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We’ve Got Families, Too: Life Insurance Stories From the Fabric Team

By Allison Kade May 11, 2021

In this article

“My Husband Can Pay Off Our Mortgage and Have Some Extra”

“We Timed Our Policy to Our Son’s Age”

“I Want to Cover the Expense of the Kids”

“I Want Them to Have Freedom”

“I’m Thinking About My Kids’ Education”

“I’m Trying to Decide What’s Right for My Family”

As Fabric employees, we spend our days talking about life insurance. And some nights. Lots of us are parents, which means we spend the rest of our time kissing boo-boos and trying to convince our kids to go back to bed.

We’ve had to make our own decisions about how to protect our families, too. There’s lots that parents should know about life insurance, and each situation is unique, as are our life insurance choices—but there are plenty of commonalities to learn from.

That’s why we gathered stories from our team members about the kinds of life insurance they chose and why. Consider this your dose of voyeurism for the day.

“My Husband Can Pay Off Our Mortgage and Have Some Extra”

Name: Kaycie

Role: Insurance Operations and Support

Relationship status: Married

Children: A 2-and-a-half-year-old son

Term or whole life insurance? I chose a term life insurance policy because it was a lower-cost way to protect my husband and child compared to whole life insurance

Term length: 30 years, which means that if I pass away during the time period when my policy is active, my loved ones would receive money to help them get by.

Coverage amount: The coverage amount is 5x my salary, or in other words, enough for my husband to pay off our mortgage while setting some extra funds aside to help pay for childcare, school tuition or whatever else.

Why did you choose this policy? I opted for a 30-year term policy because I  purchased it as we began to plan our family and I wanted something that would cover all of the years when we'd be supporting minors. I also liked the fact that the term won't be up until I'm 60 and that will hopefully be at the tail end of my working years.

“We Timed Our Policy to Our Son’s Age”

Name: Steven

Role: Technology

Relationship status: Married

Children: A soon-to-be 7-year-old

Term or whole life insurance? Term

Term length: 20-year term life insurance

Coverage amount: We did this strictly based on our income replacement calculations, so rather than calculating various mortgage or secondary school concerns, we just decided on a multiple of our income. 

Why did you choose this policy? We bought this policy when our son was two, and we were pretty sure he’d be our only kiddo. So that led us to choose a 20-year term to cover him until he’s out of high school. 

“I Want to Cover the Expense of the Kids”

Name: Saadiq

Role: Growth Product

Relationship status: Married

Children: A 4-year-old and a 7-year-old

Term or whole life insurance? Term

Term length: 20 years

Coverage amount: I chose an amount that would allow my wife (beneficiary) to pay for the kids’ school and pay off our mortgage in the event that something happened.

Why did you choose this policy? Kids are expensive. We got this policy around five years ago, to ensure that there will be enough money to pay for what our kids need. 

“I Want Them to Have Freedom”

Name: Allison

Role: Organic Acquisition

Relationship status: Married

Children: A 3-year-old and a not-quite-1-year-old

Term or whole life insurance? Term

Term length: 20 years

Coverage amount: I have roughly 7x my salary in coverage. 

Why did you choose this policy? I chose term because it’s cheaper than whole life, allowing me to invest the rest and probably get better returns, fewer fees and more transparency. I want my family to have options. What if they needed to move to a more expensive place? What if my spouse needed or wanted to take time off of work? I don’t want them to feel trapped.

“I’m Thinking About My Kids’ Education”

Name: Adam

Role: CEO

Relationship status: Married

Children: Two young kids

Term or whole life insurance? Term

Term length: 20 years

Coverage amount: I sought enough to cover housing, monthly bills and our two kids’ education.

Why did you choose this policy? In addition to this insurance my family continues to save, so the idea is that we’d have built up a nest egg by the end of the 20-year term. By then, we should have fewer financial obligations and enough saved up to make ends meet, even if something happened to one of us.

“I’m Trying to Decide What’s Right for My Family”

Name: Daria

Role: Marketing

Relationship status: Married

Children: A 4-year-old and a 1-year-old

Why are you thinking about life insurance? I admit that I probably should’ve done this sooner, but I guess I’m like many of our customers in that way—the busy day-to-day just got in the way. Now that I work at Fabric, I’ve committed to finding a policy that will protect my family if something were to happen to me. And I also will make sure that my husband also gets one as well.

What kinds of things do you want this insurance to cover? I would like to make sure that the cost of living is covered and I want to make sure that my husband doesn’t have to think twice about buying food, clothes, books and anything else he and our daughters need. I’d also like to contribute toward our kids’ college education so that doesn’t become a strain. 

So, all these factors will contribute to the coverage amount I choose.

How long do you need coverage? I’d like to have this sense of security until my youngest child is around age 25 or 26. By then, I’d hope that she and her sister are financially independent, and my husband should be OK since he won’t have so many financial obligations anymore. Since my younger daughter is a year old, that means I’d be looking for a 25-year term.

Fabric exists to help young families master their money. Our articles abide by strict editorial standards.

This material is designed to provide general information on the subjects covered. It is not, however, intended to provide specific financial advice or to serve as the basis for any decisions. Fabric Insurance Agency, LLC offers a mobile experience for people on-the-go who want an easy and fast way to purchase life insurance.


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Written by

Allison Kade

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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.

All sample pricing is based on a 25-year old F in Excellent health for the coverage amount shown. All samples are for a 10-year term policy, unless otherwise stated. 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. 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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