MetLife announced that it will stop selling individual long-term care insurance. It will also cease to include new enrollments into group and multi-life plans. This news was announced in a company-issued news release. The company says this move won’t impact current policyholders as long as they remit payment for their premiums on time.

According to the Wall Street Journal, extremely low interest rates are creating problems for insurance companies because it lowers their profitability. And since it looks like rates could remain low, life insurers are changing products they offer. They’re not able to provide the features they once could, and this includes long-term care insurance as well as retirement-income products. “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,” Jodi Anatole, vice president, Long-Term Care Products, for MetLife said in a news release. “While this is a difficult decision, the financial challenges facing the LTCI industry in the current environment are well known.”

Those with long-term care insurance policies will likely face more premium rate increases. This type of insurance helps cover costs of in-home care or nursing home fees. The reason for the increases is due to the fact that many policyholders are living longer which means the claims they generate cost more.