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."
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Accidental Death Insurance policies (Form VL-ADH1 with state variations where applicable) and Term Life Insurance policies (Form ICC16-VLT, ICC19-VLT2, and CMP 0501 with state variations where applicable) are issued by Vantis Life Insurance Company (Vantis Life), Windsor, CT (all states except NY), and by The Penn Insurance and Annuity Company of New York (NY only). Coverage may not be available in all states. Issuance of coverage for Term Life Insurance is subject to underwriting review and approval. Please see a copy of the policy for the full terms, conditions and exclusions. Policy obligations are the sole responsibility of Vantis Life.
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