Fabric by Gerber Life Review – A One-Stop Shop
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Fabric by Gerber Life is a great option for those who want to go through a quick, online-only process for quotes and coverage.
8.5/10
Cost
9/10
Features
8/10
Ease of use
8.5/10
Services
8.5/10
As parents, we have plenty to think about when it comes to our children and family. From taking care of our kids’ basic needs to making decisions about childcare and education. The list of decisions can seem endless sometimes.
This leads me to another decision all parents must make: how to protect our children by setting up proper wills and life insurance.
Admittedly, this is a heavy topic that no one wants to consider — especially when you’re knee-deep in dirty diapers and cleaning up toys everywhere. But the reality is leaving decisions about our children’s well-being, money, and property to the courts is a disaster waiting to happen.
But as hard as these topics are for parents, companies are trying to make the task a tad bit easier. One company that has come along to make this happen is Fabric Insurance. What is Fabric Insurance? And can it help parents tackle these hard tasks like wills and life insurance? Our Fabric by Gerber Life review looks for the answer to this question and more.
In this article
What is Fabric by Gerber Life?
Fabric is an online-only insurer founded in 2017. Fabric offers term life insurance and accidental death insurance policies. In addition to the insurance products, Fabric also helps you create a will. The company recently joined the Western & Southern Financial Group, the parent company of Gerber Life Agency.
As a startup, Fabric was built as a one-stop shop for parents. Since parents are busy chasing toddlers or fighting with teenagers, Fabric is there to ensure you take care of your most important tasks in a timely manner.
Fabric is an insurance provider for making parents' financial lives a little easier by providing affordable life insurance coverage. Western-Southern Life Assurance underwrites policies. Policies purchased before September 3, 2022, are issued by Vantis Life Insurance.
So, while Fabric may be considered one of the newer kids on the block, Fabric is laying the foundation to become a big part of the online insurance community.
Up to $2 million in coverage
- Get covered in 5 minutes.
- 95% of customers approved.
- No Hassles. No Gimmicks. Easy Application.
- Non-Commissioned Agents.
- Ages 20+
- 100% Online Application.
- Fast Coverage.
How does Fabric work?
As mentioned, Fabric offers term life, accidental death insurance, a free will-writing service, and a 529 college savings plan. Each product works a little differently regarding coverage options and the application process.
Term life insurance
When you’re ready to start getting a quote from Fabric, go to the site and begin a simple questionnaire. One of Fabric’s goals is to make the process as quick and painless as possible — and this starts with the questions.
For term life insurance, the information requested will be pretty straightforward. You’ll have to disclose basic health info and where you’re located. Fabric offers term life insurance in the District of Columbia and every state except North Dakota, South Dakota, California, New York, Florida, and South Carolina.
You and your spouse or partner can choose several options for your policy. Fabric offers term life insurance with a death benefit of $100,000 to $5 million. You can choose from 10- to 30-year term life insurance.
A term life policy can be converted to whole life at Fabric sometime in the future without additional cost.
The underwriting process
Once you answer a few personal and medical questions, there will be a quick determination of whether you are accepted right away for a policy. If you’re not, then Fabric requests additional information from you.
If needed, you could be required to submit medical documents, answer follow-up questions, and possibly go through a medical exam. If you need a health exam, a representative is sent to your house at no charge, a blood test is taken, and you’re asked additional questions.
Most of the time, the underwriting process is complete within seven to 10 days. If accepted, you’ll be given a final quote for your monthly premium based on the details gathered at the best rates.
Accidental death insurance
The process for obtaining accidental death insurance through Fabric is much simpler. Fabric offers accidental death coverage for anyone ages 25-60. For example, death from car, bike, or airplane crashes is covered.
Accidental death insurance is widely accepted (including D.C.), but Colorado, Massachusetts, Montana, New York, North Dakota, Pennsylvania, Virginia, and Washington are excluded from being able to purchase it.
Not sure if you need accidental death insurance? It might surprise you to learn that according to the CDC, accidental death poses the greatest risk of death if you’re between the ages of 25 and 44.
This type of insurance is not very expensive, and you can be covered within minutes. You do not have to obtain a medical exam to be approved. Since accidental death insurance is so inexpensive, many people apply it to their term life policies.
Accidental death coverage is automatically terminated at age 60, and the company doesn't offer this coverage to anyone aged 50 or above.
Creating your will
Another service from Fabric aimed at helping out busy parents is offering a free will writing tool.
To get started, you fill out a series of questions. You write out your final wishes for your arrangements, guardians, beneficiaries, and other important details you’d like covered. Fabric then provides you with the information needed to make it legally binding. Fabric even provides you with conversation starters you can use with your loved ones to discuss your final wishes.
529 college savings
College tuition for a four-year institution is $26,027, according to EducationData.org. To help you shoulder the burden, Fabric offers a saving plan with expert guidance. Federal law has set lifetime limits at over $400,000, and minimum contributions are mostly in the $25 ballpark. If your child ends up securing a full-ride scholarship, you can simply change the beneficiary to another family member. In addition, you can roll over the account to a different state's plan after 12 months without taking a tax hit.
How much does Fabric cost?
The life insurance rates are different for term life versus accidental death insurance. Let’s take a look at how the costs are calculated.
How term life costs are calculated
Term life insurance pricing depends on several factors. Your age, tobacco usage, location, medical health, and family history, and term length all impact how much you’ll pay.
Term life insurance policies are typically very affordable. Since there is a predetermined “end” for the insurance company, the risk is lower for them, lowering your premium.
Like other life insurance companies, Fabric uses a classification system to determine what health category you fall under. Depending on which level you fall in will determine the amount you pay. The guidelines Fabric uses are listed below and are taken straight from Fabric’s information page:
- Ultra Select: Excellent health and family history, no tobacco use within five years, low-risk lifestyle.
- Select Plus: Very good health and family history, no tobacco use within three years, low-risk lifestyle.
- Select: Good health and family history, no tobacco use within two years, low-risk lifestyle.
- Standard: Acceptable health and family history, no tobacco use within one year, moderate-risk lifestyle.
- Tobacco user: Acceptable health and family history, tobacco use within a year, moderate-risk lifestyle.
Examples of premium costs
Generally speaking, term life is affordably priced. But we know you like to see numbers. Here are average rates with Fabric for males and females, age 30, and non-tobacco users with excellent health in North Carolina.
Male coverage | 10-year term | 15-year term | 20-year term | 25-year term | 30-year term |
$100,000 | $8.42 | $9.32 | $10.85 | $13.54 | $14.85 |
$250,000 | $11.26 | $13.52 | $17.34 | $17.68 | $18 |
$500,000 | $15.58 | $16.86 | $22.86 | $24.71 | $28.44 |
$1.5 million | $31.70 | $37.53 | $55.53 | $60.04 | $70.01 |
Female coverage | 10-year term | 15-year term | 20-year term | 25-year term | 30-year term |
$100,000 | $7.85 | $9.03 | $9.89 | $12.00 | $13.30 |
$250,000 | $9.84 | $12.80 | $14.94 | $15.44 | $16.23 |
$500,000 | $13.15 | $16.43 | $19.44 | $19.81 | $23.39 |
$1.5 million | $24.81 | $36.23 | $45.26 | $45.61 | $55.06 |
Accidental death pricing:
Accidental death insurance is very affordable. Some policies are as little as $6 per month. This is called Fabric Instant because you’ll be accepted without a medical exam.
Fabric offers the same pricing to everyone, although there are some variations by state. The flat pricing for accidental death is generally:
- $6 per month for $100,000 in coverage
- $15 per month for $250,000 in coverage
- $30 per month for $500,000 in coverage
Cost of creating a will
Creating a will is free through Fabric. You may incur additional costs as you go through the process of making your will legally binding.
Up to $2 million in coverage
- Get covered in 5 minutes.
- 95% of customers approved.
- No Hassles. No Gimmicks. Easy Application.
- Non-Commissioned Agents.
- Ages 20+
- 100% Online Application.
- Fast Coverage.
Features
Fabric is unique because of its additional features; again, these are tailored to fit the needs of busy parents.
Free will writing tool
Fabric gives you the tool to write your final wishes and arrangements. You can use this tool to express what you want for your beneficiaries, guardians, and loved ones. Fabric will then guide you on how to make your will legally binding.
The Fabric app
Fabric provides you with digital access to an app you can share with whomever you want. This app puts everything at your fingertips. You can apply for term life, name your kid’s guardians, and add important financial details your family needs to know about. You can set up a 529 plan for your children’s education or a high-interest savings account.
Term life policy converts
If you’d like to convert your term life insurance policy to whole life insurance, you have the conversion option before age 65. The best part is you aren’t subject to another medical examination, although a separate application is required.
Tackle several financial tasks at once
If you’ve been putting off purchasing term life and accidental death insurance and creating your will, then Fabric can help you get it all done.
Who is Fabric best for?
Busy parents. Fabric is ideal for busy parents who want to simplify their important financial tasks. But truthfully, anyone pressed for time or wanting to find life insurance quotes and a simple purchase process could benefit from Fabric.
Anyone who needs accidental death insurance. Fabric provides accidental death insurance to anyone who applies, even without a medical exam.
Who shouldn’t use Fabric?
If you need a 30-year term. Fabric only offers life insurance terms for 10, 15, or 20 years. So, if you need something longer or shorter, you might have to consider other options.
Those with extensive medical issues. If you’ve had extensive medical issues, you likely qualify for coverage (although you should verify this for yourself).
Those older than 60. The cap on the age for application is 60, so you won’t be able to apply at Fabric if you’re 60 or older.
Those who need customization. With Fabric, one of the ways to reduce the amount of time it takes to get coverage is to reduce the number of offerings. This also means you won’t be able to customize your policies other than the pre-selected terms and coverage amounts. It also means you won’t be able to add on any custom language or benefits (these are called riders in the insurance world).
Pros and cons
Fabric offers many advantages for those who need to purchase accidental death or term life insurance or help getting started on their wills.
Pros
- Fast quote process
- Possible coverage without a medical exam
- Competitive rates
- Access to unique features, such as the digital vault
- Get your term life and accidental death policies in one place
- You pay with a credit or debit card
- Large benefit range of $100,000 to $5 million
Cons
- Subject to a medical exam if you’re not instantly approved
- You’re only receiving one quote and it’s based on Vantis Life Company
- Can’t apply if you’re 60 years or older
- Not a lot of customization (or riders)
Fabric versus competitors
Fabric isn’t the first online-only insurance company to hit the internet. But how does it compare to other companies offering similar products?
Here’s a look at how these three companies compare side by side:
Fabric | Bestow | Ethos | |
Medical exam | Possible | No | Possible |
Terms | 10 to 30-year | 10 to 30-year | 10-,15-, 20-, 30-year |
Death benefit | $100,000 to $5 million | $50,000 to $1.5 million | $100,000 to $1.5 million |
Products | Term life, accidental death, will-writing, college savings plan | Term life | Term and whole life |
Issue age | 21-60 | 21-55 | 20-65 for term life, 66-85 for whole life |
Cost | $22.86 | $31.83 | $27 |
Cost for 20-year term $500k, healthy male in 30s
Bestow
Bestow was founded in 2016 as an online marketplace for term life insurance. Although both companies offer term life insurance, they have some remarkable differences.
For starters, Bestow only offers term life insurance. You can not purchase accidental death coverage through Bestow, nor is there any tool offered to help you create a will. Secondly, Bestow offers term life insurance from 10 to 30 years in five-year increments. The policies can range in benefit from $50,000 up to $1.5 million.
One of the biggest advantages of Bestow, especially compared to Fabric, is the application process. You do not need a medical exam for acceptance. The underwriting is powered by artificial intelligence technology, which allows the company to make almost instant decisions regarding coverage.
Ethos Life Insurance
Ethos is similar to Bestow and Fabric because it is an online-only company offering insurance products. Ethos, however, offers both term life and whole life policies.
Ethos accepts applications from people ages 20-65, a wider age range than Fabric or Bestow. Ethos does not currently offer term life insurance for residents of New York, but all other locations are available, including Washington, D.C.
Ethos offers a little more policy customization, too. You can purchase anywhere from $100,000 to $1.5 million in benefits and choose from a 10-,15-, 20-, or 30-year term.
FAQs
How much term life insurance do I need?
How much of a death benefit you need is something only you and your partner or spouse can determine. Keep in mind you’ll want expenses such as a mortgage, debts, and annual income covered for a few years if something were to happen. Another easy rule of thumb to remember is an amount of 5x your income.
What is Fabric Instant or Fabric Premium?
As you’re researching Fabric, you may notice a reference to Fabric Instant or Fabric Premium. Fabric Instant refers to the accidental death insurance policies. Fabric Premium refers to the term life insurance policies.
Do I have to take a medical exam?
The answer is, it depends. Some applicants qualify immediately, without additional medical exams. This is likely for people in excellent health or within a certain age. If it’s determined you need a medical exam, Fabric schedules someone to come to your house to ask you a series of additional questions. This adds about 7-10 days to the process, so keep this in mind as you’re finalizing your policy details.
How do I know Fabric will pay out the benefits?
Fabric just joined Gerber Life, which is owned by Western & Southern Financial Group; it's safe to say the company is on solid financial footing. As long as you’re maintaining payment on your premiums, you can be confident your policy is financially backed.
Does Fabric pay the policy if a suicide occurs?
For term life insurance policyholders, a death benefit will not be paid out if a suicide from the policyholder occurs within the first two years of the policy. This is typical among many term life insurance carriers.
Will Fabric pull my credit score to determine if I can get coverage?
Fabric will perform a soft pull (which has little impact on your score) for your credit profile, but your score will not be factored into Fabric’s decision. Instead, the underwriters are looking for information on your financial history such as bankruptcies, late payments, and other data points related to payment history.
Up to $2 million in coverage
- Get covered in 5 minutes.
- 95% of customers approved.
- No Hassles. No Gimmicks. Easy Application.
- Non-Commissioned Agents.
- Ages 20+
- 100% Online Application.
- Fast Coverage.
The bottom line
Fabric is designed to take part in the financial burdens off a parent’s plate. Having adequate life insurance and a last will and testament are important when you have kids, but finding the time is hard.
Fabric is a great option for those who want to go through a quick, online-only process for quotes and coverage. Even if you must undergo a medical exam, Fabric tries to make the process as painless as possible. And for parents, anything that doesn’t take up much precious time and uses extra brain cells is a major bonus.
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Writer
Sara Coleman is a former corporate gal turned creative entrepreneur. She began writing professionally several years ago and now contributes to multiple websites, blogs, and magazines. She’s also an avid reader and can’t resist a great historical fiction novel. Sara holds a BA in journalism from the University of Georgia and can be found supporting her Bulldogs every chance she has. She resides in Charlotte, North Carolina, with her wonderfully supportive husband and three children. When she’s not ushering her kids to sports and dance lessons, she can be found creating content for her own website, TheProperPen.com.
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