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Prudential
Announces Financial Help for LGBT Families

Prudential
Announces Financial Help for LGBT Families

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.

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)

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