachin, who joined us on August 8, 1973, I embarked on my part time life insurance career. In September 1973 I signed my contract. I had 16 applications on the first day which all were sold to my relatives and friends and I quickly discovered that the life insurance business is all about relationships. I put my relationship at work. Within three months I made MDRT, and my first year I set a record for New York Life as a new agent. I tried to see as many people as I possibly could, and sought references all the time. While I was excited about my new success, on one level that put a huge strain on my young family. When [Pareema] came home from her job in the evening, she was virtually alone because I was always out on appointments. At times, when I arrived home late,

shed open the door from inside, tears in her eyes, and insist that I quit this job. I promised that we would work it out. The next day, I convinced her that Im doing quite well, and instead of I quitting the job, why dont you quit your job. She agreed. Since then, she has not worked out of my home or my office. My wife, [Pareema], is right here. I focus on the Indian market. At that time, there were only 400,000 Indians in America. We ran through the telephone directories and found Indian names and did a direct mailing and solicitations from there. I started networking. I also got my insurance license in Quebec and Ontario in Canada. In 1975, we had a conference in California, I went there and met some people, but they were not interested, because I was 8000 miles away. They thought I would never come back. I proved them wrong. I went again and again, and on that model, I have licenses for 39 states. My first decade was very exciting. In 1981, I thought I would shoot for number one. I was out 6-7 months on the road. When the results were announced, I wrote about 650 policies, $53 million of face value. I was told I was number two. I was determined that one day I will be number one. In 1983, I generated an all-time record of $85 million top sales with some 861 policies and achieved the highest honor New York Life bestows on its agents, the Council Presidency. I began to realize I was not just building a book of business, I was really growing a family. I built relationships of friendship and trust with all of my clients and prospects. I keep my appointments or my approach simple to this date, and all my business is face to face or on the phone. I do not use e-mail. These two families I sold to in 1977 were my first policy. They were only 16 people then in that family. Now, in the last 30 years, there are almost 63 people. I sold each and every one in this family, and today I have almost 150 policies just on these two families. This is my goldmine this is my future business. In these two families, there are 31 grandchildren, and in the next 15-20 years, they will have their own families almost another 80-90 people will be added to this family. This is a goldmine of diamonds in your backyard. My business went full circle. My son who was born in 1973 graduated from college in 1995, and he started coming back and he started coming to my office. He realized this is probably the business he wants to be in. For seven years, he worked in my office. Four years ago, he took his license, and qualified for MDRT. Last year, he qualified for Court of the Table. In the last five years, we have doubled our business individual production by almost 100%. Last year, we had the highest amount of all MDRT candidates with over $1.4 billion. I have had the joy of showing my son that selling is an art and not just illustrations. Selling is listening to people, looking into their eyes and reaching their minds,

understanding their problems and finding real solutions. Speak from the heart and keep connected. Watching my sons success is among the most rewarding aspects of my life. I am heartened to know that the journey I set out on 34 years ago will continue, and that the extended family of my clients and friends will continue to grow and flourish. I have hundreds of clients like this, we have almost 2000 household accounts in 39 states life insurance has become part of our life. My younger son, who is 22-years-old, started coming to the office. He said if you dont want me to finish college, I can handle this one myself. Now, there are four of us, we have only one job. We will not have to go look for another job. This will be their first and last job. Life insurance has become part of our life. It is our life it has become a religion. Another speaker talked about branding your name is your brand. It is very important that we are the face of the insurance company. We know that. We are the heart and soul of the insurance company; we are the insurance company. It is very important that people buy from us. We are in the frontline, and we can enhance our name by different ways. One is visibility and client words. Visibility through birthday cards, calendars, social events, attending weddings, funerals, doing community work, charity, etc. And then there are write-ups people write about you. What we do is send out letters or write-ups and make copies and send to a client and our client takes pride in it. People want to associate themselves with successful people. I was once visiting a client. His son got a mission in the Phillips family. He was proud of it, but he was concerned him that it would cost him $500,000. I made a simple suggestion to him. I told him that I could guarantee his education for $50 a month. He agreed and the policy came out. I then suggested that if he wanted to buy $1 million, the cost would be $83. He took the policy. He was traveling to India via Dubai. That afternoon, he had some problem and went to the doctor. He was told he was fine, and that theres no problem. While hes walking out of the doctors office, he collapsed and dropped dead. I paid that $1 million. This all happened within six months. Its very important when we sell its purpose and it does pay claims. Just two weeks ago, I talked about reworking a policy with one of my clients. Two weeks ago, on Thursday, I signed the papers. Next evening, I called and found he was hospitalized that night. He had a liver tumor. That client is no other than my younger brother. It is very important that what we do and when we make suggestions that makes a lot of difference in peoples lives. We insure their future. We cannot predict the future, but we can guarantee the financial security. As I said, all these articles about whether its in the Wall Street Journal or in the Times of India, we send them to clients and, they talk about it and our clients are our best advertiser.

All of this is possible and one of the most important things is our core values. Our credibility, our integrity, playing by the rules of our integrity there is no compromise there. Ones reputation is most important. Id rather have the reputation than anything else. My journey will not be complete if I dont take you back to where I came from. It is very important that you should know where you come from, so you will never be unhappy where you went. Our friend, Tom Flornate, a 40-year MDRT member was visiting India for business. He wanted to see where I came from. He wanted to see my school. This is the school where I took him. It is 125-years-old with a 75-year-old building. No work has been done. Of course, no money. After visiting the school he made a suggestion that I should fix up the school. I said okay. I thought I would just make a donation and that will take care I didnt realize what I was getting into. They said, You take care of you do whatever you want to do. We will give you our permission. It turned out it was a big job: the slabs were all damaged, the wall structured failed, and the 25,000 square foot of flooring was not good. I took the responsibility. I visited India half a dozen times for meetings with all the people, contractors, architects, and organizers Within 11months, when I returned back the school to the town, the school looked like this. The important thing here is a simple suggestion; one simple suggestion can help change the environment of the students more than 1000 students in this school. When we opened the school on January 3, 2002, the girls school students and principal came and said I should help them too to restore their school. I promised that we will do our best. Exactly one year from that date, January 3, 2003 we rebuilt their school, and returned back to the town, This is a current picture only last month. Mark Hanna and I were visiting the schools and you can see us in the picture. We raised almost $370,000 from almost 400 people who made a donation into this. The important thing is almost 200 of them were my clients. People do want to do charity work. They want to give if somebody they find who can trust or lead that. Out of that, there was $120,000 in surplus we gave them to maintain the school in the future. If you can help or if you can or if you can change one life, if you can just change the life of one person, the world would be better. Finally, life is all about dreams. And this has come true in life. MDRT agents around the world help millions of people to fulfill their dreams. Thirty years back, when I told my manager that I wanted to earn $10,000 a year -- that was my dream. That is possible today. Some of you in this room probably earn $10,000 a day. And it was a long ride from when I earned $1.21 an hour in Canada. Im grateful for many things in life, particularly my homeland, my adopted country, United States of America, who gave me the freedom to think and opportunity to succeed. I am equally grateful for my country of my origin, my country of my birth, my mother India, whose culture, values and heritage helped me fulfill my goals. I am most grateful to my family and friends, particularly to the customers or clients without their support, trust and confidence I would not have been here. I am just an instrument doing my job.

After all, life is all about family, friends and relationships and how we live it. That is what is going to matter most at the end. Thank you.