Your beneficiary is the person who will receive the benefit from your life insurance policy if you pass away. The most common reason people take out term life insurance policies is because they’re responsible for financially supporting loved ones.
If they were to pass away, the insurance company would pay out a death benefit to their beneficiaries, which can go toward things like funeral expenses or household bills, childcare, college expenses or anything else.
You’ll have the opportunity to select a beneficiary when you apply for life insurance through Fabric. If you want to change your beneficiary after you’ve purchased a policy, just visit your Dashboard (click “Dashboard” on the main menu). Select “Update beneficiaries” in the section with your policy details.
Once you’ve made the updates, be sure to click the purple button to e-sign to confirm changes.