Metlife Exiting LTC

[briangruss]

Just saw that Metlife was exiting the LTC market, and not accepting new business after December 30th.

I never sold any Metlife LTC as they were to expensive. Other than Metlife agents, did anybody else sell there LTC products?

 

[dlvhi]

I didn't sell any, do have 2 clients with Met Life policies - got them when there was an AARP connection.

Where did you see the news?

 

[GreenSky]

Our LTC plans are thru Met via a group. Wonder what happens next year.

Rick

 

[Mr_Ed]

Our LTC plans are thru Met via a group. Wonder what happens next year.

Rick

All LTCi products are guaranteed renewable. The group LTCi plan will continue, as will all individual LTCi policies.

 

[scagnt83]

Where did you see this at? Can you provide a link?

 

[Newby]

I sold some individual MetLife LTC policies. They were pretty good at one time.

 

[briangruss]

Sorry I couldn't answer back right away. Here is a link. MetLife

All the LTCi products are guaranteed renewable. Sorry Rick, they also do mention in the letter to expect a rate increase in 2012 on the group side.

 

[Mr_Ed]

Where did you see this at? Can you provide a link?

They sent out an email to their distributors today.

 

[scagnt83]

"The challenges inherent in today’s LTCI products are not unique to MetLife"

"After extensive review, we have determined that the actual and projected experience for this block significantly deviates from original pricing"


These are the passages that really stuck out at me.

A lot of people said that what happened to JH wouldnt happen to the entire industry.... think again, this is just the tip of the iceberg

Every carrier out there mispriced their blocks of business, and drastically underestimated the retention rate.

What a letter to send out!.... we are cancelling sales on indv products, we have already cancelled multi life earlier this year, we drastically miscalculated our estimates, we are raising rates, and we dont exactly know how we will insure people for LTC in the future....

 

[HealthGuy]

CommercialTruck: You have some sh#$tty spam here man.