Insurers No Longer Selling Long-Term-Care Policies
Some insurers will continue to service existing policies; others will sell off your policy to another insurer.
My long-term-care insurance company, John Hancock, is no longer selling new policies. What will happen to my coverage? --B.C., Arlington, Va.
John Hancock will continue to service existing policies and pay claims, even though it recently stopped selling new policies (except for the federal employees’ plan). Several other long-term-care insurers have also stopped selling new policies over the past few years because of larger-than-expected claims and the effect of low interest rates. As with John Hancock, some of them continue to service existing policies; others have sold their business to other insurers that service the policies.