Fabric Insurance is a life insurance agency that offers both term life insurance policies and accidental death insurance. Fabric is online-first, but its customer service agents receive outstanding reviews for their prompt and professional advice. Fabric's core product is term life insurance. The policies have competitive rates compared to those of other online life insurance providers and are guaranteed renewable up to the age of 85.
Additionally, Fabric offers accidental death insurance through its Instant product. However, Instant is only available if you're between 25 and 50 years old, and it cannot be purchased if you live in Colorado, Massachusetts, Montana, North Dakota, Pennsylvania, Virginia or Washington.
Fabric term life insurance
Fabric's term life insurance is available with a term length of 10, 15, 20, 25 and 30 years but will vary depending on your state of residence. Face values are available for policies with a minimum of $100,000 and a maximum of $5 million, in increments of $50,000. Term policies can be purchased in nearly every state except Montana — although in New York you would need to purchase Fabric's accidental death coverage before term would become available.
The term life insurance policy will most likely need to be medically underwritten, so the cost of coverage will directly depend on your health and lifestyle choices. However, during the application process, depending on the policy size and answers to some of your health questions, you may be able to receive accelerated underwriting.
For policies with up to $1.5 million in coverage, you may be able to receive no-exam coverage if you are between the ages of 20 and 60. Using age and other factors, Fabric will further determine your eligibility by using computer algorithms to assess your insurable risk. Then, a team of human underwriters will examine the application to decide if you can forego an exam.
Unfortunately, there's no option to increase your current policy face value. Instead, you would need to purchase a new policy and undergo the application process again. However, you do have the ability to decrease your coverage at any point without the need to go through underwriting. And since your term life insurance policy is underwritten by Vantis Life, you have the option to convert it to a whole life insurance policy during the term without having to retake a medical exam.
Fabric term life insurance has very few exclusions to its coverage. The only scenarios in which your beneficiaries wouldn't be paid, assuming you die during the policy term, are:
- If you commit suicide during the first two years of coverage
- If any of the information in your application was a misrepresentation, meaning false or incomplete
Term life insurance through Fabric also has a conversion option depending on the age of the policyholder. The conversion allows you to exchange the current term life structure for a whole life insurance policy. However, this option is only available any time prior to the policy anniversary following your 65th birthday.
Cost of Fabric term life insurance
Fabric's term life insurance rates are slightly more expensive for larger face values when compared with other online competitors, such as Ladder and Haven Life. However, for a small face-value policy, Fabric does offer some of the lowest rates among online insurers. But Fabric does not offer as many policy term lengths compared to these other life insurance companies. For example, if you need a policy with a term longer than 20 years, then we would suggest going with Ladder or Haven Life, which both offer 30-year term life insurance. Additionally, if you are not satisfied with Fabric's policy they offer a 30-day money-back guarantee.
Fabric Instant: Accidental death insurance
Fabric Instant is an accidental death insurance policy that is only available if you're between the ages of 25 and 50. There's no term of coverage and the policy is simply renewed monthly, so long as you continue to pay premiums, and can extend until you reach the age of 60. An accidental death insurance policy is similar to a life insurance policy, but it only pays a death benefit if you die during the period of coverage due to an accident, such as being hit by a car. Whether Fabric Insurance considers a death accidental varies depending on the state you live in, so you should be familiar with the policy's restrictions before purchasing one.
Fabric doesn't require a medical exam in order to purchase its accidental death insurance. You simply need to complete an online form, which can be done in a matter of minutes, and your acceptance is guaranteed. Guaranteed acceptance is common for accidental death policies since your likelihood of dying in an accident is less affected by your health. To apply and get coverage, you'll need to provide:
- Your cellphone number
- Your Social Security number and date of birth
- Your payment information, such as a credit card number and address
- Your beneficiary's name and information
Since coverage is guaranteed and acceptance is instant once you've completed Fabric's online form, the accidental death insurance policy goes into effect immediately. Therefore, you could die in an accident that day and your beneficiary would receive the entire policy death benefit.
As with other accidental death plans, Fabric policies offer accelerated benefits through an additional rider. In this case, if you were to have a terminal illness, the accelerated death benefit rider would enable you to receive cash advances from the death benefit in order to pay for expenses such as hospice care.
All accidental death policies are inexpensive compared to life insurance since most people die due to health reasons, but Fabric's rates for coverage are quite competitive with other policies:
Monthly cost (Oklahoma and New Jersey)
Monthly cost (all other states)
The primary downside to Fabric's accidental death insurance policy is that it does not offer coverage for dismemberment or paralysis, as many accidental death and dismemberment (AD&D) insurance policies do. So if you lost a hand or the ability to walk, Fabric Insurance wouldn’t provide a payout. Only if you die in an accident, a scenario that accounts for a very low proportion of deaths overall, would your beneficiaries receive anything.
What is not covered by Fabric Instant?
Fabric's accidental death insurance policy is typical in that it won't cover death due to health issues, disease, old age, suicide or intentional injury, as these would not be considered accidents. However, the Fabric Instant policy also contains other exclusions, the set of which changes by state. Depending on where you live, a claim may be denied if you die or receive an injury that leads to your death:
- Before you purchased coverage
- While committing a crime or incarcerated
- While voluntarily participating in a riot (but attempting to stop a riot, to restore law as a police officer or firefighter or to protect your property is covered)
- While participating in any military-related activities, including maneuvers and training exercises, or while deployed
- While participating in professional sports or any sort of racing (on land, air or sea)
- Due to an act of war, whether or not it is declared
- While participating in aeronautics or the use of an aeronautic craft, except as a fare-paying passenger on a commercial flight
- While participating in extreme sports, which can include a wide variety of activities, such as using a personal watercraft, ballooning, skydiving, scuba diving, spelunking and bungee jumping
- While riding, using or being hit by a motorized vehicle that isn't designed for use on public roads, such as an all-terrain vehicle
- While under the influence of alcohol, illegal substances or a controlled substance, unless its use was on the advice of a physician and it was taken as prescribed
Fabric life insurance reviews and ratings
Fabric, which was founded in 2015 in New York by co-founders Adam Erlebacher and Steven Surgnier, has received outstanding reviews praising its simple application process and affordable coverage. The company's online application and portal are very straightforward with explanations of all terms and reasoning for questions. The company's customer service team receives positive reviews as well, as it responds promptly to any questions you may have along the way.
It's also important to note that Vantis Life Insurance received notable financial strength ratings (the company got an A+ from AM Best) and few complaints with regard to its customer service (it has a complaint index of 0.00 from the National Association of Insurance Commissioners). Since your Fabric policy would be underwritten by Vantis Life and your beneficiaries will directly interact with the insurer if they need to file a claim, you should feel confident that the company insuring you offers a positive customer experience.
Fabric Insurance payments
Unlike many life insurance companies, Fabric accepts payment via debit or credit card. Your payment information can be managed by logging into its website, and the company simply charges you monthly. Should you miss a premium payment, Fabric provides a 30-day grace period during which your policy will remain in force. However, if your payment information isn't updated and your balance isn't paid during that period, your policy will be canceled.
Fabric Insurance claims
If you die due to a covered event, your beneficiary, a friend or a family member should contact Fabric to request an initial death claim notification within 20 days of your death. The person who contacts Fabric will need to be able to provide basic information about you, and we recommend that you provide a copy of your policy to your beneficiaries so they have all the relevant details. Your beneficiary will need to complete some additional claim forms, supplied by Vantis Life, as well as provide a final death certificate.
The claim will be filed with Vantis Life Insurance Co., which will determine if an investigation is needed and request any additional information from your beneficiaries. After the claim is reviewed and determined to be in good order, your beneficiaries should receive a payment within a few days.