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So you’ve moved on from the single life, and you’ve settled down with a partner and kids. Once your family gets bigger, you might begin to consider taking out a life insurance policy and creating a will. That way, if something happens 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? Let’s have a detailed look below.
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Fabric Features
Fabric offers affordable term life insurance and free wills for you and your spouse. The platform also helps organize your family’s financial and legal information in one place, so you and your partner can get on the same page and plan for your family’s long-term well-being.
Life Insurance
| Terms | 10 – 30 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
Fabric wills are free, and you can easily create one online in just five minutes. The process covers:
- Appointing guardians, beneficiaries and an executor
- Mirroring your will with your spouse
- Establishing your final arrangements
After you complete your will with Fabric, you need to 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 |
As we mentioned before, wills created with Fabric are 100% free. There’s no trial account, no need to input your credit card information, and no fee to access your legal document. However, once you do complete the online will questionnaire, it directs you through the process of getting a life insurance quote. This is optional.
Fabric Limitations
Fabric has a heavy focus on selling life insurance. Even if you are on the platform to make a will, the company will point you towards getting a life insurance quote in hopes that you will purchase a policy.
Fabric wills also do not cover every situation. For example, trusts, homeownership, digital assets, pet guardianship and medical/healthcare documents.
Bottom Line
Fabric is an online tool that provides life insurance policies, wills and more You won’t run into any complicated questions or legal verbiage, and the whole process – either getting a life insurance quote or completing your will – takes only a few minutes. We recommend the service for those with uncomplicated estates. If you’re in a complex situation, you’ll want to look elsewhere.
Gentreo is an online estate planning service that specializes in eldercare. They’re now offering a $10 welcome bonus.
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Editorial Disclaimer: Opinions expressed here are author's alone, not those of any bank, credit card issuer, hotel, airline, or other entity. This content has not been reviewed, approved or otherwise endorsed by any of the entities included within the post.
Disclaimer: These responses are not provided or commissioned by the bank advertiser, credit card issuer, hotel, airline or other entity. Responses have not been reviewed, approved or otherwise endorsed by any of the entities included within the post. It is not the bank advertiser's or any other entity's responsibility to ensure all posts and/or questions are answered.