Allstate Corp. is getting out of the long term care insurance manufacturing business.[@@]
Allstate’s Lincoln Benefit Life Company unit will stop issuing new LTC insurance policies Oct. 31, according to Allstate, Northbrook, Ill.
Allstate has been selling Lincoln Benefit LTC policies through a network of Allstate agents and independent agents since 1997.
Lincoln Benefit will continue to insure existing Lincoln Benefit LTC policies, and LifeCare Assurance, Woodland Hills, Calif., the firm that has been administering the policies, will continue to be the administrator, Allstate says.
The Lincoln Benefit LTC products have been performing well, but Allstate is discontinuing the products in an effort to focus on its life and retirement savings products, according to company executives.
Allstate says it still wants to be able to offer customers LTC insurance but hopes to get the insurance from an outside carrier.