Fabric is a one-stop shop for families that allows them to take control of their finances. 

The company offers services such as the Fabric Vault — a revolutionary financial security product designed specifically for families. The Fabric Vault platform is simple and straightforward, allowing new parents, partners, and spouses to easily view, track, and manage their family's finances. 

Fabric also offers services such as Fabric Wills (a free way to create a last will and testament), Fabric Premium (simple and affordable life insurance), and Fabric Instant (an accidental death policy).

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The Good

  • Fabric Vault
  • Fabric Instant Coverage
  • Easily Create and Update Your Will 
  • Life Insurance Policies Are Issued by Vantis Life

Fabric Vault

According to its website, Fabric Vault is a financial security product that is designed for couples and parents. The product allows couples to share a complete list of their financial accounts, including checking, savings, mortgage, 401(k), IRA, and credit card accounts. This service comes in handy if there is ever an emergency, and users need quick access to their finances. 

Users who sign up for a Fabric Will or life insurance policy can automatically connect those services to their Fabric Vault.  

Additionally, Fabric Vault is entirely free. There is no cost to sign up and users are not obligated to create a Fabric Will or purchase Fabric Premium or Fabric Instant. 

Fabric Instant Coverage

Fabric Instant is insurance coverage for accidental death. This policy covers unexpected events — car, bike, and commercial air crashes, as well as fire and murder. 

Users can upgrade their coverage to include death from accidents and illnesses by replacing Fabric Instant with Fabric Premium, a 20-year term life insurance policy that can eventually be converted into whole life insurance. 

Easily Create and Update Your Will 

Fabric allows anyone to easily create a will — for free. The company worked with several legal experts to create a simple, easy-to-understand way for young couples or families to make a free online will. Creating a will with Fabric should only take users about five minutes to complete and users can appoint a guardian and beneficiary, mirror their will with their spouse/partner, and specify any final arrangements. 

Users won't have to worry about how to make the will legally binding. Fabric states that the company will walk users through that when the time comes. However, Fabric warns that everyone's situation is different, so consumers should speak with an attorney if they have questions about their specific needs. 

Users can also update their will at any time. In fact, Fabric suggests that users update their will every few years to account for any significant life changes — births/adoptions or deaths, divorce or marriage, children reaching the age of eighteen, obtaining or losing significant assets, etc.

Life Insurance Policies Are Issued by Vantis Life

Vantis Life Insurance Company issues all of Fabric's policies. Vantis Life Insurance has over 75 years of experience in the industry and is rated "A+ Superior" by the top insurance rating agency, A.M. Best. 

The policy that users receive from Fabric is a legal contract between them and Vantis Life. It remains in force as long as they continue paying premiums.

The Bad

  • Not Available Nationwide
  • Fabric Instant Policy Exclusions

Not Available Nationwide

Fortunately, Fabric's life insurance policies are available to the majority of the nation. However, Fabric Instant and Fabric Premium are not available to residents of Montana.  

Consumers should keep in mind that while the majority of states allow users to directly apply for Fabric Premium, residents of California and New York will first have to purchase Fabric Instant and apply to upgrade their policy.  

Currently, none of Fabric's insurance products are available outside of the United States.

Fabric Instant Policy Exclusions

Consumers should be aware that Fabric Instant comes with some exclusions. Things like death from illnesses, suicide, death while participating in a riot, or committing a crime are not covered. 

However, these exclusions vary by state. We recommend that while signing up, users click on the "What's covered by Fabric Instant?" link to view their state's exclusions.

The Bottom Line

What we love about Fabric is the fact that it is attempting to help young families tackle their finances head-on and protect their financial well-being. While the product is advertised to young parents with children, the Fabric Vault is an excellent resource for anyone looking to keep track of their finances; plus, it's completely free. 

Fabric's life insurance policies are backed by Vantis Life Insurance Company, a credible company with an” A+ Superior” rating from A.M. Best. However, the policies are not available to residents of Montana and residents of California and New York will have to take an extra step if they want Fabric Premium.

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Jhenry

April 29th, 2020 Aurora, CO DETAILS arrow_drop_down
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Their UI was simple and easy. Got insured in only a couple of minutes

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