The latest app, called Fabric, strives to make it easier for parents to plan for their family’s long-term economic well-being.
The Purpose of Fabric
The aim is to give parents a one-stop-shop that includes the ability to obtain a term life insurance from their phone, plan a free will in about five minutes.
Plus, collaborate with a spouse or companion to create key financial accounts or additional essential documents.
Also, parents are capable of coordinating with recipients, children’s custodians, lawyers, financial advisors, and others direct from the app.
Fabric was formerly established in 2015 by Adam Erlebacher, earlier the COO at online bank Simple, and Steven Surgnier, earlier the Director of Data at Simple.
The company last year put a $10 million Series A managed by Bessemer Venture Partners, after having sold life insurance coverage to hundreds of families.
Since the launch, Fabric has extended beyond life insurance to give other services, like simple will creation and the extension of tools that assist families in organizing their financial and legal data in one place.
The plan, the company clarified at the time, was to give today’s working parents a more suitable option for meetings with agencies to discuss complex life insurance products.
Instead, the company gives an easy, 10-minute life insurance form and the choice to connect with a licensed team if they require additional help, as well as a correspondingly simplified will creation workflow.
Utilizing the Fabric app, parents can take the benefit of any of its offerings, including the choice to apply for life insurance from the phone and receive instant approval.
The app further makes it possible to share the policy data with beneficiaries, so it does not get lost.
Fabric Has Competition
Fabric is not alone in supporting parents, and others financially plan wills and more from their Phone.
Additional apps are in this space, including will planning apps from Tomorrow, LegalZoom, Qwill, and others.
Plus several insurers give a mobile experience.
Fabric is different because it sets wills, insurance, and other tools into a particular destination, without confusing the user interface.
Fabric’s app is a free download on the App Store.
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