N.Y. Life shows its pride

In time for Gay Pride Month, New York Life Insurance Co. has launched a LGBT channel on its website to address financial and estate-planning needs unique to the lesbian, gay, bisexual and transgender community.

The microsite, Customized Solutions for the Lesbian, Gay, Bisexual and Transgender Community, is divided into four sections: Creating a Safety Net, Retirement Planning, Estate Planning and Our Community Commitment.

The estate-planning page addresses a number of issues that are more complicated for the LGBT community, which lacks many of the legal protections enjoyed by traditional married couples. They include end-of-life concerns, wills, designating a beneficiary, gifting, powers of attorney, as well as use of contracts such as a revocable trust or cohabitation agreement.

Attention also is given to health care issues such as addressing Health Insurance Portability and Accountability Act authorizations early on so people can make medical decisions and access personal health care information in case their partners are unable to make medical decisions on their own. Furthermore, retaining legal and financial advice to plan for their children is also addressed.

“Being proactive about financial planning is sound advice for every family, but doing so is especially critical for the LGBT population,” said Angela Daniels, who heads the LGBT initiative for New York Life.

The site also spotlights the insurer’s support of the LGBT community in the workplace through its recognition of domestic partnerships and top rating in the 2011 Corporate Equality Index, as well as its designation as the most friendly workplace in the insurance industry by the Dave Thomas Foundation for Adoption.

The other website sections contain advice that are non-LGBT specific but offer standard guidance for retirement planning and creating a safety net.