Now that you are no longer single and have settled down with a partner and kids, you may want to consider taking out a life insurance policy and creating will. This is especially the case if your family is starting to become bigger. This way, if something were to happen to you, your spouse won’t be left with the financial burden and your children will be cared for.
Fabric (meetfabric.com) wants to make life insurance and wills easier to understand, simpler to access and more affordable. But is it right for you and your family? In the post below, we will go over it in full detail.
(Click the link above to learn more about Fabric)
Fabric Features
Fabric offers affordable term life insurance and free wills for you and your spouse. This platform can also help you organize your family’s financial and legal information in one place, so you and your partner can be on the same page when it comes to planning for your family’s long-term well being.
Life Insurance
| Terms | 10, 15, 20 years |
| Coverage | $100,000 to $5 million |
Fabric life insurance is easy to understand and affordable. Apply from the app or online in three simple steps:
- Answer a few short questions.
- Get your decision.
- Personalize your offer. Tailor your term length or coverage amount.
- Access your policy details 24/7 in the Fabric app.
Fabric life insurance policies are issued by Vantis Life, a Penn Mutual company.
Free Wills
As mentioned above, you and your partner can get Fabric wills for free. They can be easily created online in just five minutes. The process covers:
- Appointing guardians, beneficiaries and an executor
- Mirroring your will with your spouse
- Establishing your final arrangements
To finalize the will, you must make it legally binding by printing out the document, having two witnesses sign it and getting it notarized (exact legalization procedures vary by state).
You can update your will at any time as long as you’re a Fabric member. There is no fee to make changes to your will.
Other Tools
Use the Fabric app to open a savings account or 529 college savings plan, and synch finances – like savings accounts and 401(k) plans – with your partner.
The Fabric Vault stores your will, life insurance policies and important financial information in one central place. Should something happen to you, your executor can easily access these important documents.
Fabric Pricing
Fabric life insurance pricing varies, according to how old you are, your health, policy term, and coverage. Below are examples of how much a 20-year term life insurance with Fabric costs:
| 29 year old female in excellent heath |
35 year old male in excellent health |
42 year old female in excellent health |
| $250K of coverage | $750K of coverage | $500K of coverage |
| $14.61/month | $34.17/month | $41.61/month |
Wills from Fabric are 100% free. There are no trial accounts, no need to input any credit card information, and no fee to access your legal document. However, once you complete the online will questionnaire, it directs you through the process of getting a life insurance quote. This is an optional step.
Fabric Limitations
Fabric mainly focuses on selling life insurance. Even if you are simply on the platform to make a will, the company will point you towards also getting a life insurance quote in hopes that you purchase their policy.
Fabric wills also don’t cover every situation. For example, trusts, homeownership, digital assets, pet guardianship and medical/healthcare documents.
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Bottom Line
Fabric is a great online tool if you are looking for life insurance policies, wills and more. You won’t run into any complicated questions or legal language that may confuse you, and the whole process, whether it be getting a will or life insurance, takes only a few minutes to do. This service is highly recommended for those with uncomplicated estates. Gentreo is another great option for life insurance.
(Click the link above to learn more about Fabric)
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