Life insurance is an agreement between you, the insured, and an insurance company that says in the event of your passing, they’ll pay a lump sum to whoever you choose as your beneficiary. It can help ensure your family has the financial support it needs by covering a portion of your lost income if the unexpected happens. This money could help pay for monthly bills like housing, education costs for your kids, etc. These days, it’s possible to buy life insurance online, making the process that much easier. You can read about it in more detail here.
If you have someone who depends on you financially, own a business, have debts, or want to leave something behind for friends and family, you might benefit from buying life insurance online. This is especially true for parents, people paying off mortgages, saving for college, or anyone who is the main breadwinner for their family. Read more details about why here.
While group coverage through your employer is a great benefit, it also has some disadvantages. Most notably, you could lose your coverage when you switch jobs. Secondly, it’s often not enough coverage, as most experts recommend a policy that pays out at least 5x your annual salary. Get more details here.
Experts generally recommend a policy that will pay out at least 5x your annual salary. You’ll also want to factor in any outstanding debts. Other things you might want to consider are contributions toward future goals, like your kids’ college education. If you’re worried that the cost may be beyond your budget, don’t worry, any amount of coverage can help. Wondering how much it would cost to buy life insurance online? Get your estimate here.
Now that you’ve got the knowledge, go ahead and apply it... by applying for life insurance.
Term life insurance is just what it sounds like - a policy that covers you for a specific period of time (a term). It’s popular with families because, for example, a 20-year term policy can cover a parent from their child’s birth until the child moves out of the house. Term life insurance policies also tend to be significantly more affordable than whole life policies per dollar of coverage, and as such term policies are often recommended to help achieve these goals. Learn more about the differences here.
This is the person (or people) who will receive the benefit of your policy should you pass away, so it’s common to choose a beneficiary like a spouse or your children. Often it’s useful to think of who will face the most severe financial burden, should you pass. You can read about what to consider in choosing a beneficiary here.
If you thought learning about life insurance was easy, wait until you see how easy it is to apply for it.
Fabric Instant is an Accidental Death Insurance Policy (Form VL-ADH1 with state variations where applicable) and Fabric Premium is a Term Life Insurance Policy (Form ICC16-VLT, ICC16-VLT19, and CMP 0501 with state variations where applicable). Policies are issued by Vantis Life Insurance Company (Vantis Life), Windsor, CT (all states except NY), and by Vantis Life Insurance Company of New York, Brewster, NY (NY only). Coverage may not be available in all states. Issuance of coverage for Fabric Premium 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.
Plan like a parent. is a trademark of Fabric Technologies, Inc.