Fabric Life Insurance launched in March 2017, offering instant access to accidental death insurance and term life insurance policies online. Targeted towards the 25 to 50 year age group, accidental death policies are available in the majority of the 50 states.
What makes Fabric Life Insurance different from other accidental death insurances is the exclusive, online-only purchase of a policy. Fabric Insurance does not have any agents, effectively cutting out the middleman and making a straightforward process that usually ends up being complicated and time-consuming, simple again.
To purchase coverage, users must first sign up for Fabric Instant, the accidental death policy, which can be completed in as little as 2 minutes. The single greatest risk to people ages 25 to 44 are accidents, so Fabric starts buyers out with this coverage right out of the gate. There is no requirement for health information, and acceptance is guaranteed.
The coverage does not include dismemberment, however, like many other accidental death policies on the market. The insurance only pays out if the insured person dies in an accident, not from any other cause, such as illness.
Once the accidental death coverage has been purchased, buyers can apply to upgrade to “Fabric Premium,” which is a 20-year term life policy. This policy has up to $5 million in term life coverage available. To convert to Fabric Premium, buys can complete the application process immediately after the accidental death coverage is purchased, or years later. When buyers decide to upgrade to premium, the accidental death policy is canceled and the term life policy is converted to whole life insurance.
The premium coverage does require a medical exam unlike the accidental death insurance and takes an additional week to review the results once they are submitted. While a preliminary quote is available prior to the purchase of accidental death insurance and the Fabric Premium application, the final price would then be set after the application and medical exam results are reviewed.