Here is a brief description of Richard Loomis’ business background.
After graduating from St. John’s University in New York, I took a job in sales for a large consumer company. That company had an excellent sales training program, which focused on the concept that a sale was only the beginning. Following up after the sale and remaining in regular contact with your customer were equally important.
I brought that concept of sales and service with me when I accepted an offer of a sales position with an investment company and it has stayed with me throughout my thirty-year career as an investment professional helping clients manage their investments and protect their assets.
Even though I was aware of long-term care insurance, I knew very little about it or long-term care. All that changed when my parents unexpectedly needed long-term care. I quickly learned just how expensive long-term care could be. Since my parents did not have Long-Term Care insurance, savings that they had set aside for grandkids, travel, and charity bequests were now being spent for their care.
After my father passed away, my sister and I found an assisted living facility that our mom liked. Shortly after becoming a resident, it was clear that she was very unhappy. The facility was fine, the residents and staff were friendly BUT she missed being home. Today, she lives with my sister and her husband. My sister is her full-time caregiver and, while she loves mom, being a full-time caregiver is emotionally draining and stressful. It is hard work. When my sister needs some well-deserved time off, we bring in paid caregivers.
A Long-Term Care insurance policy would have covered most of their costs, leaving their savings available for their original purposes. Paid caregivers would be doing the heavy lifting, providing mom’s daily care, relieving my sister of that burden, and giving her more quality time to providing emotional support and love.
All this prompted me to specialize in Long-Term Care insurance and led to my becoming an independent Long-Term Care insurance broker.