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Prudential Long-Term Care Product Simplifies Decisions

- Consumers' now faced with a single benefit decision when selecting long-term care insurance.

Newark, NJ (PRWEB) March 3, 2009 -- If all the complexities involved in selecting long-term care insurance are scaring you off, Prudential has a way out the maze. Prudential today introduced a simpler long-term care insurance product with few options to confuse the decision-making process.

Although its design is simpler, the revolutionary product helps provide comprehensive coverage for an important class of services not covered by most health insurance policies: ongoing care for individuals with a chronic illness or disability.

"It's no secret that consumers have struggled with the numerous benefit option decisions facing them when selecting a long-term care insurance product," said Malcolm Cheung, vice president of Prudential's Long-Term Care insurance business. "Streamlining the decision-making process is key in helping make sure more consumers understand their options and are empowered to make smart, well-informed decisions about long-term care insurance."

This individual long-term care insurance product is issued by The Prudential Insurance Company of America, part of Prudential Financial, Inc. (NYSE: PRU), and is available in 14 states (AL, AR, DE, IA, LA, ME, MI, MS, NE, NH, OK, RI, WV, and WY). This coverage is sold under the Prudential LTC Evolution banner.

The straightforward approach of the product requires consumers make only a single benefit decision of a Policy Lifetime Maximum ranging from $100,000 up to $1 million - a pool of money available to reimburse clients for 80% of their costs for all covered long-term care services, large and small, now and in the future. Unlike many other products which leave consumers to guess at the benefit amount they might need on a daily, weekly, or monthly basis, this product offers consumers a greater degree of flexibility in how they access their benefit dollars.

The product's standard features include:

- An Alternative Plan of Care benefit, which may cover new and emerging forms of care that do not become available until years after a consumer has purchased the policy.

- A Starter Benefit, which offers benefits when a sudden need arises, such as a stroke or car accident. In situations like these, this benefit could begin paying $1,500 a month in cash as soon as a chronic illness or disability is certified.

"Healthcare costs are continuing to skyrocket and the government has squarely placed responsibility for paying for long-term care on the shoulders of the individual," Cheung said. "Consumers continue to be faced with a wide range of risks when it comes to protecting their assets and income in retirement, as well as care decisions that can affect their quality of life. The ongoing market volatility and uncertainty underscores the value of long-term care insurance as a more stable source of funds to meet potential long-term care needs."

With over 20 years of long-term care insurance experience, Prudential is a leading long-term care insurance carrier. Superior service allows financial professionals to work easily and seamlessly across product lines, including long-term care insurance, life and disability insurance. In addition to individual long-term care insurance, Prudential also provides group long-term care insurance, providing producers with a single resource for all of their client needs. The new Prudential LTC Evolution product will complement Prudential's LTC3 product in the states launched.

Prudential Financial, Inc. (NYSE: PRU), a financial services leader with approximately $558 billion of assets under management as of December 31, 2008, has operations in the United States, Asia, Europe, and Latin America. Leveraging its heritage of life insurance and asset management expertise, Prudential is focused on helping approximately 50 million individual and institutional customers grow and protect their wealth. The company's well-known Rock symbol is an icon of strength, stability, expertise and innovation that has stood the test of time. Prudential's businesses offer a variety of products and services, including life insurance, annuities, retirement-related services, mutual funds, investment management, and real estate services. For more information, please visit

Life insurance, annuities, and long term care insurance are issued by The Prudential Insurance Company of America. Securities products and services are offered through Pruco Securities, LLC. Both are located in Newark, NJ and are Prudential Financial companies. Prudential and the Rock logo are registered service marks of The Prudential Insurance Company of America.

IFS-A162002; Ed. 2/2009


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