Getting life insurance can feel daunting. It's also hard to know when it's the right time for it. If you're starting a family, it's important to start thinking about it.
But don't worry, Fabrictakes the mystery out of life insurance for you so that you can help protect your family from the worst-case scenario. Fabric is a convenient way to apply for term life insurance and the best part is you can do it all from your phone!
Want to know more about Fabric? We've got the answers to all your major questions.
Why do I need Term Life Insurance?
Life insurance is a great way to help protect your family. If something were to happen to you, the payout from your policy could help your family take care of the mortgage, pay future college funds, cover the cost of childcare, etc.
Term life insurance is an amazing option for parents looking for an affordable way to help protect their families. It provides coverage for a set period of time, such as 20 years, as opposed to permanent insurance (known as whole life), which covers the span of your life. Because coverage is for a set time period, the monthly cost is relatively more affordable when compared to whole life. In fact, whole life insurance can cost more than four times as much for the same amount of coverage.
A 20-year term is a popular option for new parents because it provides coverage until the kids are old enough to move out of the house. If your kids are a little older, Fabric also offers 10 and 15-year term options so that you can find the right plan for your family.
How does Fabric work?
Fabric allows you to apply online or on their app. The process takes about 10 minutes and consists of questions about your family, lifestyle, and medical history. Once you e-sign and submit your application, it automatically goes through the algorithmic underwriting process. This includes reviewing information provided on the application, as well as external data that you authorize Fabric to collect from third-party vendors, like the Medical Information Bureau, DMV, pharmacy benefit managers, consumer reporting agencies, and publicly available sources.
For some applicants, Fabric can make an offer for coverage right away, in just seconds after submission. In other cases, the application will need to be review by human underwriters before a decision can be made. Their team may request follow-up questions, medical records, and in some cases, a health exam before they can make a final decision. You'll be updated throughout the process and Fabric makes it as easy as possible to respond to any requirements.
If you qualify, Fabric presents you with three ready to select options: the coverage you applied for, the cheapest option, and one that falls into a middle ground. If one of those isn't quite what you need, you also have the option to change the term length (10, 15, and 20-year term options available) and coverage amount combination that fits your budget prior to purchase.
How much does it cost?
The policies offered by Fabric are individually underwritten, which means each applicant's personal factors, such as age, gender, health and medical history, financial history, lifestyle, etc. will determine if an offer can be made and at what rate. Pricing varies by customer and is calculated by a multitude of factors mentioned above, and the amount of coverage you're looking for. While we can't tell you how much your policy will be, we can provide a few examples of customer policies*.
- A 29-year-old female in excellent health got $250K in coverage at $14.84 a month.
- A 38-year-old male in excellent health got $500K in coverage at $33.79 a month.
- A 35-year-old female in excellent health got $750K in coverage at $29.5 a month.
*Prices shown are for 20, 20, and 15 year terms respectively.
What else does Fabric offer?
You can create a free will with Fabric and share it with your loved ones through the Fabric app. Discussing a will with your significant other can be hard, but Fabric brings it up so you can get ahead and take care of your family's future.
Plus when you use their app you can use their free tool to sync up on your family finances with your spouse. Getting on top of your own finances is already a struggle, with two people, it feels nearly impossible. Fabric understands and is here to make it all a little easier.
Big life events such as having kids and buying a home can be very hectic, but they're also a great time to start getting your family's financial plans in order. Fabric breaks down what you need to make sure your family is protected and is a must-have service for checking off your parental to-do list.
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. Fabric Insurance Agency, LLC (FIA) is an insurance agency licensed to sell life, accident, and health insurance products.