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Norwich Union pulls long term care bond

Norwich Union has announced it is pulling its Flexible Protection
Bond product and leaving the pre-funded long term care bond
market. However, it will still offer a pre-funded insurance product.
Effective from November 24, NU says there will be no impact on
existing customers from the change. Applications for the product
received prior to close of business on January 30 will be accepted if
accompanied by a new business illustration. Pipeline applications
must be underwritten and current on or before April 1.
Retirement market manager Dean Critchfield says: “The long term
care bond market is small and has reduced over the past couple of
years due to stock market performance. Consumer demand has
declined and therefore it is not commercially viable to incur the costs
of developing this product line.”

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