Getting life insurance used to be a time-consuming and tiresome process, but there are now sites that specialize in offering term life insurance online with a quick and easy application process.
In this review, we’ll be taking a look at one of the companies that are making the process simple and affordable, Fabric.
We’ll explore their platform, look at what they have to offer, and explore whether their offerings are a good fit for most people.
- Term life insurance offer in less than 10 minutes.
- Great for young families and professionals.
- No need for medical exam in most cases.
- Quick online process.
Fabric is a digital life insurance company that has been operating since 2015. It is online first, so applicants can apply online in less than ten minutes without any need to visit an office. Many Fabric.com reviews highlight the speed and professionalism of this company, but they also offer competitive rates, particularly when compared to insurers that focus mainly on life insurance.
Despite only operating for just over five years, Fabric Insurance has an A+ rating with the Better Business Bureau, and a 4.8 out of 5 star score with Trustpilot.
The company aims to make signing up for insurance straightforward and quick.
You can apply on the Fabric website or using the Fabric app. This makes it easy to arrange your coverage and manage your account without needing to visit an insurance office or wait on hold on a phone line.
Click the button below to apply on the device of your choice.
Fabric Life Coverage Options
Fabric offers several life insurance options, which are similar to what you would find with conventional insurers. These include:
The Fabric term life insurance is available for 10, 15, or 20-year policies, offering coverage up to $5 million. However, in some states, the only option is a 20-year term.
The application process for this coverage requires a medical questionnaire, but you may need to take a medical exam in some cases.
What makes Fabric stand apart from the competition is that the company will match one percent of the policy’s death benefit and donate it to the policyholder’s choice of charity.
You can also convert a term life policy into whole life coverage without a medical exam.
This coverage is available for those age 25 to 50 with no medical exam or health questions. You can choose your coverage level of $100,000, $250,000 or $500,00. The coverage only pays out if the insured person dies due to an accident rather than any other cause, such as an illness.
Fabric accidental death coverage is not available in Colorado, Montana, Massachusetts, North Dakota, New York, Washington, Virginia, or Pennsylvania.
Fabric Insurance Pricing
As with any insurer, your insurance rate will depend on factors including:
- Your overall health
- Your age
- The type of insurance you’re looking for
- Whether you enjoy risky hobbies
- If you are a smoker
- Your family history
Depending on how you score according to these factors, you will be classified as a specific Fabric risk level. These are:
- Ultra Select: Low-risk lifestyle, no record of smoking in the last five years, and great health history.
- Select Plus: Low-risk lifestyle, no smoking in the last three years, perfect health history.
- Select: Low-risk lifestyle, no smoking in the last two years, satisfactory health history.
- Standard: Moderate risk lifestyle, no record of smoking in the last year, tolerable health history.
- Tobacco User: Moderate risk lifestyle, decent health history, yet a smoker.
Those with a lower risk profile will pay less in premiums. However, if the algorithm does determine an offer, you can request a human to review the application.
Fabric also makes it easy to pay for your insurance coverage.
You can pay using a credit or debit card. While it is important to ensure the card on file doesn’t expire, there is a grace period if the payment method fails.
Create A Will For Free With Fabric’s Tool
While not insurance, Fabric also offers a service to make a will in 5 minutes. The tool makes it quick and easy to appoint a guardian for your children, cover any expenses, repay any debt or make final arrangements should the unexpected happen.
This great add-on service is designed to help parents become fully aware of all the implications of an unexpected event to ensure they are as prepared as possible.
You can complete your free online will in just a few steps. After you answer some basic questions, Fabric will guide you through creating a suitable will. You can then make your will legally binding by printing it out and having it signed by witnesses. Fabric then allows you to share your will details with the executor and your beneficiaries with the app.
Another innovative feature of this company is the Fabric Vault. This allows you to store your critical financial information in a secure location. You can feel confident that your will, trust documents, and any other financial documents such as your real estate investment certificates are safe. You can easily access the information you store in your vault.
Fabric uses multi-factor authentication and High Assurance SSL certification to safeguard your information. All your documents are stored using industry-standard 256-bit encryption.
Pros and Cons of Fabric
As with any financial product, there are both positive and potentially negative aspects of Fabric. These include:
- Direct to Consumer Model: Fabric operates on a direct-to-consumer model, so you buy insurance directly from the company via your computer. Since you skip using an insurance agent, Fabric saves money and passes these savings to you.
- Superb Fabric App: Fabric launched its app in 2019 and it makes it easier to access its services. The app is available for current or prospective customers and you can apply for insurance, organize financial documents or create a will on the go. You can also use the app to coordinate with legal experts and financial advisors. You can also use the app or website to make your premiums or assign claims.
- You May Not Need a Medical Exam: Fabric treats every applicant as different. In most cases, you can obtain instant approval for your application, so you may not need a medical exam.
- Conversion to Permanent Life Policies Possible: There is the option to convert your Fabric term life insurance into a permanent policy.
- Grace Period: Fabric offers a 31 day grace period. So, if you miss a monthly payment because of a failed payment method, you have 31 days to ensure you make the payment.
- No Long Term Options: Fabric typically focuses on applicants with children still at home, so it doesn’t offer longer-term options. It is not possible to have a 30-year term policy as the maximum is 20 years.
- Only Representing Vantis Life: Unlike some online insurers, Fabric exclusively represents Vantis Life. So, there is a lack of flexibility and you cannot easily compare pricing. This means that if you are looking for the best quote, you will need to get Fabric quotes and then search for other quotes elsewhere.
- Age Limits: Additionally, there are age limits, accidental death is only available for 25 to 50-year-olds and the term insurance policies are not available to those age 60 plus.
- Not Available in All States: Fabric products are not available in all states, particularly Montana and New York.
Who is Fabric Best For?
Fabric is not designed to offer services to everyone. It is a good option for new parents who need to quickly get coverage due to their changing circumstances. If you’ve just had a new baby, you will have lots of things to do, so trying to schedule medical exams or visits to insurance offices can be a real pain. With Fabric, you can apply online and initiate coverage with no delays.
Fabric is also a good option for those aged 25 to 44. According to CDC data, this age group has the highest risk of accidental death. Fabric offers competitive accidental insurance coverage for all types of accidents including car or bike accidents.
Who Is Fabric Not Ideal For?
As we touched on above, Fabric is not ideal for everyone. If you have a pre-existing condition, you may find it difficult to get insurance approval without a health exam. Additionally, your accidental death coverage will not cover you should you die due to an illness.
Fabric is also not an option for anyone age 50 or older. The company does not offer accidental death coverage to the over 50s and the coverage automatically ends when you reach 60.
While Fabric is innovative, it is not the only option and there are some great alternatives. These include:
Bestow is 100 percent online and like Fabric offers term life coverage. However, Bestow offers 10, 15, 20, 25, and 30-year terms up to $1.5 million. So, while you can get more term flexibility, the maximums are lower.
Like Fabric, you don’t need to have a medical exam, but you could be denied if you don’t meet the Bestow qualifications. As with Fabric, the Bestow products are issued by one provider; North American Company for Life and Health Insurance.
Read our full Bestow review.
- Online term life insurance.
- Coverage up to $1.5 million.
- Ages 18-60.
- Plans start from just $10/month.
Haven Life works exclusively through MassMutual and it is available across all 50 states. They offer 10 to 30-year term policies up to $3 million.
Like Fabric, you may need a medical exam to qualify, but coverage is available for those aged 18 to 64.
- Online term life insurance.
- Coverage up to $3 million.
- Ages 18-64.
- 10, 15, 20 and 30 year terms.
Sproutt allows you to customize your coverage up to $3 million. Your rates and policy are based not just on your choice of plan but also on your lifestyle habits. If you generally have a healthy lifestyle, it is worth obtaining a quote.
However, you don’t buy your policy directly from Sproutt. Instead, when you provide information about yourself and your needs, Sproutt issues a Quality of Life Index score. They will also shop for policies on your behalf.
The entire process only takes a few minutes and typically no medical exam is required.
- Online term life insurance.
- Coverage up to $3 million.
- Quote based on a lifestyle based QL score.
- Good customer service online and by phone.
Fabric Life is a great option for those who want to quickly obtain coverage. You can apply for and manage your policy through the website or using the Fabric app.
However, what makes Fabric innovative is the variety of free tools. You can use the app to create a free will, sync your finances, open a savings account or college savings plan.
Additionally, Fabric has an excellent support team that offers professional, quick service. You can access the team of agents at any time of the day or night, via the online chat platform. This can help you to quickly resolve any queries.
While Fabric only offers products from Vantis Life, it is easy and quick to obtain a Fabric quote. So, if you are in generally good health and under the age of 50, it is definitely well worth getting a quote with Fabric.
Frequently Asked Questions
Here are the answers to some of the most frequently asked questions about Fabric.
Is Fabric Life Insurance safe?
Yes, Fabric Life Insurance is a known life insurance company with a A+ rating from A.M. Best, BBB rating of A+ and a Trustpilot score of 4.8/5 stars. They are a trustworthy company.
What types of insurance does Fabric offer?
Fabric offers term life insurance and accidental death insurance. It also has a free software to create a will.
Is Fabric Life Insurance available everywhere?
At this time Fabric life insurance policies are available in 47 states, not including California, Montana, and New York. Accidental death policies can’t be purchased in Colorado, Massachusetts, Montana, New York, North Dakota, Pennsylvania, Virginia and Washington.
Does Fabric Life Insurance have a phone number?
Fabric’s phone number is 917-765-3572. The support email is email@example.com. They prefer to handle support via their excellent online customer service portal, however.