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Fabric

You’ve never seen life insurance this easy.

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adamerlebacher
Maker
@adamerlebacher · Co-Founder & CEO, Fabric
Good morning, Co-Founder of Fabric here. We were told we would never be able to do it, but we’ve taken a clean page and made life insurance easy to buy. (It has not been easy to do!) That means if you live in Texas, Illinois, Ohio or 29 other states, you can have life insurance coverage about 2 minutes after you finish reading this sentence (we timed it!). No more agents, complex and costly policies, and weeks of waiting. This has never been done before. Fabric plans start at $6/mo for $100,000 in coverage and you can do it on your phone, tablet, or desktop. Here’s how it works: If you’re 25-44, accidental death is your life’s single biggest risk. Fabric Instant covers you with accidental death insurance in about 2 minutes, on your phone. You can upgrade coverage later to include death from accidents and illnesses by replacing Fabric Instant with Fabric Premium, a 20-year term life insurance policy. Policies are issued by Vantis Life, which was founded in 1942 and has a rating of “A” (“Excellent”) for financial strength and claims-paying ability from A.M. Best. With Fabric Instant, we took the time to design a new insurance product from the ground up. It was the only way to create a 2-minute experience from start-to-covered, whether you’re on your mobile device, tablet, or desktop. Give us a try! I’d love to hear what you think. Adam Fabric Co-Founder
Ed Holloway@edholloway · AutomatedSky, MaidBooks, Field2Base
@adamerlebacher Great concept, and it seems much easier than the traditional alternatives I've looked at. I've actually been in the market, and I started your process, but paused - here is what stopped me (FWIW): 1. I can't see my pricing on "Premium" until I create (and I assume pay) a policy for Instant. Frankly that's kind of lame. Without the transparency here, I feel like I'm back in traditional insurance-world where everything is obfuscated, and always has an insane premium hidden somewhere. Yea, I get the stats and that I am more likely to be covered by Instant than not. But I would expect many folks who are trying to care for their family like this want to make sure they are covered in all cases, not just the most likely. I also get that your probably trying to capture the customer before upselling them, but for folks who feel like they need the full coverage from the start, you should provide a fork here, or at least better transparency on total pricing before asking for the commitment. 2. The phone number requirement before I see any real details on the policy I am about to get. Probably not a big deal by itself, but combined with #1, it just made me feel like I am going to get harassed constantly with calls (as I have been from your competition when getting quotes). Hopefully this feedback helps - from the perspective of someone who was already pulling out a Credit card when reading this post, but then stopped.
adamerlebacher
Maker
@adamerlebacher · Co-Founder & CEO, Fabric
@edholloway Thanks for the feedback! In response to your questions: #1: We actually show you how much it costs to upgrade to Fabric Premium (20-yr term life policy) right after you select one of the three Fabric Instant plans. We calculate the Fabric Premium quote based on the amount of coverage you select for Instant. We'll see how we can make the Fabric Premium quote more visible! And one side note re who can buy Fabric Instant: if you're 25-50, you qualify. It's a guaranteed-issue insurance product. #2: We only use the phone number to authenticate users via SMS. We do *not* call folks unless they ask (nearly everyone prefers our chat feature).
Ed Holloway@edholloway · AutomatedSky, MaidBooks, Field2Base
@adamerlebacher Cool - thanks for the reply and details. You should say some of this stuff right on the page - I think it would have helped me feel more comfortable in the process. The clean look is great (and a huge relief from the "fine print" all over your competitors sites) - but a little more detail here would probably help people wrap their heads around things better. Many of your prospects are coming to the page with years (or decades) of experience dealing with insurance company shenanigans - anything you can do to mitigate that mistrust will go a long way IMO. Good luck, and I'll take another look.
adamerlebacher
Maker
@adamerlebacher · Co-Founder & CEO, Fabric
@edholloway Thanks again!
Jimmy Douglas@jimmydouglas · COO at Vault
@adamerlebacher Congrats on the launch, @adamerlebacher!
Sara Mauskopf, CEO of Winnie.com@sm · CEO and Co-founder at Winnie.com
Wow, what a great day to be a parent! Fabric and Winnie for Android launched today :-)
Jake Bronstein
Maker
@jakehimself · I make things. The world buys 'em. Fun!
@sm Hi, Jake from Fabric's marketing team here ... would love to link-up and see if there's something we can do together. I'm asking https://www.producthunt.com/@foo... to link us up as we speak.
Sara Mauskopf, CEO of Winnie.com@sm · CEO and Co-founder at Winnie.com
@jakehimself let's do it -- sara@winnie.com
Tristan Pollock@writerpollock · EIR/Venture Partner @ 500 Startups
When will you launch in Cali? 🙏🏻
adamerlebacher
Maker
@adamerlebacher · Co-Founder & CEO, Fabric
@writerpollock We're working on it! Soon.
Aaron Myers@amyers · eCommerce Guy
This is awesome! Does the Fabric Premium require a blood test?
adamerlebacher
Maker
@adamerlebacher · Co-Founder & CEO, Fabric
@amyers Hey Aaron, Thanks! Yes, Fabric Premium does require a health check at the moment.
Aaron Myers@amyers · eCommerce Guy
@adamerlebacher What's a "health check" and what's included? How do we schedule and receive it? Do we choose our own doctor and send in results?
adamerlebacher
Maker
@adamerlebacher · Co-Founder & CEO, Fabric
@amyers The health check is free and is similar to a physical (i.e. height, weight, blood pressure, fluids samples, and pulse). You schedule it at your convenience using the web app, and the medical pro comes to your home. You don't choose the doctor, everything is taken care of.
Aaron Myers@amyers · eCommerce Guy
@adamerlebacher Thanks Adam! Do prices change or are they the same for the full 20-year term? Does the app suggest when to upgrade to Premium? For example, when you're within X years of the 44 year old range. Does the 20 year start over when you upgrade to Premium? As I assume it would be a new policy-- y'all are awesome!
Melissa Monte@melissamonteee · Director of Media & Startup Growth
this looks awesome but bummer it's not in California yet...