A recent study conducted by Princeton Survey Research Associates International found that only 42% of adults in the United States possess pivotal estate planning tools such as a will or living trust. Shockingly, that percentage decreases to a paltry 36% among adults with children under 18 years of age. The study’s findings reaffirm the fact that a large majority of Americans are inadequately prepared for tragedies.
A company called Tomorrow recently launched an app of the same name that attempts to address this very dilemma. The app, which debuted on July 24, helps users construct a last will and testament as well as a revocable living trust for free. The documents are legally compliant in every state except for Alaska, Louisiana and North Carolina. Although the app is currently only available in the Apple App Store, the firm announced an Android version is coming soon, and interested users can sign up for an email alert for when the app becomes available in the Google Play store.
Tomorrow App Home Screen and Navigation Menu
What makes the Tomorrow app unique, however, is that it leverages a holistic understanding of the user’s family and financial situation necessary to construct an estate plan to recommend term life insurance coverage. No firms in the Corporate Insight Life Insurance Monitor coverage group attempt to merge estate planning and life insurance in this manner. Based on the estimated coverage amount, the app educates users on their coverage gap and generates term quotes from nine different life insurance providers. Users can refine their quotes through a calculator embedded in the app that takes into account current expenses, income replacement, college costs and current assets.
The process is straightforward and intuitive, and the app features a wealth of educational resources that include FAQs, a glossary, walkthrough videos and informational blog posts. Further, the app pre-fills forms after users complete the initial personal information sections. When users select executors or guardians, they can automatically notify them through text or email. The app also helps users identify assets: they can photograph items such as their cars or houses to record them in the app.
Tomorrow App Insurance Screens
Tomorrow is a licensed insurance broker in all 50 states. The life insurance coverage is optional and does not affect users’ ability to use the app for only a will or trust.
Tomorrow represents a new concept for the life insurance industry and seems poised to tap into traditionally underserved markets like millennials, 78% of whom do not have a will. Further, LIRMA estimates that 50% of all millennial households would struggle to pay their bills without their primary wage earner, making life insurance a particularly valuable purchase. The app’s social features and the speed at which it crafts legal documents directly appeal to this demographic.