Fabric

Fabric is an online-first insurance agency that provides term life insurance policies and a free wills service. Fabric's life insurance application takes only about 10 minutes to complete, and policies can be tailored for different term lengths and coverage amounts.

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InsuranceRanked Score 4.1
Year Founded 2015
Medical Exam Required? In Some Cases

Fabric 2020 Review


Fabric screen shot

Fabric Review

Many of us worry about what would happen to our loved ones if we were to pass away. This is an especially big concern for parents who wish to protect their children and partner however they can. Buying the right life insurance policy is one of the best ways to help accomplish exactly that.

If you’re looking to buy a new life insurance policy, Fabric offers an easy online application process that is simple and quick. Their advanced digital underwriting means that for many applicants, coverage can be active in only minutes without the hassle of a medical exam.

Let’s take a look at Fabric, what they offer, and whether it’s the right choice for you and your family.

What is Fabric?

Founded in 2015, Fabric is a New York-based life insurance startup aimed at helping parents plan for the future and protect their families. Fabric offers term life insurance, so you can choose the product that best suits the financial needs of your family and other loved ones.

Currently, Fabric’s term life insurance policies are available in 47 states and the District of Columbia. Coverage is unavailable to residents in California, Montana, and New York, though the company is currently working to expand into these remaining states.

In order to purchase a term life insurance policy through Fabric, you’ll need to be between the ages of 21 and 60.

While stand-alone whole life insurance is not available through Fabric, those with term coverage are later able to convert their policy to whole life if they choose. This has to be done prior to the renewal following their 65th birthday, and coverage cannot be increased.

Coverage Options

If you’re looking to get your hands on a new term life insurance policy, Fabric aims to make the process easy and fast. Underwritten by Vantis Life (an A.M. Best Rated A+ company), Fabric sells life insurance policies in 10-, 15-, and 20-year terms with coverage starting at $100,000.

For those who qualify, term coverage up to $1,000,000 could even be obtained in less than a 10 minutes with no exam required. If you’re looking for even more protection, policies are available up to $5,000,000.

What’s Covered with Term Life Insurance from Fabric

You can expect your term life insurance coverage to provide your beneficiaries with a benefit (in other words, a cash payout) if you pass away while your monthly premiums are up to date.

It’s important to keep in mind that, as with most term life policies, your family’s claim may be denied by Fabric if you die from suicide within the first two years. Additionally, if you are found to have been misleading during the policy application process, claims can be delayed or denied.

How to Apply

The Fabric application is completely available online or through the robust mobile app, making it quick and easy to apply for coverage. The term life application takes less than about 10 minutes to complete.

When you’re ready to apply, you can either visit MeetFabric.com or download the app on your phone or mobile device (available for iOs or Android). You’ll need to answer some questions about things like your lifestyle and health, and you’ll be on your way to valid coverage.

While applying you’ll be asked for your:

  • Name and birthday
  • Home address and email
  • Gender
  • Driver’s license and social security numbers

In order to help you determine how much life insurance coverage you need, Fabric will also ask whether you have kids, are still paying down student loans, have a home mortgage, or if you’re currently carrying around credit card debt.

While calculating your premiums, Fabric will want to know whether you engage in any risky hobbies or behaviors, such as skydiving or scuba diving. As with any insurance carrier, these won’t necessarily preclude you from coverage but they may be factored into the price you’ll pay. Fabric will also ask if you’ve ever been convicted of a felony and whether you’ve had any moving violations (car accidents, speeding tickets, etc.) in the last three years.

You will also be asked some health-related questions. These involve your family history, whether you smoke or have ever done drugs, certain treatments you may have received, and whether you have ever received specific health diagnoses.

Fabric’s proprietary algorithms will then determine if you’re eligible for coverage without needing a separate medical exam. If you are, coverage can begin immediately — literally, in less than a minute — thanks to the company’s “accelerated underwriting” process.

If you are not approved immediately, you will likely receive a phone call from an underwriter with additional questions or to confirm the information that you already provided. You may then be approved over the phone or be asked to undergo a simple medical exam in order to proceed.

Free Wills and Financial Tracking

As proof of their commitment to families and financial preparedness, Fabric offers free software so that you and your partner can create your wills.

The Fabric will-making service can help you create a legal document that spells out your directives and even names a beneficiary for your children, should anything happen to you. However, it may not be enough if you have a very complex estate or financial situation; in that case, you may want to consult with a lawyer.

The Fabric platform also allows you to collaborate on family finances, tracking everything from life insurance coverage to investments, current savings, and even credit card debt. This info can be readily accessed through the free Fabric app and shared between you and your partner.

Both the will-making service and financial tracking platform are available at no cost to users. You don’t even have to be a Fabric life insurance customer to use them!

Fabric Mobile App

With the Fabric app, you are able to apply for a new policy, track your family finances, and even set up a free will with just a few clicks. It is available in both the App Store, where it has 4.9 out of 5 stars, as well as on Google Play.

Security

Fabric utilizes bank-level security to ensure that your personal information is kept safe and secure. This includes two-factor authentication, 256-bit encryption, and adaptive security in an effort to assess risk, as well as basic tools like biometrics and automatic lockout.

Fabric Reviews and Ratings

Based on over 1,475 ratings on Trustpilot, Fabric receives 4.8 stars out of 5. Praise for Fabric typically focuses on the ease with which consumers are able to obtain coverage and navigate the platform, as well as the fact that creating a will with Fabric is actually free.

Most of the negative and neutral feedback found online centers around the will-making process. Some users say that they wish they were able to add multiple beneficiaries or create more complex wills.

Additionally, Fabric is accredited with the Better Business Bureau and holds an A+ rating. There are currently no customer complaints on the BBB’s website.

Pros and Cons of Fabric

Pros:

  • No sales calls. Don’t want to deal with agents who try to upsell you? You won’t have to worry about receiving any sales calls with Fabric.
  • Up to $1,000,000 in no-exam coverage. Customers who qualify can get up to a million dollars in coverage without worrying about a medical exam.
  • Apply easily and quickly. The Fabric application is completely online and for most folks, the process takes less than 10 minutes to complete.
  • Immediate approval possible. The Fabric algorithm will allow some applicants to get approved for coverage without an exam in less than a minute after applying.
  • Low customer complaints. According to NAIC consumer reports, Vantis Life had a less-than-average complaint ratio score in 2019.
  • Make a will and collaborate on family finances for free. Even if you don’t purchase a life insurance policy through Fabric, you can still enjoy their free will-making platform without any strings attached. Their mobile app also allows you to collaborate with your partner to manage and track family finances.

Cons:

  • Not available everywhere. Fabric life insurance is currently only offered in 47 states — applicants in California, New York, and Montana are out of luck for now.
  • Automatic approval isn’t a given. For some applicants, a human review will be required to determine whether the medical exam can be skipped. And in some cases, an exam will be necessary.
  • You may still need to hop on a call. If the Fabric underwriting algorithms aren’t able to approve you for coverage, your application will need a human touch. This may mean receiving a call from a Fabric underwriter to verify your information and get your coverage finalized.

Final Thoughts

With a digitally focused experience and lightning-fast approval for many applicants, Fabric was designed with new parents in mind. The company makes it easy to apply for term life insurance in as little as 10 minutes from your computer or mobile device, without ever needing to talk to a sales agent.

Depending on your individual situation, you may also be able to bypass the medical exam and, in some cases, get approved for coverage in under a minute. For busy parents who simply don’t have time to get a checkup or deal with sales calls, this can be a huge sigh of relief.

And whether you purchase a life insurance policy or not, you can still take advantage of Fabric’s free will-making and financial organization tools, no strings attached.

Frequently Asked Questions

How secure is my life insurance coverage with Fabric?

Policies offered through Fabric are issued by Vantis Life Insurance Company. Owned by Penn Mutual, Vantis has been a trusted name since 1942 and currently holds an A+ (Superior) rating for financial security and claims-paying ability from A.M. Best.

How do I pay for my Fabric coverage?

Premiums are automatically paid monthly via a connected credit or debit card.

Does Fabric have a contestability period?

As with most life insurance carriers, Fabric does have a two-year contestability period. This means that if you pass away in the first two years after buying your policy, your family’s claim may be delayed while the insurer takes a closer look at your death. This is just to ensure that the original application was completed truthfully.

How long does it take to process claims?

While none of us actually want to use our life insurance policies, it’s comforting to know that if the worst were to happen, your loved ones will be cared for quickly. If a covered death occurs outside of the two-year contestability period, or if it’s determined that no additional investigation is required, Fabric will pay out claims within three business days of receipt.

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