MetLife announced Thursday it will no longer sell new long-term care insurance policies for individuals after Dec. 31, and will no longer be accepting new enrollments into existing group and multi-life LTCI plans.

MetLife says it will continue to accept new applications for individual LTCI policies received on or before Dec. 30.

"MetLife remains committed to our current LTCI policyholders and certificateholders and will continue to ensure that they receive quality service, particularly when needed most – at time of claim," said Jodi Anatole, vice president, long-term care products, for MetLife in a released statement. "While this is a difficult decision, the financial challenges facing the LTCI industry in the current environment are well known."

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