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News Release

New Jersey Department of
Banking and Insurance


Commissioner Ken Kobylowski

For Immediate Release:
July 29, 2013

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


Christie Administration Urges Seniors to Ask Questions,
Make Educated Choices When Buying Financial Products

LAKEWOOD — Department of Banking and Insurance Acting Banking Division Director Patrick Mullen today advised a group of senior citizens to be careful and be sure to ask many questions when purchasing complex financial products such life insurance, annuities, reverse mortgages and long term care.

“These are all products that when thoroughly understood and used properly can be beneficial and fulfill an important financial need for you,” said Acting Director Mullen to a group of more than 50 seniors at Lions Head Woods residential community. “But the downside is if you don’t understand them, they can cause you problems. Our purpose in conducting these programs is to bring to you the information you need about these and other financial products to help you make educated decisions and avoid fraud.”

Acting Director Mullen spoke to a group as part of the Department’s ongoing Financial Literacy program for seniors, launched last year, in which Department staff talk to seniors about the many financial products geared toward them.

 
Acting Banking Division Director Mullen speaks with Lions Head Woods resident Jean Cooper after the program.

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.
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