Understanding term life insurance rates
The cost of life insurance varies based on a number of factors: the type of life insurance you are looking for, your age, gender, health, if you smoke, how risky your hobbies are and more.
In some cases, you will need to receive a health exam to receive a final fee. That said, the application with Fabric might be able to be accelerated without needing a health exam.
How do I calculate my life insurance quote?
Fabric's term life insurance covers you at the time of death from natural causes or accidents.
For this reason, its prices depend in part on your age, health, family history and lifestyle. There are five corresponding levels, from the lowest to the highest risk:
Ultra Select: excellent health and family history, no tobacco use within 5 years, low-risk lifestyle.
Select Plus: excellent health and family history, no tobacco use within 3 years, low-risk lifestyle.
Select: good health and family history, no tobacco use within 2 years, low risk lifestyle.
Standard: acceptable health and family history, no tobacco use within 1 year, moderate risk lifestyle.
Tobacco user: acceptable health and family history, tobacco use within one year, moderate risk lifestyle.
What is the difference between the term life insurance quotes and the approved term life insurance rates?
A term life insurance quote is an estimate of how much your policy may cost, based on the information you have provided. This is intended to give you a general idea of how much it could cost you to insure. Having said that, our application requires a much higher level of detail, such as your health history and professional details. Based on this deeper dive, the long-term life insurance rate may be higher or lower than our initial quote. Even if you believe that the approved rate is higher than expected, we offer you the opportunity to reduce the amount of coverage and, in some states, the term duration. This can help reduce the monthly cost to be in line with the budget.