Most life insurance policies have a period of time, starting as soon as the policy goes into effect, during which the insurer has the right to review your coverage for anything that you potentially misrepresented during the application process. This investigation period can delay payment or, in some cases, cause the claim to be denied altogether. For policies offered by Fabric, the contestability period is two years.
That means that if the policyholder passes away within the first two years of his or her coverage, our insurance partner, Vantis Life Insurance Company, may take a closer look at the cause of death and any potential inconsistencies from your application. The investigation can confirm that the cause of death is covered and that the policyholder answered truthfully on his or her insurance application.
If the claim takes place after the contestability period and our insurance partner Vantis Life Insurance Company determines that no investigation is needed and the claim received is in good order, payment of the death benefit will be processed within three business days of receipt.
Claims that are under investigation by the police or the medical examiner cannot be paid until the investigation is complete.