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.
Summary: Fabric offers a straightforward and quick application to help get life insurance coverage. If you’re a healthy individual and just entered parenthood, this simple term life insurance could be beneficial to you.
Fees, Coverage & Policies
Sae & Secure
|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 years|
|Medical Exam||Required in some cases|
|Issue Age||21 – 60 years|
|Restricted States||Term life insurance is not available in Montana or New York.|
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.
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.
Fabric’s last will and testament services are free.
Term life insurance: These policies are available for 10,15 and 20 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:
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.
The average premium payable according to age, a healthy individual, a 15-year policy, and $250,000 coverage is as follows:
|21 – 24||$17.13||$18.26|
|25 – 29||$17.13 – $17.30||$18.26 – $18.45|
|30 – 34||$17.34 – $17.51||$18.49 – $18.68|
|35 – 39||$17.55 – $21.45||$18.72 – $23.10|
|40 – 44||$22.42 – $26.31||$24.19 – $28.57|
|45 – 49||$27.28 – $36.34||$29.66 – $41.81|
|50 – 54||$38.60 – $47.65||$44.84 – $56.99|
|55 – 59||$49.92 – $82.48||$60.02 – $110.94|
|Accelerated death benefit rider||N/A|
|Accidental death benefit rider||Accidental death insurance is available.|
|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|
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 a 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.
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.
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.
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.