Fabric
Founded in 2015, Fabric has created an easier way for people to get life insurance. The online application only takes about 10 minutes to complete, and coverage options span the spectrum from $100k all the way up to $5M. Fabric offers term life insurance policies backed by antis, part of the reputable Penn Mutual Company and qualified applicants can skip the medical exam.
But what really makes Fabric unique is its additional services that offered alongside your life insurance to help get your affairs in order and keep things nice and organized. Things like estate planning, creating your will, and organizing your finances with tools that Fabric offers for free. And once you’ve started using them, you’ll be glad they did.
Fabric Services & Terms
| Policy types | Term life insurance |
| Coverage amount | $100,000 – $5,000,000 |
| Terms | 10 – 20 years |
| Life Insurance Rating |
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| Good for | Busy parents, wide range of coverage amounts and options |
Who is Fabric Good For?
Fabric was designed for parents and others who are looking to support their family or take care of their expenses after they’re gone. It’s also a very good option for anyone who hasn’t really taken the time to create a will, arrange their finances, and ensure that their affairs are in order.
- Large death benefits
- Finance management
- Will creation
- Easy mobile or web app management
- Term life insurance
Features
- Multiple policy options
- High coverage limits
- Online application
- Possibility for no medical exam
- Option to convert term to whole
- Will creation tool included
- Finance management included in their app
- Great mobile app
- Trusted insurance company backing
- Short, 10-year term policies available
Fabric video
Application Process
Fabric has an online application process , which makes it easier to apply. Here’s how that works:
- To begin the application process, just visit the Fabric website on your mobile device or computer. You can also download the app. Then, you’ll have to fill out the application form.
- This first step will ask you a series of basic questions, like whether you have kids younger than 18, if you have a mortgage, and if you have any debts.
- Fabric will recommend if you need life insurance or a will based on your answers.
- Next, you’ll need to answer a more detailed questionnaire that asks specific questions about your policy, your health, and your lifestyle, like where do you live, have you piloted an aircraft recently, and do you participate in extreme sports like heli-skiing. There’s a convenient progress bar at the top that tells you how much longer you’ve got to complete the application. There are a lot of health questions, so be prepared to spend several minutes on this second step.
- E-sign the application, and wait for Fabric to be in touch. This might be right away, there might be an automatic offer on the website, or you may need to wait for an underwriter to contact you.
If Fabric decides it’s necessary, you’ll be contacted for more detailed information. If a medical exam is required:
- You’ll receive a phone call or email to set up the medical exam. Fabric manages this step of the process really well, offering flexible time slots (even at odd hours of the day or night), and they’ll even send the examiner straight to your home so that you don’t have to leave the house.
- A medical professional will ask you some questions about your medical history, take your blood pressure, and may require a blood sample.
- Fabric will review your files and if you qualify, send you an offer based on your results.
Policy Types, Terms & Requirements
Fabric sells term life insurance policies that range from 10, 15, and 20-year options. You can also choose the amount of coverage you want, starting from $100,000. Fabric has an incredibly high max coverage amount, $5 million. So, there’s a lot of flexibility within these term insurance policies to cover most people’s needs.
In addition, Fabric term insurance policies can be converted to whole life insurance policies without having to go through another detailed application process.
Premiums range depending on a number of factors, including your age, gender, lifestyle, coverage amount, and term length. So, it’s tough to provide an estimate of how much Fabric costs.
Life Insurance Requirements
To apply for term life insurance from Fabric, you’ll need the following items:
- Details about your personal situation and health
- Driver’s license number (if you have one)
- Your social security number
Life insurance Terms
- 10 years
- 15 years
- 20 years
- Term life insurance
Privacy & Security
Fabric’s life insurance policies are all issued by Vantis Life, a Penn Mutual company. Penn Mutual is one of the largest life insurance policy providers in the country. It was established more than 150 years ago, and, like Vantis, and has a Superior A+ rating from AM Best. Information is all stored on secure servers and encrypted for security.
Customer Support
Fabric is a customer-centric business, which is why it’s surprising that it doesn’t have more customer support options. It does have the important one, live chat, which is good. Fabric also offers email support.
Support Hours:
9:00 AM EST to 6:00 PM EST
Monday through Friday
| Online application | Yes |
| Medical exam | Sometimes |
| Online exam results | No |
| Credit card payments | Yes |
| Policy delivery method | Online |
| Online policy management | Yes |
Final Thoughts
Fabric is disrupting the life insurance industry. With an easy online application, friendly customer support, and flexible policy options, Fabric makes it easier to apply for your policy, and is more approachable in general. Fabric also includes useful services within its app like will creation and financial management. Parents or others looking to take care of their family would do well to check out Fabric.
Address
Fabric
20 Jay St Ste. 438
Brooklyn, NY 11201
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