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It’s fair to say that most of us try to spend as little time as possible thinking about insurance – especially life insurance. And if you’re under a certain age, it’s easy to do that. You’re young, you set up your insurance through your job, and you go about your life. You try to avoid hospitals, but when you have to go in, you hand them a card, and things (in the best case scenario) get taken care of.
And then you get married. You have a kid. And like so many other things in your life, that changes. You never saw the need for life insurance before as a single guy, but now there’s an innocent life staring up at you, and you can’t help but wonder, “what if?”
Frankly, it stinks that this time of life is the backdrop for most people’s introduction to life insurance. Things are already stressful enough, and now you have to get a health exam. You have to get a blood test. You have to visit an insurance office or find the time for endless sales calls with agents, ending up with a plan you might barely comprehend.
Here’s the thing: Life insurance, unlike health insurance, doesn’t need to be that complex. You pay money, and if something happens to you, your loved ones get a payout. Now, we’re starting to see companies like Fabric, a digital life insurance startup, that seem to get that fundamental fact – and the results are bound to make things a little less stressful for young families in particular.
That begins with the way you apply for insurance in the first place. Fabric lets you apply for term life insurance online or in its app, filling out a form that takes about 10 minutes. The company’s algorithms can give an offer to many applicants right away without a medical exam. For those that don’t get an offer right away, the application will be reviewed by the human underwriting team in order to see if an offer can be made. They may ask for additional info and for some, a health exam.
From there, it’s as effortless as it should be. There are no sales calls spent trying to upsell your plans and no money-wasting “whole life” plans (a notorious money pit for first-time life insurance buyers). Basically, it’s using the power of online data for good, and we can only hope we see more of these plans in the future.
Want to see for yourself? Fabric has a ton of services beyond its term life insurance plans and can even help you construct a will. At least consider it for your family’s sake.
Fabric offers term life insurance policies (Form ICC16-VLT, ICC16-VLT19, and CMP 0501 with state variations where applicable) 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 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, accident, and health insurance products. FIA will receive compensation from Vantis Life for such sales.
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