I write this column to inspire others to sell more LTCi. In prior columns, I’ve given my tips on how to do this, how to promote yourself, and how wonderful the environment currently is for LTCi sales. I’ve written about how, as an LTCi specialist, you will have a tremendous impact on your clients and their families. There is not a more meaningful career. And it’s financially rewarding.
What I have not written about before is the unparalleled opportunity LTCi gives to control your life and your destiny. There is absolutely nothing else like it. The only thing that might rival it is the career of a DI specialist. LTCi and DI both have over 95% persistency rates. Both have wonderfully long tails. Once an LTCi or DI policy is placed, if designed and sold correctly, it will stay on the books like epoxy, for years, yielding wonderful renewals, with little service.
Because of the persistent, yet low maintenance nature of LTCi, you are better able to use it to “sculpt” your life as you see fit. Do you want an ever increasing income? Then just keep up your original prospecting pace. Do you want more time with your family, travel, or volunteer pursuits? Then just sit back a little more; your renewals will pick up the slack. As an LTCi specialist, all you need to make your plans come true is imagination, foresight and conviction. That’s it.
Personally, after living on the edge for so many years and being bereft of family, I was interested in using my career to be able to create a sense of family and connection with the community.
I had the imagination to envision and create this reality for myself. Having done straight commission sales in New York City, I was already adept at time management. The other key ingredients necessary to make my business vision come to life were focus and self-conviction. No dreams will come true without self-conviction. You must work on self-conviction continuously, throughout life.
I chose to have a solo practice to avoid complications and simplify my life. I work out of my home to save overhead and time, and promote efficiency.
I am still creating new business and do attend many meetings, regularly. The difference is that I used to attend meetings and events primarily to cultivate my business. Now, I attend these same meetings because I enjoy going. I have branded myself. In due time, friends often ask to become clients. This is much softer and less stressful prospecting than I did 20 years ago. I also get referrals from existing clients and trade contacts.
My income has been more or less the same these past several years, but what I do with my work day has changed. I am still working almost as many hours as I did early on. I’ve made a choice not to chase the biggest bucks, but to instead construct my career to allow maximum satisfaction and minimum stress.
My work time is now spent more meaningfully. I get many calls from clients asking about their LTCi. I review their policies with them and reassure them. They are often surprised that after many years, I still answer my phone and remember them. I also assist, advise, and shepherd clients through the LTCi claims process.
My mature career has also permitted me the pleasure and luxury of writing. In addition to this column, I have a personal blog and good Internet presence. More and more well-informed, qualified prospects are finding me on the Internet. Writing has also given me the opportunity reach out to you, my colleagues, and hopefully inspire you to sell more LTCi.
When you sell LTCi, you are not only making a big difference in the lives of your clients and their families. Because of LTCi’s unparalleled persistency and long tail, you also have the chance to take more control over your life than with almost any other career on Earth.