The State of New Jersey
NJ Department of Banking and Insurance
Home > Department Press Releases/Newsletters/Reports

News Release

New Jersey Department of
Banking and Insurance

Commissioner Ken Kobylowski

For Immediate Release:
July 24, 2014

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

Christie Administration Celebrates Two Years of Senior Financial Literacy Education with Monroe Presentation

MONROE – Department of Banking and Insurance Commissioner Ken Kobylowski on Monday urged Monroe senior citizens to be careful and to find out as much information as possible when purchasing complex financial products such as life insurance, annuities, reverse mortgages and long term care insurance.

Commissioner Kobylowski met with seniors at the Rossmoor Adult Community in Monroe as part of the Department’s ongoing financial literacy program for seniors, which was launched in July 2012. For the last two years the Commissioner and other Department staff members have conducted financial literacy presentations for seniors throughout the State about the many financial products geared toward them.

Commissioner Kobylowski talks to Rossmoor Adult Community seniors about their financial challenges.

“Certain financial products specifically target senior citizens,” said Commissioner Kobylowski. “If these products are understood and used properly they can be good tools. But seniors who purchase them without fully understanding them or use them improperly can lose money or be victims of fraud.”

Commissioner Kobylowski gave practical tips on avoiding fraud.

“That is why we bring information directly to consumers so they can make educated choices and avoid fraud,” said Kobylowski. “I constantly urge seniors: If you do not understand something, or if it does not make sense, simply say no.”

In discussing reverse mortgages, he observed that the product can be beneficial in the right situation. He warned them to “watch out for hidden fees and costs.”

“Always make sure every single one of your questions is answered completely,” said Kobylowski. “If you do not understand everything, do not sign anything.”

As part of the program, Andrew Tucker, special assistant and supervising investigator in the Office of the Attorney General, Division of Law, also spoke to the group about how to prevent identity theft.

The program for seniors complements the Department’s ongoing Financial Literacy programs for high school and college students. For the last eight years, the Department has conducted financial literacy programs for high school students and spoken to thousands of students in schools across the State about topics, including basic personal finance, the importance of credit and how to manage credit cards. That program was expanded to reach out to college students in 2013.

OPRA is a state law that was enacted to give the public greater access to government records maintained by public agencies in New Jersey.
Adobe Acrobat
You will need to download the latest version of Adobe Acrobat Reader in order to correctly view and print PDF (Portable Document Format) files from this web site.
state seal
Copyright © 2011, State of New Jersey
New Jersey Department of Banking and Insurance