RUTHERFORD — Department of Banking and Insurance Commissioner Ken Kobylowski on Tuesday advised a group of senior citizens to be careful and to find out as much information as possible when purchasing complex financial products such life insurance, annuities, reverse mortgages and long term care.

“There are many financial products out there aimed specifically at senior citizens, such as reverse mortgages and long term care insurance, which may initially seem complex and confusing, but can in fact be manageable, sound investments once consumers fully understand them,” said Commissioner Kobylowski. “That is what we are doing with this program; bringing that information directly to consumers so they can make educated choices and avoid fraud.”

Commissioner Kobylowski spoke to a group at the Kip Center in Rutherford as part of the Department’s ongoing Financial Literacy program for seniors, launched last year, in which Department staff speak to seniors about the many financial products geared toward them.

The program for seniors complements the Department’s ongoing Financial Literacy program for high school students. For the last seven 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.