With a résumé that includes positions as a restaurant owner in New York City, manager of a high-tech computer franchise in Silicon Valley and a consultant in the nonprofit sector of San Francisco, Andy Rosenbloom has traveled an eclectic, yet calculated career path.
But it was an unexpected twist — a series of heart problems eight years ago — that led him into his profession of long-term care insurance provider at LTC Financial Partners.
"I had two different heart surgeries in 1999, and I felt very vulnerable during that time," said Rosenbloom, who operates from his office near Jackson Square in San Francisco. "I was relatively young at the time, and it made me realize that there was no insurance available for people in my condition at my age."
Armed with an insurance license from a previous endeavor selling student loan programs, Rosenbloom began investigating long-term care insurance — a relatively new phenomenon that developed in the late 1960s as an alternative to other private retirement options or government-aided Social Security programs.
"I found that long-term care gives you much more options if you’re under 65 years old," Rosenbloom said. "It provides a safety net if something were to happen to you when you were unable to work, but still had a very long road ahead."
After specializing in LTC insurance with various companies for five years, Rosenbloom came into contact with LTC Financial Partners.
LTC, founded in 2003, bills itself as the nation’s largest long-term care organization, with nearly 250 agents operating out of various cites throughout the United States. Rosenbloom knew many of the company’s founding members, and he was asked to join LTC in 2005.
"In many ways it’s set up like a franchise, which is something I’m very comfortable with," Rosenbloom said. "Most of the offices are independent, single-person operations like mine, but we still have the means and resources of a national, well-funded company to support us."
Through LTC, Rosenbloom has maintained the small-office atmosphere of a private broker, while continuing to explore developments in long-term care, such as his latest project — dubbed multilife insurance — a plan that offers discounts to businesses looking to provide long-term coverage for multiple people.
Long-term care insurance isn’t to be confused with disability insurance. Disability is for when someone is unable to work. It protects their income. Long-term care insurance has to do with daily activities — eating, bathing, toileting, continence, transferring out of bed and dressing.
If someone is unable to do two of these daily activities for more than three months, the person can be eligible for long-term care insurance, Rosenbloom said. The two insurances often coincide with each other but are not dependent on each other.
"Never in my life did I think I would be selling insurance," Rosenbloom said. "But I sat down and assessed everything, and it made perfect sense. There are a lot of people who were in my position, and I can offer them some very personal advice."