today on north carolina law tv, david daggett,injury and disability lawyer from daggett shuler law out of winston, salem talks tous about life insurance. so what happens is many times family or lovedones donâ€™t even know if or what policies exist. you hear all the time about a husbandor a wife having a life insurance policy that they put away toward their entire life andnever even told family members is for example if something happens while you're on a tripand you bought for the tickets to the trip on your credit card there may be some deathbenefits there. thatâ€™s all next on this episode of northcarolina law tv. life insurance is one of those necessary evilsin life. itâ€™s not fun to think about, itâ€™s
not fun to research and setup, and especiallynot fun to pay your annual premiums. but in the event of you or your spouseâ€™s unexpecteddeath the life insurance policy can really be a saving grace. and yet every year millionsof dollars of life insurance claim go uncollected oftentimes this is because beneficiaries areunaware of the policies. additionally, many companies donâ€™t go out of their way to trackdown beneficiaries after a policy holder dies. david daggett is here today to answer somecommon questions about life insurance and to explain how to find out if you are thebeneficiary of any unclaimed policies. david, thank you for your time today. thanks for having me on.
iâ€™m glad that you're here. following thedeath of a loved one, when is the right time to deal with an existing life insurance policy? well, the time to deal with a life insurancepolicy is as soon as possible. now, after the death there's obviously the emotions andthings to be taken care of but on the business side of things you need to take care of yourlife insurance policies to make sure you get those benefit proceeds that you're entitledto to take care of yourself and to take care of your family. thatâ€™s reason it's there.in fact many life insurance policies a big reason for having it is just so that you havemoney to pay for the arrangements for the funeral and that sort of thing following thedeath.
so you might need it immediately as well oryou might be able to use it immediately. exactly, exactly. so what happens is manytimes family or loved ones donâ€™t even know if or what policies exist. so the questionis, is what do you do to find out? and what you do is, number one, go through all the importantpapers all of us have some place that we keep our important papers some may be more scatteredthan others but we have our important papers. go through those important papers. you hearall the time about a husband or a wife having a life insurance policy that theyâ€™ve putaway toward their entire life and never even told family members. they were doing it becauseout of their own diligence and prudence they wanted to make sure everything was protectedif something happen to them but they may not
know where those papers were. so look throughimportant papers. the other thing is to contact the human resourcesdepartment of the deceasedâ€™s employer. because many people have life insurance through theirwork or as an employee benefit, okay? so there's those areas and then there's some interestingareas that, and this is the reason why you need to talk with somebody who knows whatthey're doing, is for example if something happens while you're on a trip and you boughtyour tickets for the trip on your credit card there may be some death benefits there.so there's various areas where there could be death benefits available to you in thatsort of situation. the unfortunate thing is that many times those benefits go completelyunprotected and yet you have children who
need to go to school and everyday needs andthose sort of things and you canâ€™t provide for them. so getting those benefits and beingaware of them is very, very important. so thatâ€™s helpful to know some places tolook for you gave some good examples there of places to look for something that normallypeople wouldnâ€™t think about. normally wouldnâ€™t think about. the otherthing you have and i donâ€™t mean to be stereotypical but you have the little old lady whose spousedies and sometimes they get a little push back or resistance on the claim and they giveup too fast. okay? so if you have questions about a possible claim or a policy you needto talk to somebody who knows a little bit more about that, knows how to pursue thoseclaims, and knows how to recover on them.
so, itâ€™s not only looking to see whatâ€™sout there and whatâ€™s available and what someone has been contributing towards to take careof their family but also just navigating that working with policyâ€¦ navigating is a good word. yeah. because sometimes it becomes very difficultto just go through the claims processing and many times people go through the processingand say, well that insurance policy lapsed or a premium was missed or this or that andpeople give up. lots of times there is still a way to be successful on those and thosemay be benefits that you're entitled to.
right, that you are andâ€¦ so experienced competent help from somebodythat has handled a lot of those claims in the past may be able to help you navigatethat system and recover the benefits you're actually entitled to. that has been contributed to so that you wouldhave those benefits. absolutely, absolutely. thatâ€™s somethingyou paid for on top of those benefits. right. and itâ€™s a time when you're dealingwith other, you know, you're dealing with other emotions and just that loss and so havingsomeone there beside, you know, working with you to figure out how to find these and getthe benefits.
yeah. what happens is because of the emotionsof the situation it takes your eye off the ball of taking care of the business aspects.so you need a third-party involved, a lawyer, to help you pursue that and make sure you'reproperly taken care of. thatâ€™s really good to understand. thanksso much for coming and sharing with us about that. is there anything else that we shouldknow about life insurance policies before we go? yeah. in dealing with life insurance policiesyou just need to know that you do have rights and you need to know where to look and whoto talk to to make sure you're protected in that situation.
well, thank you so much for spending the timewith us today and sharing this information with us. if you or someone you know has questions asto if a deceased family member has an unclaimed life insurance policy, you can call davidâ€™soffice at (336) 724-1234. until next time, this is nancy hollett for north carolina lawtv.