Prudential Financial is the latest in a line of insurers who are fleeing the long-term care coverage market.
The national insurer announced plans to cease selling LTC group policies in all but five states by August 1. Existing policies will not be affected.
Group coverage products will continue to be sold in Indiana, Iowa, Kansas, Louisiana and South Dakota “for a period of time as required by state law,” according to a Prudential release.
The company cited sluggish returns, low interest rates and poor growth outlook as factors in the decision.