Best for term life insurance for parents
AT A GLANCE
- Quick application process
- Family focused policies
- No medical exam required for some term life applicants.
- Policies as low $10 per month
Overall PolicyReviews Rating
A+ BBB Rating
Average review rating 4.8/5 on TrustPilot
Bottom Line: Fabric is a life insurance company focused around the financial needs of parents by providing term life insurance. They also provide free tools and resources that help parents plan their financial future.
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Let’s talk about life insurance for a minute. We all know we need it. We all know we should set aside time to get it.
But somehow it gets pushed further and further to the bottom of our to-do lists.
Between kids and the hustle and bustle of everyday life, there’s no time left at the end of the day to sit down and figure this whole life insurance thing out.
But that stops today.
Thanks to insurance agencies like Fabric, it’s never been easier to get term life insurance online—in a matter of minutes.
Read on as we dive into everything you need to know about Fabric, so you can decide if it’s the right insurance company for you.
What Is Fabric Insurance?
Fabric is an insurance agency offering term life and accidental death insurance to tech-savvy families nationwide.
It simplifies the application process by offering straightforward policies you can purchase in less than 10 minutes.
Fabric got its start as a fintech company in New York in 2017.
When you buy a policy with Fabric, you can have peace of mind knowing it’s backed by the second-oldest mutual life insurance company in the nation (Penn Mutual has been in business since 1847).
How Does It Work?
Fabric takes a modern approach to life insurance.
It leverages technology to help you lock in a policy without ever having to pick up the phone.
It takes about 10 minutes to apply for insurance on Fabric’s website.
Once you submit your application, you’ll know instantly if you’re approved for coverage or need a medical exam first.
From there, you can personalize your insurance offer before you buy.
Fabric offers accidental death policies and term life insurance.
Accidental death policies range in coverage from $100,000 to $500,000.
Term life insurance comes in 10, 15 and 20-year terms with coverage ranging from $100,000 to $5 million.
Policies are available in every state except Montana.
What Types of Insurance Does Fabric Offer?
You can purchase two different tiers of insurance: Fabric Instant (accidental death) and Fabric Premium (term life insurance). Let’s take a look at each.
Fabric Instant is an accidental death policy only.
It’s guaranteed to be issued instantly and covers death related to:
Exclusions vary by state, but generally Fabric Instant does not cover death related to:
It also doesn’t cover accidental dismemberment or paralysis, which is unusual because most policies cover these scenarios.
Anyone between the ages of 25 and 50 can purchase Fabric Instant and keep it until age 60 (which is when it terminates).
This policy doesn’t have a term. Instead, you pay on a monthly basis and can cancel at any time.
Fabric Instant Pricing
The nice thing about accidental death insurance is that you pay a flat fee regardless of gender, age, or health.
The table below breaks down the current rates.
Price per month
Fabric Premium is a term life insurance policy.
It’s ideal if you want coverage for both accident and illness-related deaths.
You apply for Fabric Premium online just as you do for Fabric Instant.
Depending on your health, you could get a policy offer immediately.
Or, you may have to take a medical exam first.
If you live in Arkansas, California, Connecticut, Florida, New York, or Wyoming, there’s no getting out of the medical exam.
These states require full underwriting, so you’re required by law to take one.
Here’s how the policy works once you’re approved:
Let’s say you have a 20-year term life policy and you die before your policy ends.
If this happens, Fabric’s parent company, Vantis, sends your beneficiaries a lump-sum payment upon your death.
This money then goes on to help your loved ones replace your income, pay off debts, and cover funeral costs.
Generally, the only time your beneficiaries wouldn’t receive a payout is if:
- You commit suicide within the first two years of coverage
- You had misrepresented, false, or incorrect information on your application
One cool thing about Fabric Premium is that you can convert your term life insurance into whole life insurance through Vantis down the road.
Fabric Premium Pricing
Term life insurance policies are medically underwritten, so rates vary.
Here’s a look at how much you could expect to pay for a 20-year policy if you’re a healthy 35-year-old female living in Washington state.
- $15.38 for a $100,000 policy
- $21.43 for a $300,000 policy
- $25.40 for a $500,000 policy
*Rates are current as of April 2020.
Fabric offers five tiers of pricing based on your age, health, family history, and lifestyle.These tiers work on a sliding scale, so those who fall within the Ultra Select tier pay the least for insurance, while those in the Tobacco User tier pay the most.
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Note: If you live in New York or California, you can’t purchase Fabric Premium directly. Instead, you have to get Fabric Instant and then upgrade to Fabric Premium.
Who Is Fabric Best For?
Although anyone between the ages of 25 and 60 can purchase life insurance through Fabric, it was designed with parents and young families in mind.
If you have young kids and want an affordable way to protect them, Fabric life insurance is an excellent way to do that.
You can lock in an accidental death or term life insurance policy in minutes, and take advantage of other tools like a free will kit and a secure financial vault.
Plus, you have the flexibility to upgrade from Fabric Instant to Fabric Premium — or Fabric Premium to a whole life insurance policy — whenever you’re ready to increase coverage.
Plan like a parent.
Life insurance, wills, and tools to organize your family’s finances.
What Do Customers Say About Fabric?
As of April 2020, Fabric has a 4.8 out of 5-star rating on Trustpilot based on 1,450 reviews.
It has a rock-solid A+ rating with the Better Business Bureau (BBB) based on factors like number of complaints, financial stability and the size of the business.
As of April 2020, it has 0 customer complaints on the BBB.
Customers love how quick, easy, and painless it is to use Fabric.
Whether you’re opting for life insurance or a free will, you can expect the process to be simple and straightforward.
Customers also enjoy the live chat function on Fabric’s website.
Instead of having to pick up the phone to call someone, you can get assistance in real-time.
Fabric Insurance Features
Wondering what sets Fabric apart from the rest of the pack? Here are two extra perks you may enjoy:
It’s never been easier to create an online will with Fabric.
Designed with young families in mind, it only takes five minutes to whip up a document that protects your children if something were to happen to you or your spouse.
Here’s how it works:
- You carve five minutes out of your day to answer a few simple questions online (including appointing a guardian and beneficiary and putting your final arrangements in writing).
- After your will is complete, you follow a few simple steps outlined by Fabric to make it legally binding.
- You share it with your financial planner, attorney, loved ones, and whoever else needs access to it.
You don’t even have to have a Fabric insurance policy to create a will.
The company lets you create one for free without using any of its other products or services. Nice, right?
Fabric Vault is a safe, secure, and FREE way to share your financial accounts with a spouse or a trusted loved one — so you both know where everything is in the event of an emergency.
You can store a host of financial accounts, including your checking, savings, credit cards, mortgage, 401(k), IRA, and more.
The best part? Any insurance policies or wills you have through Fabric automatically show up in the Vault, so that’s one less thing you have to worry about.
If safety is your concern, you can have peace of mind knowing Fabric Vault uses 256-bit encryption to secure your data.
Plus, you have full control over who has access to your vault.
Pros & Cons
How to Get Started
You can buy a policy through Fabric’s website or mobile app.
These are the steps you’d take if you were applying for term life insurance (Fabric Premium) through the website:
Answer a few questions about your family status and debts and click Next.
Select your desired coverage amount, state or residency, age and click Next.
Follow the prompts to answer questions about your lifestyle, health, work, existing life insurance policies, and personal information.
Submit your application and see if you need to do any next steps (such as a medical exam).
What Information Do I Need To Apply?
Fabric will ask for the following information when you apply for a policy online:
Name, birthdate, address, and phone number
Social Security number
Government-issued photo ID number
Existing insurance policies
Risky activities you take part in
Payment information once approved
When Does Coverage Start?
Coverage starts as soon as your application is approved and you make your first payment.
For Fabric Instant, coverage starts immediately as every policy is guaranteed.
But for Fabric Premium, the approval process varies from person to person.
Some may receive an instant insurance offer, which enables them to start their policy immediately.
Others may need to get a medical exam or answer additional questions before coverage can begin.
If this is the case, expect it to take anywhere from a few days to a couple of weeks to get coverage.
How Do I File A Claim With Fabric?
If the policyholder dies, you can kick off the claims process by sending a message to the Fabric support team.
They’ll walk you through the process and explain how to fill out the initial death claim notification.
Once that’s complete, Fabric’s parent company, Vantis Life Insurance Company, steps in to complete the process.
They contact you if they need additional information and send you a set of claims forms to fill out and return by email or US mail.
Once you turn in all the paperwork, you should receive your payment within a few business days.
Fabric states that you should file all claims within 20 days of the policyholder’s death, or as soon as reasonably possible.
Fabric is a one-stop-shop for young parents looking to protect your family’s financial future.
It offers accidental death policies, term life insurance, free wills, and a secure storage vault for financial accounts.
Its tech-forward interface makes it easy to shop around for a policy and lock in coverage in a matter of minutes.
Plus, it’s backed by the financial stability and trust of Penn Mutual — a company that’s been in business for almost 200 years.
We recommend hopping on Fabric’s website and getting a quote.
If you feel like the price, coverage, and terms are what you’re looking for, give it a go and let us know what you think.
Have questions about Fabric we didn’t answer?
Drop them in the comments below.
- Quick online application process
- No medical exam required from some applicants
- Offers accidental death & term life insurance
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Fabric is a life insurance company focused around the financial needs of parents by providing term life insurance. They also provide free tools and resources that help parents plan their financial future.