Traditionally, getting life insurance meant paper applications, multiple meetings and phone calls, and it usually took weeks or even months. Then, after you receive a life insurance policy, you’d probably wind up putting those documents in file cabinets and manila envelopes.
Fabric takes a completely different, modern approach. Fabric lets you apply for term life insurance online, without needing to go anywhere in person or deal with agents trying to upsell you more expensive products than you need. It takes about ten minutes and you can get an immediate decision without a health exam (if one is needed, we’ll schedule one at no cost), and your policy is downloadable through your secure account.
We also empower our customers to grant their spouse beneficiaries access to their policy details online. That way, beneficiaries always have access to up-to-date coverage information and a direct way to access Fabric support.As a one-stop shop for new parents, we’ve gone beyond life insurance to offer a free online will and a new product called Fabric Vault.
Having a will is critical for parents because without a will that expresses your wishes, a court can choose your child’s guardian. With Fabric Wills, you can create a free legal will in a few minutes. For me, creating a will seemed daunting and so it always fell to the bottom of my list. We created Fabric Wills to make the process easy and procrastination-free so parents could easily check it off their list.
Fabric Vault makes it easy for spouses and partners to create a shared map of their family’s financial accounts, so they both always know where to find up-to-date information. Unlike writing down a paper list of banks, investments, 401(k), life insurance and other accounts, setting up Fabric Vault is seamless and secure. It’s quick and easy to complete on your phone, and you have total control over what details you share.
This was also a product built out of a personal experience. My partner and I had been talking about how we needed to share a list of our financial accounts in case of an emergency. While we had the best of intentions, like a lot of people, we never got it done. Fabric Vault helps solve that problem for us.