The American General Life Companies group says it will stop selling the American General LTC product.
The group will stop accepting applications for the American General LTC policy — policy form number 08000 — Aug. 1, the group says in a notice posted by several long-term care insurance (LTCI) distributors.
American General Life, Houston, is a unit of American International Group Inc. (AIG), New York (NYSE:AIG).
Representatives from AIG were not available to comment on the LTCI product discontinuation notice.
American General Life says it will continue to support in-force policies.
“The closure of this product for new sales in no way diminishes our commitment to service and complete support for in-force policy owners,” the company says in the discontinuation notice. “Unfortunately, market conditions have impacted the economic feasibility of this product line. American General is focused on maintaining the financial security of the organization while offering the right products to meet our customers’ needs.”
The company will continue to sell and support an accident expense policy and a critical illness policy, the company says.