Fabric Life Insurance Review 2022
FABRIC LIFE INSURANCE
- Rated 5 stars out of 5 by NerdWallet.
- Sells term life insurance without a medical exam, as well as accidental death insurance.
- Fewer complaints to state regulators than expected for a company of its size.
Launched in 2017, Fabric sells term life and accidental death insurance via its site and mobile app. Its policies are issued by Vantis Life, a subsidiary of Penn Mutual.
Fabric’s application process is simple, taking as little as 10 minutes to complete. You can choose from a wide range of term lengths and buy a large amount of coverage without the need for a medical exam.
» MORE: AARP Life Insurance Review 2022
Fabric life insurance
Fabric earned 5 stars out of 5 for overall performance. VanQuangBlog’s ratings are determined by our editorial team. The scoring formula takes into account consumer experience, complaint data from the National Association of Insurance Commissioners and financial strength ratings.
Based on these ratings, Fabric is among VanQuangBlog’s Best Life Insurance Companies.
Fabric life insurance pros and cons
Fabric life insurance policies
Fabric has a streamlined offering, focusing on two types of policies.
Term life insurance. Fabric sells term life insurance lasting 10, 15, 20, 25 or 30 years to people between 21 and 60 years old. You can buy a policy worth $100,000 to $5 million if you’re willing to take a medical exam, or up to $1.5 million without an exam. Either way, you’ll need to fill out a health and lifestyle questionnaire to apply.
The policy includes an accelerated death benefit rider and allows you to convert to a permanent policy after you turn 65. It’s available in all states but Montana and New York.
If you die while your policy is still in force, Vantis Life will donate 1% of the value of your policy (up to $100,000) to charity.
Thanks to these policy features, Fabric made our list of the best instant life insurance companies for 2022.
Accidental death insurance. This policy pays out if you die in an accident, and not from any other cause (such as illness). It’s open to people ages 25 to 50, and you can choose from three coverage amounts: $100,000, $250,000 or $500,000. The application is fully online. Fabric doesn’t sell accidental death insurance in Colorado, Massachusetts, Montana, New York, North Dakota, Pennsylvania, Virginia and Washington.
» MORE: Nab landlord Insurance Review.
Fabric customer complaints and satisfaction
Over three years, Vantis Life — the company that issues Fabric’s policies — drew fewer than the expected number of complaints to state regulators for a company of its size, according to NerdWallet’s 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.
Fabric’s app, which is compatible with Apple and Android devices, has several added value features. You can use it to create a free will, open a savings account or 529 college savings plan, and sync finances with your partner or spouse, including 401(k) retirement accounts.
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.
Life insurance ratings methodology
VanQuangBlog’s life insurance ratings are based on consumer experience, complaint index scores from the National Association of Insurance Commissioners for individual life insurance, and weighted averages of financial strength ratings, which indicate a company’s ability to pay future claims. Within the consumer experience category, we consider ease of communication and website transparency, which looks at the depth of policy details available online. 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. Read our editorial guidelines.