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Life Insurance Guide

Why do people get life insurance?

There are a lot of reasons why someone might purchase life insurance. Most people first consider it when they have children. They want to know that even if they pass away, the people depending on them financially will be taken care of.

How does life insurance work?

A life insurance policy is an agreement between you (the “policyholder”) and the insurance company (the “insurance provider”), that says that if a specific person passes away (the “insured”), while the monthly payments (the “premiums”) are paid-up, they will make a lump sum payment (the “death benefit” also referred to as the “coverage amount”) to the person or persons of your choosing (the “beneficiary”).

If I buy a policy today and pass away tomorrow, how much of the coverage amount will be paid?

100%. So long as the event leading to your mortality is covered by your policy, and the premiums are paid. End of story.

What kinds of insurance policies provide coverage for your life?

There are a number of types of insurance policies that provide a death benefit.

Accidental Death Insurance

When you’re 25 - 44 the single greatest risk to your life is accidental death. This kind of insurance is built specifically for that. It tends to be affordable and, because it is guaranteed issue and the insurance provider doesn’t need to take your health into consideration, it can be purchased extremely quickly.

Fabric Instant is insurance for accidental death. Plans start at $6.00* per month. Covered in under 2 minutes.

Term Life Insurance

Term life insurance provides a death benefit that covers both accidental death and death caused by illnesses. It is often medically underwritten and requires a physical exam. Term life insurance tends to get more expensive to purchase as you age.

Fabric Premium is a term life insurance policy that you can upgrade to from Fabric Instant. It replaces your Fabric Instant policy and covers you for death caused by accidents and illnesses.

Whole Life Insurance

Whole life insurance is a product that offers coverage for the entire life of the policyholder. Its premiums include a mix of insurance and investment components, the latter of which builds accumulated cash value that can be borrowed against or withdrawn before you pass away. Whole life insurance policies are more expensive and complex. Certain fees and expenses will reduce the cash value.

You may convert Fabric Premium to whole life insurance if you wish.

What does it cost?

Fabric Instant starts at $6/mo for $100,000 in coverage, $15/mo for $250,000 in coverage and $30/mo for $500,000 in coverage*.

Once we know a few details about you (including your age and whether or not you use tobacco) we can generate your quote for Fabric Premium. Depending on your age, gender, and specific health details, upgrading to Fabric Premium often costs just a few dollars more than Fabric Instant. In some cases, upgrading can actually save you money!

*prices may vary by state

CDC, National Vital Statistics Report, Volume 64, Number 2; February 16, 2016, Table 9.

Our policies are issued by Vantis Life Insurance Company (Est. 1942).

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© 2019 Fabric Insurance Agency, LLC

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 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.

Fabric Insurance Agency, LLC (FIA) is an insurance agency licensed to sell life, accident, and health 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.‬‬