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Allianz puts kibosh on LTC product

By Darla Mercado

November 8, 2009 6:01 am ET

Allianz Life Insurance Company of North America is pulling its stand-alone long-term-care insurance product off the shelves, effective Friday, according to an announcement the company made internally and to its distribution partners.

LTC sales have been falling across the industry, prompting the move. But Allianz plans to continue selling its life insurance product with a LTC rider, according to spokeswoman Emily Porter.

The stand-alone product made up only a small percentage of the company's total business, she said.

The company will continue to honor its current LTC policies.

E-mail Darla Mercado at -dmercado@investmentnews.com.

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