Chris Kissell is a Denver-based writer and editor with work featured on U.S. News & World Report, MSN Money, Fox Business, Forbes, Yahoo Finance, Money Talks News and more.
Nupur Gambhir is a content editor and licensed life, health, and disability insurance expert. She has extensive experience bringing brands to life and has built award-nominated campaigns for travel and tech. Her insurance expertise has been featured in Bloomberg News, Forbes Advisor, CNET, Fortune, Slate, Real Simple, Lifehacker, The Financial Gym, and the end-of-life planning service.
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Our take: Fabric, now branded Fabric by Gerber Life since its acquisition in early 2022 by Gerber Life’s parent company Western & Southern Financial Group, makes creating an estate plan easier than its competitors. While the company predominantly offers life insurance, the Fabric app also includes services to help policyholders create estate plans. Most notably, the app allows people to create a will, a highly recommended supplement to a life insurance policy. The insurer also offers a no-medical-exam life insurance policy that’s designed specifically for seniors who are making end-of-life plans.
Fabric by Gerber Life offers term life insurance. But if you’re looking for a life insurance company that does more than just sell life policies, Fabric by Gerber Life is for you. In addition to selling life insurance, Fabric also helps you create a will and build a financial and legal plan for your family and estate — and you can even set up a 529 plan. Another note: In addition to being great for estate planning, Fabric, along with Ladder, received the top Trustpilot customer experience rating of the online life insurance companies we reviewed.
What Fabric has to say: “We offer a one-stop-shop for busy parents. That means that at the same time you’re applying for a life insurance policy, you can also create a free will, get access to college savings funds, and even manage your family’s finances on our easy-to-use mobile app” says Adam Erlebacher, CEO of Fabric by Gerber Life.
Pros:
Cons:
Trustworthiness: The Better Business Bureau evaluates businesses on their behavior, trustworthiness, and performance. A business with a high ranking from the BBB can be trusted to meet its commitments. The BBB gives Fabric an A+.
Financial strength: A.M. Best evaluates a company’s financial health and its ability to meet its financial obligations. A.M. Best gives Fabric an A+.
Customer experience: Trustpilot is an online platform for individuals to provide reviews of companies and their customer experience. Trustpilot gives Fabric a rating of 4.8 out of a possible 5. Scores as of October 4, 2022.
Additional product line details: Customers purchasing Fabric by Gerber Life’s term policy can choose from 10-, 15-, 20-, 25-, and 30-year terms with coverage amounts from $100,000 to $5 million. The company uses a digital underwriting system that allows customers to get an instant decision without a medical exam.
Fabric by Gerber Life also offers a policy tailored toward senior applicants. While this policy also doesn’t require a medical exam, it is only meant for people between the age of 50 to 80 and only provides up to $25,000 in coverage. The policy can pay for anything from outstanding loans to final expenses.
For healthy non-smokers:
The following table shows Fabric monthly rates by age and gender for healthy non-smokers purchasing 20-year term policies.
How its rates stack up:
The following table shows how Fabric’s monthly rates for 35-year-olds in excellent health compares with selected competitors for $500,000 in coverage.
Company background: The company was founded by entrepreneurs Adam Erlebacher and Steven Surgnier. It was acquired in early 2022 by financial services firm Western & Southern Financial Group, which also owns the Gerber Life insurance brand. “In addition to being a one-stop-shop, Fabric is now Fabric by Gerber Life, which means that our customers get the digital convenience of Fabric, now partnered with a brand trusted by millions of families for more than 50 years. It’s just another way we strive to help provide our customers with peace of mind,” says Erlebacher.
Interesting tidbit: While Fabric by Gerber Life offers varied estate planning services, the company targets its policies at parents.