Long term care insurance company bows out of marketplace

Feb 22, 2011

Not enough money in long term care marketplace for some

Guardian Life Insurance Company of America announced recently that it will no longer sell long term care policies to U.S. consumers after 2011, according to the Life and Health Insurance News.

The company had provided individual long term care coverage through its Berkshire Life Insurance Company of America, based in Pittsfield, Massachusetts, the online publication reported.

Fewer than 9,000 Americans are covered by Guardian's long term care policies, and the company seems to have decided that a brief foray into that particular market was enough, according to Life and Health Insurance News, which added that existing customers who have the option of renewing will still be covered.

Berkshire Life's president, Gordon Dinsmore, told the publication the company would look to focus more intensely on its core businesses, including life insurance and disability income coverage, after an extensive analysis demonstrated a lack of prospects in the long term care sector.

Market changes among life insurers could significantly impact the policies being offered, experts say, so savvy consumers should stay abreast of major industry news in order to get the best rates.

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