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Life Insurance 101

Why We Started Fabric

By Adam Erlebacher Jan 19, 2017

Getting life insurance just got a whole lot easier for parents.

My name is Adam. Just over a year ago I decided to get life insurance. About a month later, I decided to rebuild the life insurance industry, starting with how policies are sold. Here’s why.

With my son’s arrival, I knew I needed to get my act together. My wife and I depend on each other, and if I’m not around it would be hard for my family to stay in our apartment, cover monthly expenses and set aside money for our son’s college. I wanted to make sure they’d have the financial support they’d need.

So I tried to buy life insurance online. I filled out the form on the insurance company’s website, but I didn’t expect what happened next. Instead of simply paying for it in a couple of minutes, I had to meet with an insurance agent for an hour at his office. I filled out a 15-page paper questionnaire. Two more meetings followed. It took weeks for me to get any real pricing, and the agent relentlessly up-sold me on complicated products I didn’t ask for or need (whole life insurance?). All told, it took ten weeks to get covered.

I had never tried so hard to buy a product. I hung in there only because it was the right thing to do for my family. After all, for life insurance to work, you have to get it. Wouldn’t more people protect their families if they could get simple and affordable life insurance in a couple minutes? Rather than solve that problem, it seemed the biggest insurance innovation over the last 30 years has been ever-more complex products with fatter commissions for agents.

As part of the team who brought beautiful no-fee banking to life with Simple, my co-founder Steven Surgnier and I knew that we could do better.

So we brought our founding team together, found the right partners, and started building a better alternative in Brooklyn.

One year later, and backed by a group of top-tier investors led by Bessemer Venture Partners, we’re welcoming a handful of parents as Fabric’s first clients. We’ve also partnered with RGAx, a subsidiary of the reinsurance powerhouse RGA, whose deep product development, capital, and data resources have provided fundamental support to us. Most importantly for our clients, our policies are issued by Vantis Life Insurance which has been serving families since 1942, and is rated “Excellent” for financial strength and claims-paying ability by A.M. Best.

Ready for the most exciting part? We built Fabric so that any time you have a couple of minutes free is the perfect time to check a critical to-do off your list. Whether you’re in line at the grocery store, waiting to pick the kids up at school, or in the back of a cab on your way home, you can come to meetfabric.com on your phone and get the coverage you need for your family.

So why isn’t today our launch?

We made the process of getting covered quick and easy, but we’re taking everything else slow. By opening our doors in just a few states first, we’re taking the time we need to color-in our world.

We worked hard to remove any fine print. The few places it couldn’t be avoided, we went ahead and made it not so small. Or made a video to make it even clearer. Nothing is hidden. And nothing ever will be.

Please stay tuned. We can’t wait to show you what we’ve built. In the meantime, come join us!

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

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

Adam Erlebacher

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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.

Fabric Insurance Agency, LLC (FIA) is an insurance agency licensed to sell life and accident insurance products. FIA will receive compensation from Vantis Life for such sales. The NAIC Company Code for Vantis Life is 68632. See the Terms of Use for additional information regarding FIA.

A.M. Best uses letter grades ranging from A++, the highest, to F, companies in liquidation. Vantis Life’s A+ (Superior) rating, which was reaffirmed in April 2020, ranks the second highest out of 16 rankings. An insurer’s financial strength rating represents an opinion by the issuing agency regarding the ability of an insurance company to meet its financial obligations to its policyholders and contract holders and not a statement of fact or recommendation to purchase, sell or hold any security, policy or contract. These ratings do not imply approval of our products and do not reflect any indication of their performance. For more information about a particular rating or rating agency, please visit the website of the relevant agency.

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