Fabric life insurance review 2024

In a nutshell

Fabric by Gerber is a solid life insurance company backed by a reputable insurer and over 100 years of customer experience.

• With competitive pricing and handy free tools to help plan for the unexpected, it’s ideal for busy parents in a digital world.
• While it doesn’t offer whole life insurance as a stand-alone product, it’s an option upon conversion.
• A sound financial rating and seamless application process make this brand one to consider.

Fabric by Gerber Life Insurance

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Fabric by Gerber Life Insurance

Coverage max

$100,000 to $5 million

Eligible ages

21 to 70 years

Available terms

10, 15, 20, 25, and 30 years

Am rating

A+

Pros and cons

Fabric by Gerber life insurance overview

In 2022, Fabric was purchased by Gerber Life to join its family of life insurance products backed by Western-Southern Life Assurance Company. Gerber has paid out over $1.5 billion in policyholder claims and $3.6 billion in annuity benefits since its founding. The long-standing company currently only offers term life insurance with an option to convert to whole life, but rates are very competitive compared to the rest of the marketplace. This makes it a good choice for younger consumers with dependents who value affordability, customer service, and modern planning tools to help them prepare for the unknown.

With very high industry ratings and few customer complaints, this reputable option for a simplified term life shopping experience also shines as a brand that stands behind its promises.

Fabric policy coverage options

Fabric by Gerber markets itself as having two main products: a custodial savings and investing account for children under 15 (UGMA account) and their standard term life insurance policy.

The insurance policy works like similar policies, covering death or illness for a certain time period up to a set policy limit amount. It’s straightforward, giving covered adults payouts of up to $5 million if they meet policy requirements.

It isn’t available in every state, and your location determines how long of a term you can choose. In states that allow it, you can choose a term for up to 30 years of coverage. When the policy expires, you have the option to convert it to a whole life insurance policy, but Fabric by Gerber doesn’t offer whole life insurance outright.

Depending on the questions you answer during the initial application process, you most likely won't have to have a medical exam. If you do, Gerber follows the industry-accepted practice of sending someone to you to have a basic medical assessment done, which may include blood labs.

To take advantage of this benefit, you must convert your plan before you turn 65 and while the term life policy is still in force. You’ll also need to apply to the whole life insurance policy and be approved before the conversion takes place. You can’t add more to the whole life policy when you convert, but you can reduce it to keep policy premiums lower.

Fabric life insurance riders

Fabric by Gerber also offers accidental death and dismemberment insurance, and they guarantee you'll be approved if you’re between the ages of 25 and 50 years and add it to your existing term life policy. They won’t charge for this add-on for the first six months.

This policy pays out only in some cases of accidental death, which may depend on the state you live in. Things that may be covered include death by bike, car, or plane crash and fire. It also covers murder, but not if it occurs during a riot or when committing a crime. It doesn’t cover illness or suicide.

Fabric life Insurance rates

Pricing depends on where you live, your age, health, and other factors, including how long you want the term life policy to last. It also varies by the amount you want to be covered. (More coverage costs more per month.)

Fabric by Gerber's example of $1 a day for a 35-year-old, non-smoking male in good health comes out to just around $30 a month for the least amount of coverage — which is generally lower cost than much term life insurance on the market today. To get an accurate estimate of costs, it’s recommended that you take their online quiz and answer questions about your health.

Fabric life insurance customer service

As life insurance companies go, Fabric by Gerber earns rather high marks. For one, the company it’s backed by (Western-Southern Life Assurance Company) is financially stable and has all A- or higher ratings from industry groups. Ratings include:

• A+ (Superior) from A.M.Best.
• AA (Very Strong) from Fitch.
• AA- (Very Strong) from S&P Global Ratings.
• Aa3 (Excellent) from Moody’s.

The Better Business Bureau (BBB) gives Fabric by Gerber an A+ rating with no customer complaints or cases filed.

Vantis Life has given the company a 0.0 rating, which represents customer complaints. This is the best rating a company can receive, and very few complaints were found for the company elsewhere online.

How Fabric by Gerber compares with other brands

Fabric by Gerber offers term life insurance plans, which is common for most companies. It also has an option to convert to whole life insurance, even if it's not offered as an initial policy. Compared to some other term life insurance brands, Gerber stands out since it has an accidental death insurance rider not always provided by other brands.

It focuses on providing a seamless, digital application experience, something that other brands also do well, but Gerber throws in some will and planning tools that you won’t find with other plans. (It includes this perk free for even those who don’t buy policies.)

One other stand-out feature is that Fabric by Gerber is not a marketplace. All applicants get access to policies backed by Western-Southern Life Assurance, which has high industry ratings for financial stability and other important factors. With other insurers, it’s possible to be offered a plan by any number of insurers, depending on your state of residence. With Fabric by Gerber, you know what you’re getting.

Other products offered

Fabric by Gerber also offers a custodial savings account for children under age 15. The account allows adults to give gifts to minors, with the cash usable for just about anything the child needs to use it for, including college expenses.

Another offering includes the digital vault, a free online organization tool for parents to input account information for life insurance plans, savings accounts, investments, and other financial vehicles. The vault is available to anyone, not just those with Fabric by Gerber policies, and provides a simple solution to keep important records in one place.

Methodology

Our analysis begins with customer feedback on the company under review from J.D. Power and studies from Life Happens and LIMRA. Next, we look at the following metrics:

• Cost relative to the company’s competitors.
• Financial strength and ability to meet obligations.
• Policy types, features, and riders.
• Customer satisfaction.

Frequently Asked Questions (FAQs)

Is Fabric by Gerber legit?

Gerber has been offering financial products for over 135 years and is a trusted brand with good reviews and high ratings from industry experts. Over 6.5 million customers use their services to provide additional coverage for their families.

Who is Fabric by Gerber life insurance backed by?

Gerber Life offers policies by the Western-Southern Life Assurance Company, which has earned an A+ rating from A.M. Best since 2009.

Does Fabric by Gerber life insurance require a medical exam?

In most cases, applicants can use the online application process to get approval and coverage within minutes with no medical exam. However, depending on how health questions are answered, a further medical exam may be required. If it is, Gerber Life will send out a professional at their cost to conduct the exam at a location convenient for the applicant.

Does Fabric by Gerber have a waiting period?

There is no waiting period once a term life insurance policy is issued and the premium is paid. For the accidental death policy, the waiting period is 30 days from the date of issue for some situations like illness. Other causes of death may be covered right away.