FABRIC LIFE INSURANCE
- Rated 4 stars out of 5 by NerdWallet.
- Fewer complaints to state regulators than expected for a company of its size.
- No medical exam required for some term life applicants.
Launched in March 2017, Fabric sells accidental death insurance and term life insurance policies online and through its mobile app. Policies are issued by Vantis Life, a subsidiary of Penn Mutual Life Insurance.
Fabric’s application process is simple, taking as little as 10 minutes to complete, and may not require a medical exam. If you’re looking for a term life policy with potential for immediate coverage and easy online management tools, Fabric may be a good fit.
Fabric life insurance
Fabric earned 4 stars out of 5 for overall performance. NerdWallet’s ratings are determined by our editorial team. The scoring formula takes into account complaint data from the National Association of Insurance Commissioners and financial strength ratings.
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Fabric life insurance policies
Term life insurance policies are available for 10, 15 or 20 years, with coverage from $100,000 to $5 million. In some states, a 20-year term is the only option. The application involves a medical questionnaire for approval, but some applicants may also need to take a life insurance medical exam.
Fabric will match 1% of the term policy’s death benefit coverage and donate it to a charity of the policyholder’s choice. A policy can be converted into a whole life insurance policy without a medical exam. Term life insurance isn’t available in Montana or New York.
Accidental death insurance is available for people 25 to 50 years old, with no health questions or medical exam required. Applicants can choose coverage of $100,000, $250,000 or $500,000. Accidental death coverage pays out only if the insured person dies in an accident, not from any other cause, such as illness. Fabric doesn’t offer accidental death insurance in Colorado, Massachusetts, Montana, New York, North Dakota, Pennsylvania, Virginia or Washington.
Customer complaints for Fabric life insurance
Over three years, Vantis Life Insurance, which issues policies for Fabric, has drawn fewer complaints to state regulators than expected for a company of its size, according to a NerdWallet analysis of data from the National Association of Insurance Commissioners.
More about Fabric life insurance
You can apply for a policy and manage your account through Fabric’s website or mobile app. Monthly premiums can be paid by debit or credit card.
Fabric’s mobile app can be used to create a free will, open a savings account or 529 college savings plan, and sync finances with your partner or spouse, including savings accounts and 401(k) retirement savings plans.
Fabric life insurance pros and cons
|Simple online and mobile application process.||Term life policies not available for longer than 20 years.|
|1% of death benefit coverage amount donated to a charity of the policyholder’s choice.||Not available in every state.|
|Some applicants won’t need a medical exam for term life insurance.|
Methodology: Life insurance ratingsNerdWallet’s life insurance ratings are based on weighted averages of financial strength ratings, which indicate a company’s ability to pay future claims, and complaint index scores from the National Association of Insurance Commissioners for individual life insurance. To calculate each insurer’s rating, we adjusted the scores to a curved 5-point scale.
These ratings are a guide, but we encourage you to shop around and compare several insurance quotes to find the best rate for you. NerdWallet does not receive compensation for any reviews.