A MetLife announcement said 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.
According to the announcement, MetLife will continue to accept new applications for individual LTCI policies received on or before December 30, 2010.
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. All current insureds 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 remains committed to our current LTCI policyholders and certificateholders and will continue to ensure that they receive quality service, particularly when needed most – at time of claim,” said Jodi Anatole, vice president, Long-Term Care Products, for MetLife, in the announcement. “While this is a difficult decision, the financial challenges facing the LTCI industry in the current environment are well known.”