Skip to Content

We are a Veteran Owned Business, providing 20% discounts for Veterans, First Responders, Elementary and High School teachers. Please contact us to set up a phone or Zoom meeting. Taking care of you and your family, It's What We Do!

Life Insurance Premiums Paid by Camden County Beneficiaries

Posted on Tue Jul 28, 2015, on Life Insurance

From our “Ask a Question” Mailbag: Life Insurance Premiums Paid by Camden County Beneficiaries

Most Recently Update July 16, 2018.

“My mother is incapacitated and living in an assisted living facility in Camden County, New Jersey. She appointed my brother agent under her Power of Attorney. My mother has a life insurance policy that names me as beneficiary. My brother refuses to make the payment, so the policy will soon lapse. Can I make the payment?”

Probate-Fees

The Need to Probate in Camden County

Life Insurance Premiums Paid by Camden County Beneficiaries

You certainly can make the payment, as the insurance company does not care who sends the check. The life insurance company will only care if the check clears.

If the policy is a term policy, you should consider when the policy lapses. If the term policy only has one or two years remaining and your mother is in good health despite being incapacitated, then the payments might be lost, as the policy may lapse before her death. But, if the policy is some type of permanent insurance, and if your mother will some day move into a facility and apply for Medicaid, the state may require that she take the cash value of the policy out to pay her bills. If so, the cash value might be lost. There are many options available in this situation, and many potential outcomes. Our attorneys have dealt with the countless permutations of this situation.

More Planning Questions?

Life insurance is only a piece of the Estate Planning process. By all means, if you want to learn more, please read my more detailed article, Estate Planning Everything You Need to Know.

In Conclusion: Life Insurance Premiums Paid by Camden County Beneficiaries

I hope that this article was helpful in explaining life insurance. Further, I included links to even more detailed information on my website so you can learn more. Therefore, please contact me and let me know how I did. Certainly, your comments and questions are welcome!

Let our Estate Planning lawyers help walk you through what can be a confusing process. To begin with, call to speak to one of our experienced estate planning lawyers.  By all means, our lawyers are ready to answer your questions. In fact, feel free to contact our office for a free consultation. Ultimately our goal is to make the process as painless as possible!

Wills, Trusts, Probate, and Estate Litigation, It’s All We Do!

 

Tags:

Camden County, Estate Planning, Estate Planning Attorney, Estate Planning Lawyer, Life Insurance, New Jersey

Peter KlenkPeter Klenk

What Our clients are saying

Klenk Law Logo
Stars

Ronald W.

Peter and his staff are very responsive and always willing to help my clients and in a cost efficient manner.

Klenk Law Logo
Stars

Chantee C.

Peter recently gave a presentation about Wills & Trusts at my employer, and it was fantastic! He was extremely knowledgeable and provided valuable information to the group. People were very engaged and asked several questions, all of which Peter thoroughly answered. Personally, my husband and I have selected Peter to help us with our estate planning, and he has been very helpful in providing us with all of the information we need to provide a secure future for our family. Thank you, Peter!

Klenk Law Logo
Stars

Peter J. Gutekunst, CFP®

I've worked with and known Peter Klenk and his associates for years. They are highly professional, diligent and truly experts in their field. By focusing on just wills, trusts, and estates, Klenk law has experienced every angle of estate planning and applied that knowledge to help prepare our clients with thorough and comprehensive documents.

Klenk Law Logo
Stars

Brandon. L

Peter was excellent. He explained everything very clearly and is super friendly. My wife and I originally tried using a lawyer through group legal coverage, but unfortunately the old adage - "you get what you pay for" - applied to the other lawyer, and we decided to go with a real professional.

Klenk Law Logo
Stars

Rachel Roney

Peter has done a great job with the estate planning for my father. He is very thorough and patient as we, the family need to make decisions.

Let us put our expertise to work for you.

Free consultation within 24 hours.