116 3rd St SE
Cedar Rapids, Iowa 52401
The Iowa House and Senate both recently passed the Senior Financial Fraud and Exploitation Prevention bill with the help of your local legislator. This bill increases protections for Iowa’s seniors and vulnerable adults.
State Insurance Commissioner Doug Ommen and his staff reached out to National Association of Insurance and Financial Advisors of Iowa directly to help create legislation making financial exploitation of the elderly and vulnerable a crime for the first time in Iowa. Studies have shown this financial crime costs seniors billions of dollars annually, putting their retirement security in jeopardy.
Elder abuse (a form of domestic abuse) is suffered by thousands of Iowans. Abuse takes many forms: physical, sexual, emotional, neglect and financial. Often multiple types of abuse happens simultaneously. Unfortunately, the vast majority of financial exploitation isn’t perpetrated by strangers, but by family members, caregivers or neighbors. So this crime often goes unreported due to fear, embarrassment or both. The need for this legislation was heightened due to COVID-19 as so many vulnerable older Iowans remain isolated in their homes, unable to reach out for help.
While this bill will not prevent all financial fraud, it will give Iowa seniors another line of defense to protect them and their retirement savings. Please join your NAIFA-Iowa insurance agent or adviser by contacting Gov. Kim Reynold’s office this week. Ask Gov. Reynolds to sign this important bipartisan legislation protecting and preserving the financial security of elderly and vulnerable Iowans.
Mike Gary, Principal Financial
Craig Adamson, TrueWealth Stewardship
National Association of Insurance and Financial Advisors, Cedar Rapids/Iowa City Chapter