MetLife is reportedly discontinuing the sale of long term care insurance beginning January 1, 2011.
The largest U.S. life insurance company cites "financial challenges" facing the industry in the current environment.
According to a recent Bloomberg article:
Insurers including CNO Financial Group Inc. have been burned by policies sold in the past when they underestimated the number of claims, the cost of care and life expectancies of their clients.
MetLife will continue to accept new applications for coverage through December 31st of this year and will continue to honor and service previously written contracts.
Source: Bloomberg
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