Prudential Group Insurance announced it will stop selling individual long term care products. Instead, it will focus solely on group long term care insurance.
The company, which is a division of Prudential Financial, Inc., said it will honor its existing long term care policies and the terms of these contracts as long as the premiums are paid on time and benefits are not exhausted.
"For more than 25 years, group long term care insurance has complemented our broader insurance product offering which includes life, disability, accidental death and dismemberment, and dental. The demographics of the employer market align well with our strategy of providing voluntary benefit solutions to individuals through our group marketing and distribution platforms," said Malcolm Cheung, vice president of long term care for Prudential Group Insurance. "The decision to exit the individual long term care business reflects the challenging economics of the individual market and our desire to focus our resources and capital on the group market where we see the greatest opportunity."
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Prudential Group Insurance manufactures and distributes a full range of group life, long-term and short-term disability, long-term care, dental, and corporate and trust-owned life insurance in the U.S. to institutional clients primarily for use in connection with employee and membership benefits plans. The business also sells accidental death and dismemberment, and other ancillary coverage and provides plan administrative services in connection with its insurance coverage.
Prudential Financial, Inc. has financial services operations in the United States, Asia, Europe, and Latin America. Prudential helps individual and institutional customers grow and protect their wealth through a variety of products and services, including life insurance, annuities, retirement-related services, mutual funds and investment management.
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