Adulting is one of those life skills that quietly sneaks up on you when you're not paying attention. A young adult might start a career, get married, buy a house, have a kid or two — and before they realize it, they're suddenly hit with some thoughts they likely never considered before.
One of the biggest of those lightning bolt revelations a young parent will undoubtedly face is considering what will happen to their young child or children if something should happen to them. Being a mom or dad means thinking ahead and planning for a possible worst-case scenario…which will inevitably bring up the conversation around to life insurance.
The word insurance itself is enough to elicit eye rolls and sighs. And when you're talking life insurance, that also usually means weeks of back-and-forth phone calls with an agent, lots of questions, a medical exam, blood tests, and more logistical nightmares.
Fabric is an online insurance startup dedicated to the idea that setting up an affordable life insurance policy for a young family doesn't have to be a complete ordeal.
Considering the importance of the life insurance question, Fabric is almost shockingly simple. Designed for busy parents, users jump on the Fabric website or use the Fabric app to answer a few questions about their lifestyle to see if life insurance is right for them. From there they can select a coverage amount from $100,000 up to $5 million, and fill out the online application in about 10 minutes. If they qualify, they may even receive an instant offer. Often, there are no invasive, time-consuming medical exams either.
All Fabric policies are issued by Vantis Life, a subsidiary of Penn Mutual, America's second-oldest mutual life insurance company, so this is no cut-rate bargain-basement insurance.
Thanks to Fabric's proprietary underwriting algorithm which can approve a large number of applicants algorithmically, they can charge rates commonly lower than "simplified issue" and "guaranteed issue" policies .
And just to prove they're truly a member of the family, Fabric also offers a complete toolkit for new parents that includes a free will maker and a tool to sync up family finances in the Fabric mobile app.
Fabric policies are available to US residents everywhere except California, New York and Montana, so head over to the Fabric website and take their quiz now.
*Fabric offers term life insurance policies (Form ICC16-VLT, ICC16-VLT19, and CMP 0501 with state variations where applicable) issued by Vantis Life Insurance Company (Vantis Life), Windsor, CT (all states except NY), and by Vantis Life Insurance Company of New York, Brewster, NY (NY only). Coverage may not be available in all states.
Issuance of coverage for term life insurance is subject to underwriting review and approval, which may include a medical exam. Please see a copy of the policy for the full terms, conditions and exclusions. Policy obligations are the sole responsibility of Vantis Life. Fabric Insurance Agency, LLC (FIA) is an insurance agency licensed to sell life, accident, and health insurance products. FIA will receive compensation from Vantis Life for such sales.