It’s not something we like to think about, but one in 17 children lose a parent by the time they reach the age of 18. Is your family prepared for that? To make sure the people you love don’t struggle financially, you should consider taking out life insurance.
Dayforward provides just that, but not how you normally think of life insurance. Instead of one big payout, your family will keep getting your paycheck amount until your kids are grown up. In short, Dayforward protects your income, should the unthinkable happen to you. Keep reading for everything you need to know about Dayforward.
Dayforward is an innovative type of life insurance. Instead of the typical term life insurance where you choose one payout amount, Dayforward beneficiaries are paid out twice a month in the amount that matches your salary. This coverage lasts until your beneficiaries reach adulthood. Plus, there’s a $10,000 payout for funeral expenses.
How much income can Dayforward protect? Check the table below:
|Minimum protection||$12,000 in income per year|
|Maximum protection||Total amount of income you make|
|Currently unemployed||Total amount of income you made before becoming unemployed|
|No income (ie: stay-at-home parent)||Up to half of your total household income|
Dayforward coverage is flexible: your Income Protection can change as your income changes, and your coverage can extend if you have more children. They’ll tell you how much it will cost to expand your coverage at the onset, when they recommend a policy for you.
You can apply for Dayforward life insurance online and get covered within 10 minutes. If you don’t qualify for instant coverage (those with high incomes), Dayforward may require additional information before approval (more on that below).
Applying For Dayforward Life Insurance
To apply for Dayforward life insurance, begin by answering a few questions online about you, your health and your lifestyle. They’ll ask you for your income, if you have children, and the age of your youngest child. The provider will use this information to recommend a personalized policy and price.
Most people can checkout and purchase the policy online. Others might require a medical test before approval. If so, Dayforward will send you a home test kit and will walk you through the process via Zoom. If they can’t cover you, Dayforward will recommend a policy from a partner provider.
Dayforward charges a $5 monthly subscription fee, plus a cost for every $1,000 of income they protect. That cost depends on how risky it is to insure you. Your premium will never change, unless you decide to get additional coverage or you extend your policy length. Overall, the company claims that their pricing is affordable.
Dayforward does a better job of protecting families than the standard life insurance policy. Rather than estimating how much money your family will need to stay financially secure should you pass away, Dayforward simply replaces your lost income.
Unfortunately, however, Dayforward is only available to Arizona, Texas, and Utah residents at the moment. If you live in another state, you’ll have to consider another provider or wait until Dayforward expands their coverage to your area.
Fabric offers both life insurance and wills. Fabric wills are free, and you can easily create one online in just five minutes.
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