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MetLife Says It Will Stop Selling Long-Term Care Insurance Due to Industry Problems

Company committed to exploring potential solutions, including combining LTCI with other products

Nov. 11, 2010 –MetLife today announced that it will discontinue the sale of new Long-Term Care Insurance (LTCI), following an “extensive review” of its LTCI business. The insurance company well identified with insurance for senior citizens and the nation’s largest life insurer is following an industry trend.

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“While this is a difficult decision, the financial challenges facing the LTCI industry in the current environment are well known,” said Jodi Anatole, vice president, Long-Term Care Products, for MetLife.

“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.”

Many Americans remain at risk for needing long-term care services at some point in their lives. MetLife is committed to exploring potential solutions, including combining LTCI with other products, which the company believes can effectively address the long-term care financing needs of the public as well as its business goals.

MetLife’s decision to stop writing new LTCI business will have no impact on existing insureds’ coverage. As long as premiums are paid on time, coverage cannot be cancelled, the company said.

All current customers can continue to make coverage changes per the terms of their policy or certificate, including inflation protection offers and requests to increase or decrease coverage.

MetLife, Inc. (NYSE: MET) is a leading global provider of insurance, annuities and employee benefit programs, serving 90 million customers in over 60 countries. Through its subsidiaries and affiliates, MetLife holds leading market positions in the United States, Japan, Latin America, Asia Pacific, Europe and the Middle East. For more information, visit www.metlife.com.

MetLife will continue to accept new applications for individual LTCI policies received on or before December 30, 2010. In addition, in 2011, MetLife will be discontinuing new enrollments into existing group and multi-life LTCI plans. The timing will vary based on existing contractual obligations.

 

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