Insurance Q&A

November 11, 2010

MetLife to Stop Selling New LTC Policies

Filed under: Uncategorized — rrroark @ 6:19 pm

MetLife Inc. says it will no longer sell new long term care (LTC) insurance policies in either the individual or group markets after the end of the year.

The move will not affect coverage for the company’s existing LTC insureds, the company says.

The decision to stop writing new LTC insurance business, effective Dec. 30, came after an “extensive review” of the market, according to the announcement by MetLife (NYSE: MET), New York.

The company will continue to accept new applications for individual LTC policies if they are received by Dec. 30. For existing group and multi-life LTC insurance plans, it will stop accepting new enrollments throughout 2011, with the timing based “on existing contractual obligations” with employers, MetLife said.

Current insureds can keep their coverage and, if permitted under the terms of their policy, change benefits such as inflation protection.

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