Greenlight launches Family Shield

Money managing for families

Financial exploitation cost adults aged 60 and over an estimated USD 26 billion in 2023. Personal safety issues are also on the rise, with more than 200,00 adults aged 65 and older being injured in car crashes each year. Adults who are both caring for their children and simultaneously watching over their aging parents are increasingly overburdened by managing these tasks.

Greenlight’s Family Shield plan aims to tackle these problems by protecting vulnerable individuals. The caregivers can link their loved ones’ accounts, including savings, checking, investing, and credit cards, to get alerts for suspicious activity, such as financial mistakes, scams, and suspected fraud. They can also view balance and transaction details in one dashboard and add another adult for extra oversight. If they so choose, caregivers can get a Greenlight debit card with money transfers and spend control, real-time transaction alerts, and purchase protection for their seniors, ensuring safe and wise spending.

Another key feature includes insurance coverage for deceptive transfer and identity theft, which may help reimburse them up to USD 100,000. If a family member’s identity is used to take out loans, apply for credit cards, or apply for financial services under their name, they can recover expenses up to USD 1 million.

Through the platform, caregivers can also monitor their loved one’s location and get alerts when they arrive and leave places, including hospitals, community centres, banks, and their homes. With SOS alerts and crash detection with 911 dispatch, seniors can get help in an emergency and, if they travel on the road, their caregivers can track the trip status and safety through real-time alerts and driving reports.

As caregivers can feel overwhelmed and unsure regarding where to begin with legal, financial, and daily tasks, Greenlight’s Family Shield offers complete guides, FAQs, tips, and checklists, helping them proactively teach senior loved ones how to prevent scams and money mishaps.