Let’s say you and your spouse designated each other as your life insurance beneficiaries. Shouldn’t your policies “know” each other?
Fabric believes that too many financial products don’t talk to each other enough. That can cause a whole host of problems. Namely, if someone were to pass away, his or her loved ones might not know whether he or she had a life insurance policy, or who was named as the beneficiary.
According to Consumer Reports, there’s more than $1 billion in unclaimed life insurance benefits!
We’ve always said that it’s important to streamline your online life so your heirs know where to find everything.
That’s why Fabric released a featured called Trusted Contacts, which you grant access to your beneficiary so that person can see your up-to-date policy information on Fabric and access customer support if the need arises.
When you modify details such as your coverage amount, your changes will be visible to the beneficiary you named as your Trusted Contact, so you can rest assured that your beneficiary will have access to the information he or she needs, if something were to happen to you.
“The number of unclaimed life insurance policies should be zero,” says Adam Erlebacher, Co-Founder and CEO of Fabric, “otherwise the product is just not doing its job. Fabric helps make sure that families and parents always have peace of mind, with the information they need at their fingertips."
Fabric exists to help young families master their money. Our articles abide by strict editorial standards.
Fabric by Gerber Life exists to help young families master their money. Our articles abide by strict editorial standards.
Information provided is general and educational in nature and is not intended to be, and should not be construed as, financial, legal, or tax advice. Laws of a specific state or laws relevant to a particular situation may affect the applicability, accuracy, or completeness of this information. Federal and state laws and regulations are complex and are subject to change. We make no warranties with regard to the information or results obtained by its use, and disclaim any liability arising out of your use of, or reliance on, the information.
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