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News Release

New Jersey Department of
Banking and Insurance

Commissioner Ken Kobylowski

For Immediate Release:
February 7, 2014

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

Christie Administration Advises Seniors in Monroe to be Careful and
Make Educated Choices When Purchasing Complex Financial Products

Commissioner Ken Kobylowski at Wittingham community in Monroe
Commissioner Ken Kobylowski addresses seniors at the Greenbriar at Wittingham community in Monroe.
  MONROE TOWNSHIP — Department of Banking and Insurance Commissioner Ken Kobylowski urged a group of senior citizens at the Greenbriar at Wittingham community to be careful and be certain to ask many questions when purchasing financial products such as life insurance, annuities, reverse mortgages and long term care.

“These are products that can be very beneficial to you and fill an important financial need if you understand them and use them properly,” the Commissioner said. “But if you purchase them without fully understanding them, they can cause you problems and you could be a victim of fraud. We are bringing this program to you today to provide you with some important financial information and help you make educated choices and avoid fraud or scams.”

Commissioner Kobylowski addressed the group of about 50 seniors as part of the Department’s ongoing Financial Literacy program. In the program, which was launched in 2012, the Commissioner and other top Department staff speak to seniors about the many financial products often geared toward them.

“Unfortunately seniors are a top target for fraud,” Commissioner Kobylowski said. “So I urge you when purchasing these kinds of products, consult someone you trust before making the purchase; keep asking questions until you are satisfied that you understand the product, and always keep in mind, if someone is making you an offer that sounds too good to be true, it probably is.”

The Financial Literacy program for seniors complements the Department’s ongoing Financial Literacy program for high school students. For the last eight years, the Department has conducted financial literacy programs for high school students and spoken to thousands of students in school across the State about topics including basic personal finance, the importance of credit and how to manage credit cards. The Department also initiated a Financial Literacy program for college students this year.

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