Skip to Content
Klenk Law

Free Consultation

Call Today: 215-790-1095

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!

Call Today: 215-790-1095
Free Consultation
Call Today: 215-790-1095
Free
Consultation
Klenk Law

Can I pay my mom’s life insurance premium as a policy beneficiary?

Posted on Thu Jul 9, 2015, on Life Insurance

From our “Ask a Question” Mailbag: Paying Life Insurance Premium as a Beneficiary

Most Recently Updated July 15, 2018. 

“My mother is incapacitated and living in an assisted living facility in Burlington County, New Jersey. She appointed my brother agent under her power of attorney. My mother has a life insurance policy on her life 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

Paying Life Insurance Premium as a Beneficiary

Paying Life Insurance Premium as a Beneficiary

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.

If the policy is some type of permanent insurance, and 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. 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: Paying Life Insurance Premium as a Beneficiary

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:

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

Peter KlenkPeter Klenk

Categories

Subscribe

Free Consultation

"*" indicates required fields

This field is for validation purposes and should be left unchanged.

By entering your phone number, you agree to receive a call or text from Klenk Law at the number provided strictly to coordinate your consultation and/or confirm your appointment. Message and data rates may apply. Reply STOP to unsubscribe or HELP for help. *See our Privacy Statement + Terms of Service below.

PRIVACY STATEMENT

"No mobile information will be shared with third parties/affiliates for marketing/promotional purposes. All the above categories exclude text messaging originator opt-in data and consent; this information will not be shared with any third parties. It is for use in setting consultation only. We will call or email you to schedule. If you receive a text, you may OPT OUT by replying STOP back to 215.790.1095"

Consent Checkbox

Peter Klenk is the founding member of Klenk Law, a seven attorney boutique estate planning law firm. We serve clients in Pennsylvania, New Jersey, New York, Minnesota and Florida. Peter Klenk received his Masters in Taxation LL.M. from NYU Law School and his J.D. from the University of Minnesota Law School. He served his country in the Navy JAGC during Desert Storm. Easy to talk to, feel free to call Peter for an appointment. We will make the process as easy as possible!

Free Consultation

"*" indicates required fields

This field is for validation purposes and should be left unchanged.

By entering your phone number, you agree to receive a call or text from Klenk Law at the number provided strictly to coordinate your consultation and/or confirm your appointment. Message and data rates may apply. Reply STOP to unsubscribe or HELP for help. *See our Privacy Statement + Terms of Service below.

PRIVACY STATEMENT

"No mobile information will be shared with third parties/affiliates for marketing/promotional purposes. All the above categories exclude text messaging originator opt-in data and consent; this information will not be shared with any third parties. It is for use in setting consultation only. We will call or email you to schedule. If you receive a text, you may OPT OUT by replying STOP back to 215.790.1095"

Consent Checkbox

Client Review

"I worked for Peter Klenk for 4 wonderful years. I can’t speak highly enough of everyone at the firm. Everyone truly cares about their clients and has a strong sense of responsibility to get things done right. I would highly recommend Klenk Law!"
Flora Novick
Client Review

Areas Served:

Philadelphia PA, Allentown PA, King of Prussia PA, Montgomery County PA, Bucks County PA, Doylestown PA, Jenkintown PA, Marlton NJ, Moorestown NJ

What Our clients are saying

Klenk Law Logo
Stars

Lu Han

I have worked with three different attorneys and law firms over the years, and I can confidently say that attorney Peter Klenk stands out as the most knowledgeable. He created the most thorough wills and trust documents I've ever had. Mr. Klenk took the time to gather all the necessary details about my current situation and goals. As a result, he put together comprehensive documents that I believe will effectively protect my assets and ensure my children's inheritance is secure.
What truly sets Mr. Klenk apart is his patience and dedication to understanding my questions. He provided detailed explanations that made complex legal concepts much easier to grasp. His team's communication and scheduling were equally impressive, making the entire process smooth and stress-free.
Thank you, Mr. Klenk, and your fantastic team, for your exceptional service!

Klenk Law Logo
Stars

Bernadette Cucinotti

It's our first time doing business with Klenk Law and it was absolutely very positive. All interactions were timely and very professional. Peter and all of his staff put us at ease when making our estate plans and answered any questions thoroughly. We would highly recommend.

Klenk Law Logo
Stars

Jacob Lenton

Jackie M. at Klenk Law is dynamite.!! She is certainly an asset to this firm. Knowledgeable, personable, and dedicated to her craft.

Klenk Law Logo
Stars

Dave Wong

Very easy to deal with. Like the fact they are focused on estate planning and their expertise in this area shows. Peter and staff were helpful and easy to communicate with.

Klenk Law Logo
Stars

Matthew Wentz

My experience with Klenk Law was nothing shy of amazing. I had done some quick research when searching for an estate attorney and was immediately drawn to Klenk Law being a veteran owned business and due to their support for veterans, first responders, and teachers . Every member of their staff was knowledgeable and patient through every step of the process and with all of my questions. They were honest and transparent with pricing and expectations. They were very timely with communications and kept me in the loop throughout the process. I will definitely recommend Klenk Law to friends and family.

Let us put our expertise to work for you.

Free consultation within 24 hours.

Phone Ringing CALL US
Write Us WRITE TO US