Prudential Financial recently announced an insurance program targeted at the Lesbian, Gay, Bi-Sexual and Transgender (LGBT) community.
A report released in 2006 by the National Gay and Lesbian Task Force Policy Institute showed that 90% of gay and lesbian seniors were without children to help them in their later years, compared to only 20% of heterosexual seniors.
In addition, the study found that government services such as Medicaid and Social Security did not provide certain benefits to the LGBT community that were offered to heterosexual seniors.
The program, Long-Term Care Resources, has already attracted the support of The Human Rights Campaign, a LGBT organization.
Prudential worked alongside Services and Advocacy for GLBT Elders to create a specialized program for employees of Long-Term Care insurance in understanding cultural sensitivities and the challenged the LGBT community face. Training is mandatory for all financial professionals working with the Human Rights Campaign and the rest of the LGBT community.
LGBT seniors have historically been out of sight and out of mind, but Prudentials specialized approach to this unique market revolutionizes how Long Term Care insurance is sold and raises the bar for sales of other types of insurance, said Stephanie Blackwood, a co-founder of Double Platinum, a LGBT-focused marketing agency. Prudential and LTCR studied the needs of LGBT seniors and the service gaps in the market, and now they are requiring that sales people understand and appreciate the lives, experiences and unanswered needs of these older lesbian and gay Americans.