Fabric Premium is a term life insurance policy. The term, or time period during which you’ll be covered by this policy, can vary from customer to customer. Depending on the state that you live in, you may have the option to choose and agree to a specific term when you apply for the policy.
One of the most common terms for our customers is 20 years. That’s because many people get life insurance to help protect their families during the period when they’re raising kids—in many cases, after 20 years, your children would (ideally!) be grown up and self sufficient. There are states where selecting the term isn’t an option at the moment, and for those states, Fabric Premium is a 20-year term life policy.
Your term begins once your application has been approved and your first payment has been received. If you choose to do so down the road, you can convert your Fabric Premium term life insurance policy into a whole life insurance policy later.