Fabric Life Insurance Review

Family-centric life insurance for young parents and their growing families

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Fabric Life

Fabric Life

Our Take

Fabric is designed by young adults with a unique focus on the needs of growing families. With wills and accidental death insurance, policyholders can also enjoy the security of convertible term life insurance with the added convenience of estate planning tools.

  • Pros & Cons
  • Key Takeaways
  • Company Overview
Pros & Cons
Pros
  • Free wills for you and your spouse

  • Added security features

  • Excellent support features

  • Modern app with easy navigation

Cons
  • No multiple users

  • Limited whole life insurance available

  • Not a great choice for seniors

  • Not available in every state

Key Takeaways
  • Fabric specializes in convertible term life insurance up to $1 million in coverage with terms from 10 to 30 years.
  • Accidental death insurance, 529 plans, and high-yield savings accounts are also available.
  • Fabric’s policies are issued by Vantis Life, a Penn Mutual company.
  • Free wills are available to everyone, regardless of whether you have a Fabric policy.
Company Overview

Fabric is the brainchild of its two co-founders, Adam Erlebacher and Steven Surgnier. It was created in 2017 with the added backing of investors that include Bessemer Venture Partners and RGAX. 

Although Fabric sells and manages life insurance policies, all policies are issued by Vantis Life, a Penn Mutual company. Established in 1847, Penn Mutual is the second-oldest mutual life insurance company in the U.S. Policies are the sole responsibility of Vantis Life.

Quotes are available online and policies are purchased via an agent.

Geographical Restrictions

Fabric is available throughout the U.S. but availability depends on the state in which you live and the Fabric product you purchase.

  • Fabric term life insurance is available in all states except for Montana and New York. 
  • Accidental death insurance policies are available in the District of Columbia and throughout the U.S. with the exception of Colorado, Massachusetts, Montana, New York, North Dakota, Pennsylvania, Virginia, and Washington.

Fabric does not offer insurance in Puerto Rico or other U.S. territories, and products are not available internationally. Fabric’s non-insurance products are available in all U.S. states. 

Vantis Life Insurance Company issues term and accidental death life insurance policies in all U.S. states except New York. In New York, the Penn Insurance and Annuity Company of New York issues policies.

  • Year Founded 2007
  • Kinds of Plans Convertible term, limited whole life, accidental death, wills, 529 plans
  • Number of Plans 6
  • Payment Plan Options Monthly only
  • Customer Service Online chat support or email via support@meetfabric.com, Monday through Friday from 9 am to 6 pm EST.
  • Official Website www.meetfabric.com

Fabric is not one of our top-rated life insurance companies. You can review our list of the best life insurance companies for what we think are better options.

Pros Explained

  • Free wills for you and your spouse: Regardless of whether you are a policyholder or not, Fabric offers its Fabric Will Kit to make estate planning a simple matter.
  • Modern app with easy navigation: There is an iOS and Android app that offers simple accessibility and extra tools that you and your spouse can share.
  • Added security features: Fabric protects your information with bank-level security that incorporates adaptive risk-assessment security, 256-bit encryption, two-factor authentication, automatic lockout, and biometrics.
  • Excellent support features: To help you understand your policy better, Fabric has tons of blogs and articles. You can also use Fabric’s questionnaire to receive a personalized checklist of financial tools to help your family grow.

Cons Explained

  • No multiple users: Fabric’s plans do not support more than a single user on the same account. If your spouse wants to purchase coverage, it needs to be done using an individual application and separate email address.
  • Limited whole life insurance: Whole life insurance is only available from Fabric when you convert an existing term policy.
  • Not a great choice for seniors: Fabric is a company designed to meet the unique needs of young adults and growing families, so its products may not be ideal for a senior’s needs.
  • Not available in every state: Though available in most states, Fabric has certain products that are not available in all states.  

Available Plans

Fabric offers term life insurance, 529 plans, wills, and high-yield savings accounts.

Whole life insurance is only available when you convert an existing term policy.

Term Life Insurance

Fabric’s focal product is term life insurance, which provides a certain amount of coverage for a specific amount of time. Fabric term life insurance is straightforward, with the option for coverage ranging from $100,000 to $5 million. 

The length of your term depends on the state in which you live. Terms last between 10 and 30 years and are available for purchase in five-year increments. However, some states may limit your term policy to just 20 years. 

After your term expires, you can choose to convert your policy to a whole life insurance policy. This is the only form of whole life available from Fabric; aside from its convertible term policies, Fabric does not offer whole life insurance.

Fabric is upfront about what your policy covers and what it does not, taking time to explain the basics of your policy that can often be hidden in the fine print.

Fabric Term Life Insurance Coverage
What It Covers What It Does Not Cover 
Accidental deaths
Illnesses
Suicides within two years of issue
Application untruths or misrepresentations 

A health exam is not required for most applicants, but if one is, Fabric will do all the heavy lifting by paying for the exam and sending a trained professional to your home or work. It involves some medical questions and a blood draw.

Accidental Death Insurance

Fabric also offers accidental death insurance policies for policyholders under the age of 50 years. Coverage lasts until the age of 60 and then automatically terminates. 

Unlike term life insurance, Fabric’s accidental death insurance does not carry a specific term and instead is renewable on a monthly basis as long as you maintain your premiums to keep your policy active. 

Whole Life Insurance

You cannot buy whole life insurance from Fabric, but if you have a term insurance policy, it can be converted to whole life in the future. To convert your policy, there are a few limitations:

  • You must convert your policy before the policy anniversary preceding your 65th birthday.
  • The amount of whole life coverage will be based on the value of your term policy, so while you cannot add additional coverage, you do have the option to reduce your coverage if preferred.

A separate whole life insurance application is required to convert coverage. There are not any additional underwriting requirements, and pricing will be based on your age at conversion.

529 Plan

Fabric’s 529 Plan is designed as a savings vehicle that parents can use to begin saving for their children’s education. As time passes, the value of the fund increases. It takes just 10 minutes to apply via Fabric’s online application.

Wills

To help with your will and estate planning, there is the Fabric Will Kit to help you create a new will or edit an existing one. Although you will want to consult an attorney, Fabric provides an easy start with simple instructions in plain language that are easy to understand. Crafted using legal expert advice, Fabric offers a user-friendly approach so young parents can ensure their families are protected after they are gone.

High-Yield Savings Accounts

In addition to life insurance, Fabric offers high-yield savings accounts that allow parents to park their savings in an account that grows over time. 

Available Riders

A rider is a type of additional coverage that you can purchase to further customize your life insurance policy. 

Fabric offers accidental death insurance, available in under two minutes. There is a guaranteed issue policy for policyholders between the ages of 25 and 50 years old.

Accidental death insurance is specific coverage for certain events.

Fabric Accidental Life Insurance Coverage
Types of Deaths Covered Types of Deaths Not Covered 
Bike crash
Car accident
Commercial air crash
Fire
Murder
Illness
Suicide
Riot-related death
Those incurred while committing a crime

Your specific coverage depends on the state in which you live with available options offered when you sign up for your policy.

Customer Service

You can reach Fabric support via the online chat or support form or using the mobile app compatible with Android and iOS. To answer your questions, there is online chat support with a reply time typically under five minutes. You can also send an email to support@meetfabric.com. Normal business hours are Monday through Friday from 9 a.m. to 6 p.m. EST. 

Fabric has excellent resources available online to help you understand the details of your policy and the coverage it includes.

Complaint Index

To assess customer service, the National Association of Insurance Commissioners (NAIC) rates companies based on the number of customer complaints it receives each year. The baseline score is 1.0, which indicates an average rating in NAIC’s customer complaint index. 

Fabric is not rated independently from NAIC, instead falling under Vantis Life. Vantis scores extremely well with no complaints for a 0.0 rating in 2020. It is an improvement from 2019 and 2018 when it received a single complaint each year. With scores like these, it shows that customers of Vantis Life are generally very happy with the customer service they receive.

Third-Party Ratings

AM Best is another leading ratings provider that grades companies based on their financial strength. It is an important consideration before you purchase an insurance policy because a great AM Best score often signifies efficient and reliable claims processing. 

As with its NAIC score, Fabric is rated under Vantis Life, which receives an A+ rating from AM Best. 

Cancellation Policy

When you purchase a new Fabric life insurance policy, you have 30 days to finalize your decision. As Fabric notes on its website, “It’s like having insurance on your life insurance.”

If you decide to cancel your coverage, you have 30 days from the date of purchase to write Support from your Fabric account, and Fabric will give you a full refund of your payment. If you cancel your policy after 30 days, you will not get any premiums paid back.

Price

Pricing depends on several factors, including the underwriting class you are assigned. Fabric has several underwriting classes for its plans.

Class Rating  Requirements 
Ultra Select Best Excellent health history
Excellent family history
No tobacco use within five years
Low-risk lifestyle
Select Plus  Very Good  Very good health history
Very good family history 
No tobacco use within three years
Low-risk lifestyle
Select  Good  Good health history
Good family history
No tobacco use within two years
Low-risk lifestyle
Standard  Average  Acceptable health 
Acceptable family history
No tobacco use within one year
Moderate-risk lifestyle
Tobacco User  Poor  Acceptable health 
Acceptable family history
Tobacco use within a year
 Moderate-risk lifestyle
Standard*  Very Poor  N/A
Sub-standard*  Very Poor  N/A 

*Not available via the online quoting tool but may be assigned during the underwriting process.

Pricing varies per person and depends on the plan and term you choose. Pricing starts at $13.71 per month for a 10-year term with $100,000 minimum coverage.

To help provide a better portrait of overall rates, Fabric offers pricing based on a 35-year-old male for 10-year term life insurance.

Fabric Sample Pricing for 10-Year Term Life
Coverage Amount Cost per Month 
$250,000 $16.72
$500,000  $20.60 
$750,000  $26.55 
$1,000,000  $30.54 

Accidental Death Insurance

Fabric offers upfront, standard pricing for its accidental death life insurance plans, regardless of health. Pricing varies by both state and applicant.

Accidental Death Insurance Sample Pricing
Amount of Coverage Monthly Cost 
$100,000 $6
$250,000  $15 
$500,000 $30

Market Price Comparison

You could pay as little as $1 per day for $1 million in coverage if you are a 35-year-old, non-smoking male who lives in Colorado and is in excellent health. To spend $1 per day with other insurance companies, you would receive significantly less coverage. 

Based on these competitors, Fabric offers the most coverage at the best price.

Fabric Market Price Comparison
Life Insurance Company Amount of Coverage 
Fabric $1 million
Bestow  $750,000 
State Farm $650,000 
Prudential  $500,000

Fabric offers free quotes via a 10-minute application on its website to receive a quote and qualify for coverage. You need to give your age, state of residence, and tobacco use. You also are asked to classify your medical health as excellent, good, or okay. 

Fabric shares supportive, modern attitudes regarding gender identity, boasting a strong commitment to diversity, equity, and inclusion. It requires that you provide your gender, with just two options of male or female to receive a quote. However, if you are transgender or nonbinary, Fabric provides specific instructions to help you through the process. There is similar support available for pregnant applicants or stay-at-home parents. 

Fabric currently only accepts payments on a monthly basis using a major debit or credit card.

Competition

Vantis Life scores well in NAIC rankings for customer satisfaction, but Fabric itself lacks any exclusive ratings for its company, instead falling to Vantis Life and Penn Mutual. While the wellness initiatives are appreciated and the price competitive, Fabric simply lacks the industry ratings to give that extra peace of mind. New York Life, on the other hand, is one of largest insurers in the U.S. with an excellent reputation and a plethora of product offerings. Therefore, our vote goes to New York Life as one of the best life insurance companies. 

  Vantis Life for Fabric New York Life
Market Share N/A Third-largest in U.S., 5.7%
Number of Plans 10 
Dividends for 2020  $27 million  $1.9 billion 
Wellness Program Discounts/Quit Smoking Incentives  Yes  Not applicable 
Service Method  Agents, online quotes  Agents 
AM Best Rating  A+  A++ (Superior) 
Price Rank Competitive  Better than most 
Complaint Index  0.00 Perfect  0.15 Excellent 
Final Verdict

Fabric offers a straightforward approach to term life insurance with additional products and services that are all designed to protect your family as it grows. Although competitively priced, Fabric is best-suited for young adults and growing families who can take advantage of the long-term planning tools and products that Fabric offers.

Our Methodology: How We Review Life Insurance Carriers

Investopedia’s proprietary methodology helps to provide a current and accurate portrayal of today’s leading insurance companies. To find the best life insurance companies, we critique each provider, considering available coverage options, like the type and number of plans available, and term lengths. Pricing is evaluated when available, as well as eligible and underwriting requirements. Finally, we look to the industry’s best ratings providers, such as AM Best for financial stability and the National Association of Insurance Commissioners (NAIC) for customer satisfaction.

Article Sources

Investopedia requires writers to use primary sources to support their work. These include white papers, government data, original reporting, and interviews with industry experts. We also reference original research from other reputable publishers where appropriate. You can learn more about the standards we follow in producing accurate, unbiased content in our editorial policy .
  1. NAIC. "CIS Refined Results." Accessed August 24, 2021.