INSUBCONTINENT EXCLUSIVE:
A new app called Fabric aims to make it simpler for parents to plan for their family’s long-term financial well-being
The goal is to offer parents a one-stop-shop that includes the ability to ability for term life insurance from their phone, create a free
will in about five minutes, and collaborate with a spouse or partner to organize key financial accounts or other important documents
In addition, parents are able to coordinate with beneficiaries, children’s guardians, attorneys, financial advisors, and others right from
the app.Fabric was originally founded in 2015 by Adam Erlebacher, previously the COO at online bank Simple, and Steven Surgnier, previously
the Director of Data at Simple
The company last year raised a $10 million Series A led by Bessemer Venture Partners, after having sold life insurance coverage to thousands
of families.Since launch, Fabric has expanded beyond life insurance to offer other services, like easy will creation and the addition of
tools that help families organize their financial and legal information in one place
The idea, the company explained at the time, was to offer today’s busy parents a better alternative to meetings with agents to discuss
complicated life insurance products
Instead, the company offers a simple, 10-minute life insurance application and the option to connect with a licensed team if they need
additional help, as well as a similarly simplified will creation workflow.As with the founders’ earlier company, Simple, which offered a
better front-end to banking while actual bank accounts were held elsewhere, Fabric’s life insurance policies are issued by “A” rated
insurer, Vantis Life, not Fabric itself.However, until now, Fabric’s suite of services were only available on the web
They’re now offered in an app for added convenience
The app is initially available on iOS with an Android version in the works.“Money can be especially stressful when you’re trying to
build a family and a career,” said Fabric co-founder and CEO Adam Erlebacher
“In one survey by Everyday Health, 52% of respondents said financial issues regularly stress them out, and people between the ages of 38
to 53 were the most stressed out financially
Parents want to have more control over their families’ long-term financial well-being and today’s dusty old products and tools are
failing them,” he added.Using the Fabric app, parents can take advantage of any of its offerings, including the option to apply for life
insurance from the phone and get immediate approval
The app also makes it possible to share the policy information with beneficiaries, so it doesn’t get lost.Another feature lets you create
your will for free, and share that information with key people as well, including the witnesses you need to coordinate with in order to
finalize the will, for example
And a spouse can choose to mirror your will, which speeds up the process of creating a second one with the same set of choices.Fabric also
helps to address an issue that often only comes up after it’s too late or in other emergency situations — organizing both parents’
finances in a single place
Many working adults today have not just a bank account, but also have investment accounts, 401Ks, IRAs, and credit cards, or a combination
But their partner may not know where to find this information or where the accounts are held.The app, which we put through its paces (but
didn’t purchase life insurance through), is very easy to use
It starts off with a short quiz to get a handle on your financial picture
It then delivers you to a personalized homescreen with a checklist of suggestions of what to do next
Naturally, this includes the life insurance application, as this is where Fabric’s revenue lies
And if you’re lacking a will and have other fiances to organize, these are featured, too.The online forms are easy to fill out, despite
the smartphone’s reduced screen space compared with a web browser, and Fabric has taken the time to get the small touches right — like
when you enter a phone number, the numeric keypad appears, for example, or the integration of address lookup so you can just tap on the
match and have the rest autofill
It also saves your work in progress, so you can finish later in case you get interrupted — as parents often do
And it explains terms, like “executor,” so you know what sort of rights you’re assigning.Given its focus, Fabric protects user
information with bank-grade security, including 256-bit encryption, two-factor authentication, automatic lockouts, biometrics, and other
adaptive security features.Fabric isn’t alone in helping parents and others financially plan wills and more from their iPhone
Other apps exist in this space, including will planning apps from Tomorrow, LegalZoom, Qwill, and others
Plus many insurers offer a mobile experience
Fabric is unique because it puts wills, insurance, and other tools into a single destination, without complicating the user
interface.Fabric’s app is a free download on the App Store.
