After a short quiz to customize your Fabric experience, you’ll start by filling out our online application, which can be completed in about ten minutes.
In the application, you’ll be asked about your personal, professional and health situation. That’s because term life insurance is medically underwritten, meaning that your individual health and risk factors are taken into account to determine whether coverage can be offered to you and, if so, at what rate.
After you submit the application, it automatically goes into the algorithmic underwriting process. This process includes reviewing the information provided on the application, as well as external data that you authorize us to collect from third-party vendors, like the Medical Information Bureau (MIB), DMV, pharmacy benefit managers, consumer reporting agencies, and publicly available sources.
For some applicants, we can then make an offer for coverage right away, with no health exam or further information required. For some other applicants, we may also know at this point if you're not eligible to apply. If that happens, we'll give you some other options that can help meet your insurance needs.
When we can't make an immediate decision, the application gets assigned to member of our underwriting team for additional review. The underwriter may request follow-up questions, identity verification documents, medical records, and in some cases, a health exam before we can determine if coverage can be offered.
If a health exam is needed, it would be at no cost to you and entails a trained professional working around your schedule to meet you conveniently at home or work. This exam includes a blood draw and other medical questions.
Once the team has the information they need, we’ll get back to you with a final decision.
If an offer for coverage is made, you’ll see your final pricing prior to making a purchase and entering any payment information. You’ll also have the option to change the term length and/or change the coverage amount to customize your offer to fit your budget before you buy the policy. Offers are valid for 60 days from the date the offer is made.