Fabric from Gerber Life Insurance Review 2024: Pros and Cons

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After the birth of my first son, my whole view of money changed. I was struck by the realization that for the next twenty years, another life would depend on my income to survive.

To be honest, that thought was a little scary and I immediately started looking for the best life insurance policy. My story is not that unusual. Many people only start thinking seriously about life insurance once they have children.

Fabric by Gerber Life, a digital life insurance company, seems to understand that and has tailored its life insurance policies and other services to appeal specifically to new parents. Fabric life insurance is not to be confused with Gerber life insurance (yes, the company Gerber Baby is known for), which has more coverage options.

Types of Fabric Life Insurance Plans

Fabric’s flagship life insurance product is called Fabric Premium. All of Fabric’s life insurance policies are issued by Western-Southern Life Assurance Company, which has been rated A+ for financial strength by AM Best.

Term terms and coverage amounts of fabric life insurance policies

While Fabric focuses on covering you while you have children at home, it still offers a wide variety of terms for its life insurance policies. Your options are 10, 15, 20, 25, and 30. Originally, Fabric’s longest term was 20 years, so this is an improvement.

Currently, Fabric only offers term life insurance and not whole life insurance options. The difference between term life insurance and whole life insurance is that term policies end after your specified term, while whole life insurance policies do not expire and may provide other benefits such as a cash value that you can use to borrow against.

As for Fabric Life’s coverage options, you can choose between $100,000 and $5 million.

Also note that the Fabric policy is available in all states except New York.

How much does substance life insurance cost?

The specific prices you quote will depend on your health, age and family medical background.

But in my experience, Fabric’s quotes are very competitive. For example, here are some concrete quotes I received from Fabric for a 20-year policy:

• $250,000 in coverage: $16.65 monthly premium
• $750,000 in coverage: $32.96 monthly premium
• $1 million coverage: $41.76 monthly premium

Depending on your situation, Fabric may offer you slightly higher or lower rates than what I received. But I do believe that the company strives to offer affordable policies to its customers.

Other Features of Substance Life Insurance

In addition to its life insurance product, Fabric offers a number of additional services that families will appreciate.

Cloth wills

You can use Fabric Wills to make your will for free. A will not only allows you to determine who should inherit your estate, but it also allows you to name a guardian for your child.

For this reason, drawing up your will is very important if you have children. And Fabric says you can make yours in five minutes on its site.

Fabric safe

Fabric Vault is a financial security product built into the Fabric app. Fabric Vault lets you share your financial account information, such as your bank, 401(k), or IRA, with your partner.

You can also store your will in your fabric safe. Think of it as a virtual bank vault. And Fabric Vault takes security seriously and uses 256-bit encryption to protect your data.

How to Apply for Cloth Life Insurance

It takes less than a minute to receive a quote from Fabric. The site asks for just five pieces of information: your age, your gender, your state of residence, your history with tobacco use (if applicable), and your health.

If you like what you see, you can continue with the full application, which asks a lot of questions about your health. But it’s for good reason. If everything is fine and no flags are raised, you may be able to receive full underwriting approval immediately. That means you may be able to get medically underwritten life insurance coverage without a medical exam.

If you are unable to obtain immediate approval, one of Fabric’s underwriters will contact you and request more information. In some cases, you may still need to undergo a medical examination (but at no cost to you and with a healthcare provider who can work around your schedule).

Methodology: How we rated Fabric Life Insurance

To evaluate Fabric Life, we relied on our insurance rating methodology, which scores insurers based on their coverage options and amounts, the cost of monthly premiums, industry ratings such as AM Best, customer ratings and how the insurer stacks up against the competition.

How Fabric Life Insurance Compares

One of Fabric’s strengths lies in its simplicity, but that is also one of its weaknesses.

If you’re looking for life insurance or a bunch of optional policies, Fabric isn’t the right insurer for you. But Fabric is a good choice for anyone looking to buy term life insurance with a term of 30 years or less. It offers a streamlined application process, competitive rates and useful companion products.

Make sure you compare your life insurance quotes from Fabric with at least two other insurers. Or use an insurance marketplace, such as Policygenius or Quotacy, to view quotes from multiple insurers at the same time.