Getting life insurance should be something on everyone's to-do list, but many people never take the time to sign up. However, what you may not understand is that it can be a great way to build cash value and diversify your investments. The large liquidity inflows make these policies an attractive option for developers and real estate firms as well as for those interested in real estate planning. In the digital world we live in now, most potential insurance buyers are exploring options for online life insurance. This is even more pertinent as the number of deaths due to the COVID-19 pandemic continues to increase globally. One such digital insurance option is Fabric, a life insurance company that offers life and accidental death insurance policies. In this Fabric review, I will review all the details you need to know about this life insurance option. Fabric focuses primarily on life insurance and that is why we will be doing a specific review of Fabric life insurance. For more information on other insurance options, visit the website. What is fabric insurance? Fabric Insurance is a digital life insurance company founded in 2015 by Steven Surgnier and Adam Erlebacher. It's primarily online, which means that insurance applicants can apply online within ten minutes or less without the need to visit an office. They are renowned for their professional and quick advice. Their rates are also competitive compared to other digital insurance providers, especially those focused on life insurance. The company recently became aware of the news when it raised $ 10 million in Series A funding in 2018. It also raised $ 2.5 million in 2017. Fabric Insurance also received an A + rating from the Better Business Bureau. What plans does Fabric offer? The fabric offers two products, Premium and Instant: Premium is their main product and is a life insurance product. Term life insurance is an insurance product that remains in effect for a specified period. Instant is an accidental death insurance product. It is only available to those between the ages of 25 and 50 and cannot be accessed if you live in Montana, North Dakota, Virginia, Pennsylvania, Massachusetts, Washington and Colorado. Characteristics of Fabric Insurance The beauty of signing up for Fabric Insurance is that consumers get the best of two worlds: the efficiency of a light technological start-up The credibility of a reputable insurance company that has existed for centuries Currently they offer the following features for potential applicants: Fabric Premium Fabric Premium offers applicants the opportunity to obtain 10, 15 or 20 year life insurance with premium payments of up to $ 1 million. No candidate for a medical exam also has the option to forgo a medical exam in some cases. Once the firm submits an offer, applicants can decide to change the coverage amounts and the duration of the coverage before payment. All this can happen without the need for further subscriptions. It is also not necessary to complete a new application. This particular feature allows applicants to decide on a premium and coverage appropriate to their budget and any specific requirements or needs. Fast Approvations Fabric takes full advantage of the technology, using an algorithm that offers accelerated subscription services for qualified candidates. This process means that it is possible to skip the mandatory medical exams that slow down the application process from the competition and get immediate application approval, in less than a minute but in most cases no more than ten minutes. Fabric's algorithm is proprietary and does the hard work of qualified candidates for accelerated underwriting approvals. If your application fails the automated process, a human being can review your application to determine if you are eligible to skip the medical exam using a carefully prepared method. Coverage up to 85 years without new exams At the end of the term life insurance coverage period, you can keep the same policy up to the age of 85. You can do this without the need for new medical tests. However, once you turn 85, you will have to go for another medical screening. Convert to permanent life insurance policies Life insurance policies can be converted into permanent life insurance policies as long as you are 65 years of age or younger. There are no limits or restrictive agreements on the conversion time. Also, if you are under 65, you can change your policy. Permanent life insurance policies last for a lifetime, unlike term insurance policies that cover only a fixed period. Granting Access to Beneficiaries To reduce unnecessary red tape whenever beneficiaries have to collect death benefits, Fabric has a feature that allows its customers to grant beneficiaries access to their life insurance policy. Access is granted online and beneficiaries can access and view the details of the policy. Beneficiaries can also contact Fabric's customer support team and make a claim directly from the account dashboard. Free Wills The Fabric Wills feature offers young parents the security of a will without the complexities of the normal writing process. It may still be necessary to have the will examined by a legal expert. However, the process and models are simple and easy to use. It is also free. Fabric Vault The Fabric Vault feature allows you to store important financial information in a safe place. You and your trust documents, wills and other financial documents such as real estate investment certificates are safe with Fabric & Vault. Regardless of where you are at any time, the information stored in your vault is easily accessible. You can also share it with anyone if necessary. Easy Payments Another strong point of using Fabric is the ease of payment. You can pay your policy using your credit / debit cards. However, you should make sure that your card does not expire while it is on file, as your policy will be canceled if the payment method fails. Make sure to update your payment method once your card has expired or has a problem. This feature is rarely found in most insurance companies. Related: Young Parent Life Insurance Tissue Insurance Prices Insurance rates generally depend on a couple of factors, including (but not limited to): the type of life insurance you are looking for to underwrite for your age Your health If you are a smoker or non-smoker If you like risky hobbies In some cases, the insurance company may have you undergo a medical examination to determine the final rate. This is where Fabric's algorithm offers them an advantage. Unlike traditional insurance companies, you can speed up the application process based on the scores of the Fabric algorithm. Fabric's term life insurance policy uses the following factors to decide your rate: Family history Age Health history Lifestyle to decide your rate Depending on your score on each of these factors, you can fall into one of the following risk levels: Ultra Select: Has great family and health history; no trace of smoke in the past five years; Select Plus low-risk lifestyle: perfect family and health history; no trace of smoke in the past three years; low-risk lifestyle Select: Satisfactory family and health history; no trace of smoke in the past two years; low-risk lifestyle Standard: tolerable family and health history; no trace of smoke in the last year; moderate risk lifestyle Tobacco user: decent family and health history; a smoking record in the past twelve months; moderate risk lifestyle To get an idea of how much a life insurance policy will cost you, you need to get a quote directly from Fabric. However, to give you a GENERAL idea, Fabric has provided three examples of offers made to customers looking for a 20-year life insurance policy: a 29-year-old woman in excellent health; gets coverage of $ 250,000; she pays $ 14.61 per month. A 35 year old male in excellent health; gets coverage of $ 750,000; pays $ 34.17 per month. A 42 year old woman in good health; gets coverage of $ 500,000; she pays $ 41.46 a month. The trend is obvious and logical. Younger and healthier candidates pay less in premiums. The algorithm is used to decide if an offer should be made and how often. Humans can also intervene if the offer is rejected and re-review the application. Signing up for Fabric Signing up for a life insurance policy is quick and easy. You can complete the process in ten minutes or less. You can apply on the website or on the Fabric mobile app (it's on the Google Play Store and Apple Store). After answering a series of eight questions, you get your offer. In cases where more information is needed, the team of licensed professionals will contact you and guide you through all the next steps necessary to make your life insurance policy operational. You also have the flexibility to customize your offer as you see fit. You can adjust the amount of coverage or the term of the term. This ensures that the monthly rewards fit your budget. Fabric Insurance Security Fabric uses High Assurance SSL certificates and multi-factor authentication to safeguard its customers' confidential information. All documents are stored in industry standard encrypted algorithms using 256-bit key lengths. They also establish regular source code checks using credible third-party security auditors. The database is also archived regularly and backed up offsite to ensure redundancy. Fabric Insurance Mobile Support Fabric Fabric launched a mobile app in 2019 to make it easier for applicants to access services. The application offers potential and current customers the opportunity to apply for term life insurance while traveling, create a will and organize accounts or financial documents. They can also coordinate with the app's beneficiaries, financial advisors and legal experts. Customer Service for Fabric Insurance The Fabric customer support team is known for its professional and prompt service. The agent team is always online and can quickly resolve most questions and send you on the way. The only thing I noticed is that they don't have a phone number listed anywhere – at least I couldn't find one. I was able to find an email address on their privacy page, but it is clear that they want you to contact them through their chatbot. Keep in mind that you may have to wait for an answer. And honestly, I prefer to get support through chat these days.