Fabric is a one-stop-shop for families that allows them to take control of their finances.
In addition to life insurance, the company offers 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 financial information.
Fabric 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).
Fabric stands out from other life insurance companies because of Fabric Vault. 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 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 life insurance 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.
Fabric's coverage options are more limited than other companies. However, if you're looking for accidental death coverage or a convertible term policy, Fabric is worth exploring further.
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.
Fabric offers bank-level security with two-factor authentication, automatic lockout, biometrics, and 256-bit encryption. You can trust that your will is secure when you create one with Fabric.
Vantis Life, a Penn Mutual company, issues all of Fabric's policies. Vantis Life and Penn Mutual are well-established life insurers with high financial strength ratings from A.M. Best.
High financial strength ratings are important because they show the likelihood that the insurance company will be able to pay claims. You can be confident when purchasing a life insurance policy through Fabric.
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 the monthly premium.
Fabric's approach to its life insurance offerings is similar to other insuretech companies. Many other insuretech companies do not underwrite their own policies. Instead, they have their policies underwritten by a separate life insurance company.
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 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.
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.
Fabric only offers accidental death and convertable term life insurance. If you're interested in permanent life insurance, you'll need to consider another company.
BestCompany.com doesn't have many reviews for Fabric, which means we can't make a recommendation based on the customer experience. While more customer insight would be helpful, Fabric sells policies from a financially strong insurer and offers Fabric Vault.