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News Release

New Jersey Department of
Banking and Insurance


Commissioner Ken Kobylowski

For Immediate Release:
January 18, 2013

For Further Information:
Ed Rogan or Marshall McKnight (609) 292-5064


Commissioner Encourages Senior Citizens to Ask Questions and Inform Themselves Before Purchasing Financial Products

GLEN ROCK – Department of Banking and Insurance Commissioner Ken Kobylowski yesterday advised a group of senior citizens to ask questions and educate themselves before they purchase such financial products as life insurance, reverse mortgages annuities, and long term care.

“These are all products that can be of value when used properly,” Commissioner Kobylowski said, “but when you are presented with the choice of purchasing a new mortgage or financial product, the first thing you should do is tell the person offering it is ‘Not until I review it’ and let them know you need to go over it with your family or someone you trust. Then you need to ask as many questions as you want and until you are satisfied you understand the product.” 

 

Commissioner Kobylowski answers a resident's question at the presentation for seniors in Glen Rock.

Commissioner Kobylowski addressed the group at St. Catherine’s Church as part of the Department’s Senior Financial Literacy Program. Last May, the Department began conducting financial literacy programs for senior citizens that cover such topics as life insurance, annuities, long term care, and reverse mortgages  The program, designed by the Department specifically for seniors, complements the Department’s ongoing financial literacy outreach to high school students, which covers personal finance, the importance of saving, use of credit cards, social media and identity theft.

Commissioner Kobylowski told the group that senior citizens have become a target for some unscrupulous actors.

“Unfortunately, senior citizens are the number one target for fraud in this country, so you need to be careful,” he said. “Some of the people looking to sell you these products do not have your best interests in mind.”
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