In high school, I remember my social studies teacher telling us that we were going to have an aging crisis. There was going to be an enormous bulge of Baby Boomers with unprecedented long lifespans. With longer lifespans, they would have medical needs like we have never experienced before. She explained that we were not equipped to handle this crisis. Little did I know this was my earliest career call!
This thought lodged into the subconscious of my brain, resting dormant for many, many years.
About 20 years later, I got my insurance license. In the early days of my career, I was an agent for life, health and disability insurance. Looking back, I’m so grateful I took the time to build this fundamental knowledge of insurance products. It’s really helped me and my clients in my work in long term care insurance.
When I got my insurance license, my beloved Aunt Ruth, who I dearly miss, mentioned that she had bought a long term care insurance (LTCi) policy for herself. She described what it was and how it worked. And she recommended that I look into this new product. She suggested that adding it to my growing portfolio of insurance solutions could create even more options to help my clients. To my credit, I already learned that my aunt’s advice was usually correct and I began my research.
Back in those days, I actually had to go to the library to research long term care insurance. I was unable to find any information in the books, magazines or journals on the shelves. So I turned to the microfiche (Do you remember those whirring machines?) where I finally found a few articles about this fascinating new insurance coverage. I was immediately intrigued and smitten by the nascent LTCi industry! The need and the product made so much sense to me!
A Quick LTCi History Lesson
While LTCi had been around since the 1970s, it really didn’t get much attention until the late 1980s. Even then, very few insurance agents understood it or offered it to their clients.
As my social studies teacher predicted so many years ago, our advances in medicine and technology were helping people live much longer than expected. Which was great news. Except that we forgot to plan for housing and care for our aging population as they became unable to care for themselves.
Heeding the Siren Call
Since my time in the microfiche stacks, the call of LTCi kept tugging at me. It was a brand new product. Hardly anyone owned it yet. Few people had ever heard of it. I could see the obvious need for it.
The economics were clear: Increased LTC Demand + Scarce Caregiver Supply = High LTC Costs.
Thanks to my early work, I already understood how insurance protects assets and gives people more access to a variety of options. The world of LTCi became an obvious path for me. A perfect fit!
LTCi is a product I could believe in with total conviction. It was something that could make a transformative difference for people and their families.
I believed the world needed a long term care insurance (LTCi) specialist. So, in the late 1980s, I launched my solo LTCi practice. I knew that being a pioneer in this industry would have its challenges. But I also believed the journey would end up helping a great many people!
More LTCi History: My Journey Begins
Stay tuned for Part 2 of my story!
In the meantime, if you’d like to receive a free, no-obligation quote for your own LTCi policy, just click here.