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Fabric Life Insurance Review 2021

Bottom line: Fabric's online-only platform makes the application process simple, and its coverage options and low volume of complaints make it a good choice for many shoppers.
June 1, 2021
Insurance, Life Insurance
Many or all of the products featured here are from our partners who compensate us. This may influence which products we write about and where and how the product appears on a page. However, this does not influence our evaluations. Our opinions are our own.

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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

4.0 NerdWallet rating

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.

» MORE: Compare life insurance quotes

Fabric life insurance pros and cons

ProsCons
Simple online and mobile application process.Not available in every state.
1% of death benefit coverage amount donated to a charity of the policyholder’s choice.
Sells no-exam policies worth up to $1.5 million.

Fabric life insurance policies

Term life insurance policies are available for 10, 15, 20, 25 or 30 years. You can buy coverage worth $100,000 to $5 million, or up to $1.5 million for no-exam policies. 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.

» MORE: Term life insurance vs. accidental death & dismemberment

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: The best life insurance companies

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.

Life insurance buying guide

Before you start comparing companies, choose the type of life insurance you want, such as term or whole life. Decide which life insurance riders, if any, you want the policy to include. Calculate how much life insurance you need and how long you want the coverage to last. Check that the insurers you’re considering offer the coverage you’re looking for.

When comparing rates, be sure the quotes are for the same amount of coverage over the same period of time. It’s also important to make sure the policy’s medical requirements match your needs. For example, if you want to skip the life insurance medical exam but don’t mind answering health questions, confirm that the application process for each policy you're comparing aligns with that.

Price may not be the biggest driver behind your decision to buy. Look at the number of consumer complaints each company receives, as high numbers can be a red flag about the quality of service.

For more guidance, see our life insurance buying guide.

Methodology: Life insurance ratings

NerdWallet’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.

Methodology: Insurer complaints

NerdWallet examined complaints received by state insurance regulators and reported to the National Association of Insurance Commissioners in 2018-2020. To assess how insurers compare to one another, the NAIC calculates a complaint index each year for each subsidiary, measuring its share of total complaints relative to its size, or share of total premiums in the industry. To evaluate a company’s complaint history, NerdWallet calculated a similar index for each insurer, weighted by market shares of each subsidiary, over the three-year period. Ratios are determined separately for auto, home (including renters and condo) and life insurance.