Fabric Review 2024: Life Insurance Designed For Young Families

Amanda HesterJanuary 7, 2024

Fabric sells term life insurance and accidental death insurance while making the process of obtaining insurance easier by offering a completely online application. It is available 24/7 and uses an algorithm to speed up the underwriting process. Qualified applicants get approved instantly without a medical exam.

Overall rating

Reviews

Features

HQ	20 Jay Street, Suite 438, New York, NY 11201, United States
Policy	Term Life Insurance
Coverage	$100,000 – $5,000,000
Term Length	10, 15, 20, 25, 30 years
Medical Exam	Required in some cases
Issue Age	21 – 60 years
Restricted States	Not available in CA, NY, SD, ND, SC

In depth review on Fabric

Policies are issued by Vantis Life, a subsidiary of Penn Mutual Life insurance, which was established in 1847.

Fabric offers its services online and through its mobile app. It is accredited with the Better Business Bureau with a grade of A+ and offers accelerated underwriting for applicants who qualify, meaning that you could be approved in minutes after applying without going through a medical exam.

You can use the Fabric mobile app to create a will, open a savings account, or create a 529 college savings plan for free. It can help you and your partner or spouse sync finances and allows you to directly share your term life insurance policy details with your beneficiary.

Fabric provides custom estimates based on your age, gender, location, and health factors. Your family history and lifestyle risks also affect the cost of insurance coverage. The final cost of the policy may be higher or lower once a detailed application is submitted, and you can adjust your coverage level and term length before purchasing without having to go through the application process again.

Fabric is best for

• Healthy individuals: Once Fabric receives your application, an algorithm determines if you qualify. If approved, no medical exam is needed, and you are covered once the payment is received. Even if the algorithm doesn’t accelerate you automatically, staff members will look at your application to see if you can skip the health exam. Fabric, however, requires medical exams for policies of more than $1 million and for people in certain health categories.
• Convenience with an online application: You can fill out your application online and might get approval to make a purchase in approximately 10 minutes, without needing to speak to anyone. 
• Creating free wills: Fabric also provides an easy way to create free wills online within about 5 minutes and shows you how to make it legally binding. In other words, Fabric takes a holistic approach to your family’s future. 

Fabric benefits

• User-friendly website and app: Fabric’s website and app employ an intuitive design that eliminates clutter and confusion, making it convenient and easy to use.
• Free financial tools: The Fabric app offers a variety of helpful tools, including tools to create a will and sync family financials, whether or not you are Fabric’s client.
• 1% of death benefit donated to a charity: This will be donated to a charity at no additional cost to the policyholder.
• Grace period: Fabric offers a 30-day grace period if your monthly payments fail. Your coverage will automatically continue as long as you pay before the end of the grace period, giving you plenty of time to update payment status.

Fabric drawbacks

• Limited-term length: The term life insurance is limited to a maximum of 30 years and does not provide whole life insurance.

Policy application

5

You can apply for a policy and manage your account through Fabric’s website or mobile app. Application for the term life insurance involves filling out medical questions for approval. Some applicants may, however, also need to take a life insurance medical exam.

Fabric uses an algorithm to quickly read through your application input to determine if you qualify.  Once you complete the application, you are either approved, or sent for underwriting consideration.  If an underwriter determines you may qualify, they may or may not request a medical exam.  Once that’s completed, and they have time to review, they will either approve or decline the application.  You have 60 days from the time of the offer to purchase or decline.

Fees, coverage, and policies

4

Fabric’s last will and testament services are free. 

Term life insurance: These policies are available for 10,15 and 20, 25, 30 years with coverage from $100,000 to $5,000,000. The length of coverage varies by state, and the policy expires when the term does. This policy is suitable for temporary needs like paying off a mortgage or student loan.

Fabric will match 1% of the term policy’s death benefit coverage and donate it to charity.

Term life insurance has very few exclusions to its coverage. The only scenarios in which your beneficiaries wouldn’t be paid, assuming you die during the policy term, are:

• If you commit suicide during the first two years of coverage
• If any of the information in your application was false or incomplete

You can pay your premium via a credit or debit card. You can set it up once and autopay will ensure you are always covered as long as you keep the card details up to date.

To receive a quote, please visit their website.

Riders

3.5

Accelerated death benefit rider	N/A
Accidental death benefit rider	Accidental death insurance is available.
Child rider	N/A
Critical Illness rider	N/a
Cost of living adjustment (COLA) rider	N/A
Disability income rider	N/A
Guaranteed insurability rider	N/A
Long-term care (LTC) rider	N/A
Return of premium (ROP) rider	N/A
Term conversion rider	Term life policies have the option to convert to permanent ones
Waiver of premium rider	N/A

Claim support 

5

Beneficiaries can file a claim to receive the death benefit once death has occurred. Fabric requires the beneficiaries to provide proof of loss, which is usually a death certificate.

The claim is then filed with Vantis Life Insurance Company, who will determine if an investigation is needed and request any additional information from your beneficiaries. After the claim is reviewed and determined to be in good order, your beneficiaries should receive payment quickly.

As long as your policy covers your death, the beneficiaries will receive the death benefit. In most cases, Vantis will process payment soon after receiving a qualifying claim.

Customer service

5

You can easily start a conversation with Fabric’s customer service team from the website by clicking on the support option. No phone number is provided. Instead, all communications are via email. Fabric is online-first, but it has a customer service team of agents who receive outstanding reviews for their prompt and professional advice.

Safe and secure

5

Fabric uses a variety of methods to secure its network, software, and applications. Their employees maintain organizational security measures designed to keep your data safe. Fabric also has comprehensive data retention and business continuity plans.

Fabric is built with bank-level security, including adaptive security to assess risk, 256-bit encryption, two-factor authentication, and automatic lockout.

Is Fabric right for you?

If you are looking for a term life policy, with the potential for immediate coverage and easy online financial management, Fabric may be right for you. It may also be a good fit for new parents and young families who are in great health and want to make sure their children are taken care of in case of an unfortunate event.