When you’re young, it may seem like not having life insurance isn’t a big deal, but it is. When you start settling down, get a mortgage, have kids and all that good stuff, you want to make sure your loved ones are taken care of in case anything happens to you so they can keep up with all the financial responsibilities in life.
It’s big business. Over 60% of Americans have some form of life insurance. But how do you know what kind of life insurance to get? And from who?
That’s where Fabric comes in. Trust us, you’re going to want to keep reading.
Fabric: An Overview
Fabric is a life insurance startup that launched in March of 2017. Fabric sells term life insurance policies online. Their policies are offered nationwide, except in Montana, New York and California.
Fabric currently offers policies up to $5 million in coverage. Best of all, everything is streamlined via website or app, which you can access from your mobile device. In addition to offering term life insurance, Fabric also offers a free will-writing tool directly on their website.
Fabric’s life insurance policies are issued by the Vantis Life Insurance Company, which has an “A+ Superior” rating from AM Best. Overall, the company keeps the process of buying life insurance as modern and as simple as possible. It’s so simple that you could go from click to covered in less than 10 minutes, if qualified.
Insurance Options offered by Fabric
As mentioned, Fabric sells straight forward term life insurance.
Fabric’s term life offering is available for the term lengths of 10, 15, or 20 years. You can apply for coverage amounts starting at $100,000 and increase in increments of $50,000, up to $5M. You can complete their online application in about 10 minutes and, if you qualify, you may receive an offer right away, without any additional requirements or a medical exam.
If Fabric can’t make a final decision right away, your application will go through a more traditional underwriting process, which can include answering follow-up questions, a review of medical records, and in some cases, a no-cost health exam. Applications for over $1M in coverage will require a health exam.
The policies offered by Fabric have incredibly competitive rates but they do not offer extensive policy term lengths in comparison with other online life insurance offerings. Your term life policy cannot exceed the 20 year maximum with Fabric.
How Can Fabric Benefit Me?
Fabric sells straightforward and affordable term life insurance policies that could help protect your family against the worst case scenario. The process of applying for and (if qualified) purchasing those policies is also simple. To get started, take the quiz to their website or download the mobile app. From there, you may be able to complete the online application in about 10 minutes.No agent meetings required.
You could get instant approval and it’s easy to find a policy suitable for you and your lifestyle. One more feature to keep in mind is that the policies offered by Fabric can be converted to a whole life policy if you decide you need permanent coverage. To make life easier, your payments are linked via a debit or credit card for automated monthly payments.
Life insurance shouldn’t be an optional affair. By the time you’re in your mid-twenties, it’s time to start considering who in your life may become a dependent—planned or unplanned. Whether it’s a child, a partner, or a family member, having a financial backup plan to take care of them is essential.
Your potential life insurance policy may cost you less than a latte a day. However, unlike that latte, we think that life insurance is essential. Get your life insurance quote now, and have less to worry about later.
Fabric offers term life insurance policies (Form ICC16-VLT, ICC16-VLT19, and CMP 0501 with state variations where applicable) issued by Vantis Life Insurance Company (Vantis Life), Windsor, CT (all states except NY), and by Vantis Life Insurance Company of New York, Brewster, NY (NY only). Coverage may not be available in all states. Issuance of coverage for term life insurance is subject to underwriting review and approval. Please see a copy of the policy for the full terms, conditions and exclusions. Policy obligations are the sole responsibility of Vantis Life.