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.