Dayforward offers term life insurance policies that provide income protection for families until their children reach financial independence. By ensuring that beneficiaries receive a consistent income replacement, the platform addresses the financial instability families face in the event of a policyholder's death.
Funding
$45M raised to dateRaised to date based on public sources. This may differ from the amount the company actually raised and is based only on what is publicly available on the internet.
AVFounders
Product
Problem
Traditional term life insurance often provides a lump-sum payout, which may not effectively replace a family's lost income stream if the policyholder passes away. Families may struggle to manage a large sum of money, potentially leading to financial instability despite the insurance coverage.
Solution
Dayforward offers term life insurance policies designed to provide consistent income replacement for families until their children reach financial independence. Instead of a lump sum, the policy ensures beneficiaries receive regular payments mirroring the policyholder's income, helping maintain their standard of living. The platform provides personalized coverage options and fast approvals, with policies reinsured by Munich Re. Customers can adjust their coverage with pre-set pricing if their income increases or they have a new child.
Target Audience
The primary target audience is families with children, particularly those aged 18-50, who want to ensure their loved ones' financial security and maintain their current lifestyle in the event of the policyholder's death.
Features
- Income Protection: Policies structured to replace the insured's income stream until children reach a specified age (18, 21, or 26).
- Online Application: Streamlined online application process with fast decisions, often within minutes or a day.
- Flexible Coverage: Ability to adjust coverage amounts and term lengths to fit individual family needs.
- Reinsured Policies: All policies are reinsured by Munich Re (A+ rating from A.M. Best).
- Income Increase Rider: Option to increase coverage amounts with pre-set pricing.
- Child Extension Rider: Option to extend coverage if the policyholder has a new child.
- No Medical Exam: Most applicants do not require a medical exam.