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After the birth of my first son, my entire perspective towards money changed. I was struck by the realization that for the next 20 years, another life would be depending on my income for survival.
Honestly, that thought was a bit frightening, and I immediately began shopping for life insurance. My story isn't that unusual. Many people don't start seriously thinking about life insurance until they have kids.
Fabric, a digital life insurance company, seems to get that and has tailored its life insurance policies and other services to appeal specifically to families. Let's take a closer look at what the company has to offer.
Fabric life insurance pricing and terms
Fabric's main life insurance product is called Fabric Premium, but it also offers an accidental death coverage policy called Fabric Instant. All Fabric life insurance policies are backed by Vantis Life, which is currently rated A+ for financial strength by A.M. Best.
Fabric life insurance term length and coverage amounts
One of the things that sets Fabric apart is the term lengths that it offers on its insurance policies.
Many life insurers offer policies that will cover you for 30 years or longer. But, remember, Fabric is focused on covering you while you have kids in the home. So, for now, the longest term Fabric offers is 20 years.
In most states, Fabric offers 10- and 15-year policies as well, for those who want shorter terms.
Get a life insurance quote from Fabric today and protect your family's future »
As far as coverage options go, you can choose from $100,000 to $1 million. Currently, Fabric only offers term life insurance policies, but they are convertible to whole life policies if you want that flexibility.
Fabric life insurance pricing
The specific prices that you're quoted will depend on your health, age, and family medical background.
But in my experience, Fabric's quotes are very competitive. For example, here are a few actual quotes I received from Fabric for a 20-year policy:
- $300,000 in coverage: $18.20 monthly premium
- $500,000 in coverage: $23.39 monthly premium
- $1 million in coverage: $39.50 monthly premium
Fabric
Depending on your situation, Fabric may offer you slightly higher or lower rates than what I received. But I do believe that the company strives to offer affordable policies to its customers.
Extra perks to help you protect your family
In addition to its life insurance product, Fabric offers a couple of extra services that families will appreciate.
Fabric Wills
Fabric Wills is a service that you can use to create your last will and testament for free. A will not only allows you to designate who should inherit your estate, but it's also where you can appoint a guardian for your child.
For this reason, creating your will is very important if you have kids. And Fabric says you can create yours in five minutes on its site.
FabricFabric Vault
Fabric Vault is a financial security product that is built into the Fabric app. With Fabric Vault, you can share your financial account information (like your bank, 401(k), or IRA) with your spouse.
You can store your will in your Fabric Vault as well. Think of it like a virtual bank safety deposit box. And Fabric Vault takes security seriously, using 256-bit encryption to protect your data.
Quick application process
It takes less than one minute to get a quote from Fabric. The site asks for just five pieces of information: your age, your gender, your state of residence, your history with tobacco use (if any), and your health.
If you like what you see, you can continue with the full application, which asks a lot of questions about your health.
But it's for a good reason. If everything checks out and no flags are raised, you may be able to receive full underwriting approval immediately. That means you may be able to get medically underwritten life insurance coverage without a medical exam.
If you aren't able to receive immediate approval, one of Fabric's underwriters will reach out and may ask for more information. In some cases, you may still need to undergo a medical exam (but at no cost to you).
Get immediate coverage with Fabric Instant
Even if you aren't able to receive instant approval for a Fabric Premium policy, you can get Fabric Instant coverage within two minutes if you're between ages 25 and 50.
With a Fabric Instant life insurance policy, accidental deaths, like car crashes, fire, and murder, are covered. That could provide peace of mind until you're able to get approval for a Fabric Premium plan, which would also covers deaths caused by illness.
Fabric Life is a good product, but you'll still want to shop around
One of Fabric's strengths lies in its simplicity. But that could also be one of its weaknesses.
If you're looking for a 30-year policy, a whole life policy, or a ton of optional riders, Fabric isn't going to be the right insurer for you.
But Fabric is a strong choice for anyone who's looking to buy term life insurance with a term length of 20 years or less. It offers a streamlined application process, competitive rates, and useful companion products.
Just be sure to compare your Fabric life insurance quotes with at least two other insurers. Or use an insurance marketplace, like Policygenius or Quotacy, to see quotes from multiple insurers at the same time.
Disclosure: This post is brought to you by the Personal Finance Insider team. We occasionally highlight financial products and services that can help you make smarter decisions with your money. We do not give investment advice or encourage you to adopt a certain investment strategy. What you decide to do with your money is up to you. If you take action based on one of our recommendations, we get a small share of the revenue from our commerce partners. This does not influence whether we feature a financial product or service. We operate independently from our advertising sales team.
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