The Best Decision A New Parent Can Make: Life Insurance

The following post was written and/or published as a collaboration between Benzinga’s in-house sponsored content team and a financial partner of Benzinga.

Whether it’s your first time or you’re a veteran to parenthood, there’s nothing more important than protecting your child as soon as they’re born. But what are you doing to make sure their future is financially secure? Savings and a college fund are great, but we have a not-so-secret secret for you… life insurance is the best decision and here’s why. 

If you don’t have a life insurance policy, you’re missing out on one of the best ways to make sure that your kids will be protected if the unthinkable were to happen! Life insurance can give you peace of mind that your family will be able to continue paying the bills to keep a roof over their heads, and provide for milestones your children will get to even if you’re not around anymore. 

Being a new parent is all-consuming (and we’re aware death may not be your favorite topic) but if you’re worried about taking the time to get your life insurance policy in order, we have good news! Applying for life insurance is now easier than it used to be, because trust us, we know it was not a walk-in-the-park before. 

Dayforward is a new life insurance company that gives you a faster way to get approved for a policy at a coverage amount and price that’s right for you. Unlike most companies, they offer a different way to protect your family with life insurance that protects your income. Built by modern parents for modern parents, they understand how to make protecting your family easier, faster, and more convenient. If that didn’t convince you, here are a few more reasons to consider life insurance today: 

Length of Protection 

Term life insurance is a great option for new parents, as it offers protection for a number of years, typically in increments of 10 years (so 10, 20 or 30 year terms), but some companies provide more flexible term lengths. For example, Dayforward lets you choose term lengths between 10-27 years and generally recommends a coverage length until you believe your youngest child will be financially independent (at age 18, 21, or even 26). 

Fully-digital application process 

It’s easier than ever to apply as the industry has finally entered the 21st-century with quick price tools that can get you an estimate in seconds, online applications, faster approvals, and great rates. 

Financial security 

Life insurance can help fill in financial gaps to help with debt, educational expenses, mortgages, funeral costs, and daily living expenses if a parent or guardian passes away. 

Primary Caretaker Coverage

According to data from salary.com, a stay-at-home parent would make approximately $162,000 a year if they were compensated for their time. So if that parent passes away, some life insurance policies can help replace essential labor like childcare. For example, a unique feature that Dayforward offers is that they can also replace up to half of the household income of a primary caretaker who doesn’t earn a traditional salary. 

Flexible policy 

Inflexible policies are out. With Dayforward, you don’t have to play guessing games about the future because you’re protecting the income your family is already used to! Check out flexible policies that can change as your life does because your life shouldn’t have to fit into what your policy says. 

Needles? No thanks. 

With some modern life insurance companies, many people don’t need to take a medical exam. But if one’s required, a place like Dayforward can send a qualified examiner directly to your home or office! Does it get any easier than that? 

Remember, the sooner you apply, the sooner you can be protected (and get back to what matters, like diaper duty).

See also: BEST TERM LIFE INSURANCE

The preceding post was written and/or published as a collaboration between Benzinga’s in-house sponsored content team and a financial partner of Benzinga. Although the piece is not and should not be construed as editorial content, the sponsored content team works to ensure that any and all information contained within is true and accurate to the best of their knowledge and research. This content is for informational purposes only and not intended to be investing advice.