There are two main types of life insurance: term and whole. We offer term life insurance.

Here’s a little more on what that means:

Term life insurance is sometimes called “pure life insurance” because the purpose of the policy is straightforward: It provides a death benefit to your beneficiaries if you were to pass away while the policy is active or “in force.”

As you might imagine, one of the most common reasons to get life insurance is to help protect dependents, such as children. (There are reasons why some single people might want life insurance, too.)

People who are parents often have the highest need for life insurance during the first 20 years of their children’s lives. After that, their kids are likelier to be self-sufficient. As a result, 20 years is one of the most popular term lengths available.

Unlike term life policies, whole life insurance policies (also known as “permanent life insurance”) offer coverage for your entire life. In addition to paying a death benefit, whole life policies also have the ability to build cash value over time. You can borrow against or withdraw from this cash value while you’re alive.

However, as a result of whole life’s ability to earn interest and accumulate cash value, these policies tend to be more complex and more expensive than term life insurance. Certain fees and expenses associated with whole life policies may reduce the cash value, which can, in turn, affect the benefit amounts.

The term life insurance offered by Fabric can be converted to whole life down the line, if you wish, without any additional underwriting requirements.

Pricing is based on the policyholder’s age at conversion. The policy is convertible only up to the current coverage amount, meaning coverage can be reduced but not increased. Conversion can be any time prior to the policy anniversary following the insured’s 65th birthday. A separate application is required.

Read more about term and whole life insurance policies.

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