As part of Financial Literacy Month, Christie Administration Will Conduct Presentation for Senior Citizens in Cherry Hill on Financial Products and Potential Scams dobi.nj.gov CHERRY HILL – As part of a month-long series of activities marking National Financial Literacy Month, Department of Banking and Insurance Commissioner Ken Kobylowski will conduct a presentation for senior citizens in Cherry Hill on April 4 and discuss financial products such as reverse mortgages, life insurance, long term care and annuities. “There are many financial products marketed specifically to senior citizens which if understood and used properly can be very beneficial,” said Commissioner Kobylowski “But if consumers purchase products without fully understanding them, they can become fraud victims and lose money. Unfortunately seniors are a top target for fraud and scams.” April is National Financial Literacy Month, a national public awareness effort to help consumers establish and maintain healthy financial habits, take charge of their personal financial well-being and make smart financial decisions. Friday’s presentation is part of the Department’s ongoing financial literacy program, which was launched in 2006 with programs for high school students and expanded in 2012 to include programs for college students and senior citizens. Programs for high school and college students will be conducted in upcoming weeks. “Whether you are a high school student about to open your first bank account, a college student applying for student loans or being marketed for numerous credit cards or a senior citizen considering a reverse mortgage, it is always important to understand basic financial facts,” Kobylowski said. “Having the right information makes the difference between making a good financial decision and a bad one. We are trying to bring that kind of information to consumers of all ages in this program.” In the program for senior citizens, some of the topics Commissioner Kobylowski will discuss include: Life Insurance: The difference between term, endowment and whole life policies; questions consumers should ask themselves when purchasing life insurance policies and what consumers should do when it is suggested they replace an existing life insurance policy with an existing one. Long-Term Care Insurance: What is long term care; what services the federal government does and does not pay for; what features a consumer should look for in a policy Reverse Mortgages: Types of reverse mortgages; precautions consumer should take in purchasing these products and predatory lending and excess fees in reverse mortgages. Annuities: Types of annuities; questions consumers should ask before purchasing them Who: New Jersey Department of Banking and Insurance Commissioner Ken Kobylowski What: Financial Literacy Program for Senior Citizens Where: Amato Council Caucus Room, #206., 820 Mercer St., Cherry Hill, NJ 08002 When: Friday, April 4, 10:30 a.m.
Posted on: Fri, 04 Apr 2014 01:21:54 +0000
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