MetLife Inc.,

The move will not affect coverage for the company's existing LTCinsureds, the company says.

The decision to stop writing new LTC insurance business,effective Dec. 30, came after an "extensive review" of the market,according to the announcement by MetLife (NYSE: MET), New York.

The company will continue to accept new applications forindividual LTC policies if they are received by Dec. 30. Forexisting group and multi-life LTC insurance plans, it will stopaccepting new enrollments throughout 2011, with the timing based"on existing contractual obligations" with employers, MetLifesaid.

Current insureds can keep their coverage and, if permitted underthe terms of their policy, change benefits such as inflationprotection.

"MetLife remains committed to our current LTCI policyholders andcertificate holders," said Jodi Anatole, vice president of LTCproducts for MetLife.

Noting that many Americans are likely to need extended-careservices at some point in their lives, Anatole insisted MetLifewill continue to look at products that could help attend to LTCfinancing needs while meeting the company's goals. That couldinclude combining LTC insurance with other products, she said.

"While this is a difficult decision, the financial challengesfacing the LTCI industry in the current environment are wellknown," Anatole said in a statement.

Although sales in the LTC insurance business grew 13% in thefirst half of this year, recent years have seen dismal salesperformance for the product, data from LIMRA, Windsor, Conn., show.LTC sales were 30% lower in the first half of 2009 than in the sameperiod the year before, and, except for an 3% increase in 2007, LTCsales fell every year since 2002, according to LIMRA.

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Trevor Thomas is a Senior Editor with NationalUnderwriter Life & Health, part of Summit BusinessMedia Group, which includes Florida Underwriter.