Choosing the right life insurance policy can be a daunting task. Many factors come into play, such as your age, health, budget, and family needs. Fabric Life Insurance provides families with a quick and easy way to purchase life insurance online. Keep reading to learn about Fabric Life Insurance, including its products, features, and pricing.
What is Fabric Life Insurance?
Fabric Life Insurance is an online life insurance provider established in 2017. The company aims to make life insurance less complicated, less expensive, and more accessible to the average person. Fabric offers term life insurance policies that can be customized to meet your family’s unique needs.
Products Offered by Fabric Life Insurance
Fabric Life Insurance provides two types of term life insurance policies:
Fabric Instant
Fabric Instant is a term life insurance policy that you can purchase online instantly without a medical exam. You can do this by answering a few basic health questions, and you can typically get a decision within minutes. Policyholders can choose coverage amounts of $100,000, $250,000, $500,000, or $1,000,000 for 10, 15, or 20 years.
Fabric Premium
Fabric Premium is a fully underwritten term life insurance policy that requires a medical exam. You can get a quote online and then schedule a medical exam with a paramedical professional at your convenience. The results of your exam will be used to determine your actual rates. Policyholders can customize their coverage amounts from $100,000 to $5,000,000 and choose terms of 10, 15, 20, or 25 years.
Features of Fabric Life Insurance Policies
Here are some of the features of Fabric Life Insurance policies:
Accelerated Death Benefit
The accelerated death benefit rider allows policyholders to access a portion of their policy’s death benefit if they are diagnosed with a terminal illness.
Child Riders
The child rider allows policyholders to add coverage for their children to their policy. If you have this rider, you can receive money if your child dies, is diagnosed with a critical illness, or needs medical treatment.
Waiver of Premium
The waiver of premium rider allows policyholders to waive their premiums if they become disabled and cannot work.
Pricing of Fabric Life Insurance Policies
The cost of your Fabric Life Insurance policy is based on several factors, including your age, health, gender, and smoking status. Fabric Instant policies are typically less expensive than Fabric Premium policies because they don’t require a medical exam. You can get a quote online to see how much Fabric Life Insurance will cost you.
Pros and Cons of Fabric Life Insurance
Pros
- Quick and easy online application process
- No medical exam required for Fabric Instant policies
- Customizable coverage amounts and terms
- Affordable premiums
- Multiple policy riders available
Cons
- Limited policy types
- No whole life or universal life insurance policies
- No online chat available for customer service
FAQs About Fabric Life Insurance
1. How do I make a payment for my Fabric Life Insurance policy?
You can make payments online by logging into your account and selecting “Make a payment” from the dashboard.
2. Can I change my Fabric Life Insurance policy later?
Yes, you can change your policy by contacting Fabric customer service. You can add riders or increase your coverage amount, for example.
3. What happens if I miss a payment?
If you miss a payment, Fabric will make several attempts to contact you to collect the payment. If you don’t pay your premium within the grace period, your policy may be terminated.
4. Can I cancel my Fabric Life Insurance policy?
Yes, you can cancel your policy by contacting Fabric customer service. If you cancel your policy within 30 days of purchase, you will receive a full refund of your premiums paid.
5. What happens if I die while my Fabric Life Insurance policy is active?
If you die while your policy is active, your beneficiaries will receive the death benefit amount you selected when you purchased your policy.
6. Can I convert my Fabric Instant policy to a Fabric Premium policy?
No, you cannot convert your Fabric Instant policy to a Fabric Premium policy. You will have to apply for a new policy if you want to upgrade coverage.
7. How long does it take to get approved for Fabric Life Insurance?
Fabric Instant policies are approved instantly. Fabric Premium policies usually take 7-10 days to be approved after your medical exam results are received.
8. What is the maximum coverage amount available for Fabric Life Insurance policies?
The maximum coverage amount for Fabric Premium policies is $5,000,000.
9. What if I don’t want to take a medical exam?
If you don’t want to take a medical exam, you can apply for a Fabric Instant policy, which doesn’t require a medical exam but has lower coverage amounts.
10. Is Fabric Life Insurance a reputable company?
Yes, Fabric Life Insurance is a reputable company with an A rating from the Better Business Bureau.
Conclusion
Fabric Life Insurance is a great option for families who want to purchase life insurance quickly and easily. With customizable coverage amounts, multiple riders, and affordable premiums, Fabric Life Insurance makes it easy to find the right policy for your family’s needs. If you are looking for a term life insurance policy, Fabric Life Insurance is definitely worth considering.
