Long Term Care

Medical and non-medical services for people who are unable to care for themselves as a result of disability or illness fall under the category of long term care services. Long term care providers may assist in meeting both medical and personal daily needs--such as feeding, bathing, using the toilet and dressing. In industry jargon, these basic tasks are referred to as ADLs or basic assisted daily living activities. Long term care services can be offered at a person’s residence, in a retirement home, in assisted living facilities and in nursing homes. Long term care services are expensive and depending on the intensity and level of care, can exceed several thousand dollars per month. Some people choose to purchase long-term care insurance to cover these potential costs.

MetLife Puts a Stop to New Long Term Care Sales

MetLife is reportedly discontinuing the sale of long term care insurance beginning January 1, 2011. The largest U.S. life insurance company cites "financial challenges" facing the industry in the current environment. According to a recent Bloomberg article:

What to Make of MetLife's Exit from the Long Term Care Market

MetLife’s recent decision to exit the U.S. long-term care market can be seen as a relatively minor decision by the largest U.S. life insurance company to pull-out of a small, slow-growth market and forgo what is a very small part of their overall business.


Annuity Industry Pioneer Jerry Golden at Work on his Latest Venture

Jerry Golden--often referred to as the father of variable life insurance and variable annuities--has had a distinguished career as an innovator...

American General

Short Company Name: 
American General
Long Company Name: 
American General Life Companies

Company Type: 
Insurance Company
Street Address: 
2727-A Allen Parkway
ZIP Code: 
Phone Number: 
Fax Number: 
Year Founded: 

Long Term Care 1035 Exchanges Developing Slowly

A provision of the Pension and Protection Act of 2006 went into effect this past January first which allows for a tax-free exchange (a Section 1035 exchange ) of annuities for long term care coverage. However, Investment News reports that there has been very little of this type of activity since the first of the year.