Allianz to stop selling its stand-alone LTC product

Allianz Life Insurance Company of North America is pulling its stand-alone long-term-care insurance product off the shelves, effective Nov. 13. On that date, the carrier will no longer accept applications and will stop selling the product, according to an announcement Allianz made internally and to its distribution partners. LTC sales have been falling across the industry, even though baby boomers are starting to represent a larger portion of the population. These broad declines prompted Allianz to drop its stand-alone LTC product, but the company plans to continue selling its life insurance product with a long-term-care 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.