Finance company
Prudential announced Wednesday that in a partnership with
the Human Rights Campaign it will begin marketing its
long-term care insurance plans to LGBT consumers and
couples, according to a Prudential press release.
Sales
representatives for Prudential's long-term care resources
have been trained to handle some of the unique
financial challenges gays and lesbians face. A 2006
study by the National Gay and Lesbian Task Force shows
that 90% of gay and lesbian seniors have no children to help
them, while only 20% of heterosexual seniors are childless.
Assets for married spouses are protected when one
spouse is in a nursing home or long-term facility, but
there is no such protection for same-sex couples. When
a spouse dies, surviving heterosexual widows and widowers
also can receive Social Security benefits that remain
out of reach to gay and lesbian partners. Federal and
state tax laws also exclude same-sex couples from
cost-cutting benefits that straight couples are privy to.
"Having choices
and protecting retirement assets and personal savings
from long-term care costs should be important to everyone;
however, it may be especially significant for the LGBT
community," Prudential vice president Eric
Holtzman said in a statement. "The reality is the
LGBT community lacks the traditional support that
married heterosexuals enjoy and as a result face a
greater need for long-term care insurance. Our
financial professional training program will allow us to
deliver a planning experience sensitive to the
specific needs of this community." (The
Advocate)
