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The Importance of having a Back-Up Plan

August 1st, 2017
The Importance of having a Back-Up Plan

Some people believe they have taken adequate steps toward planning for the future and only realize that they should have had a back-up plan when it is too late. One 90-year-old man in New Jersey has learned this the hard way after his long-term care insurance policy was canceled and the company is refusing to reinstate it.

The policyholder had been paying the policy on time for 18 years and had contributed over $75,000 to the policy. Shortly after his wife passed away, he suffered a fall and while he was recovering from his injuries, he missed one payment. The company swiftly canceled the policy and despite numerous appeals, the insurer has refused to reinstate the policy because he has not shown that he was diagnosed with any type of cognitive impairment that would excuse a missed payment. While the man is still trying to get his policy back, for now, it seems he has no coverage should he become unable to take care of himself.

While having a plan in case you become incapacitated is important, every comprehensive estate plan should also include a back-up plan should something go wrong. In order to make sure you and your family are adequately protected, you should always consult with a legal professional who can advise you of all of your future planning options. At Bowne Barry & Barry, we can help you obtain life insurance policies, set up powers of attorney, and take other steps to ensure that your affairs are properly managed and that you are properly cared for in the event you become temporarily or permanently unable to take care of yourself.

It is important to remember that estate plans are not only for settling your affairs after you pass away but should also address what happens in the event of a serious illness or injury. If you become unable to make decisions or manage your affairs and you do not have the proper documents in place, your family may have to go to court to have someone appointed to make decisions. Having an estate plan that designates what happens and provides financial coverage for your care can save everyone a significant amount of time and money.

Call 732 238-8686 today for more information.

At the law office of Bowne Barry & Barry, we can help you establish a comprehensive estate plan to protect your interests and those of your family. If you would like to discuss how we can assist you, please do not wait to contact our office today.