RJ and Makay

MetLife has announced that it will discontinue the sale of new Long-Term Care insurance coverage. The company will continue to accept new applications for individual LTCI policies received on or before December 30, 2010. In 2011, it will be discontinuing new enrollments into existing group and multi-life LTCI plans, with the timing to vary based on existing contractual obligations.  MetLife made the decision to stop writing new LTCI business after an extensive review.

The decision will have no impact on existing insureds’ coverage. The coverage cannot be cancelled as long as premiums are paid on time. Jodi Anatole, vice president, Long-Term Care Products, for MetLife, said: “MetLife remains committed to our current LTCI policyholders and certificate holders and will continue to ensure that they receive quality service, particularly when needed most – at time of claim. While this is a difficult decision, the financial challenges facing the LTCI industry in the current environment are well known.”