Fabric Helps Families Tackle Financial Security With Sharing and Collaboration Features
Couples' wills and Trusted Contacts help families collaborate and stay informed about critical financial issues
NEW YORK, Dec. 11, 2018 /PRNewswire/ -- Fabric today released two powerful new features for Fabric Wills that help parents better protect their families' financial future. The company's popular Fabric Wills service enables anyone to create a free legal will online in less than ten minutes, and shows them how to make it official.
Fabric Wills for Couples
The first new feature allows each spouse to create a will that reflects the common wishes of the couple, such as the selection of a guardian for their minor children, beneficiaries of their estates, executors of their wills and more. This feature makes preparing their wills more efficient.
Trusted Contacts for Fabric Wills
The second new feature, Trusted Contacts, allows customers to grant key people online access to important information, such as the names of the people they've designated as an executor of the will, a guardian for minor children and beneficiaries of their estate. This feature helps to ensure that important information will be available when the need arises.
"We created Fabric for families like ours," says Adam Erlebacher, Fabric's CEO. "We wanted to offer a simple way for parents like us to share crucial information with a few family members and friends. Traditional wills and life insurance policies aren't designed with this in mind, and they are worthless if nobody knows they exist. We realized that achieving financial security is not just about how much money is in your bank account. It's also about the peace of mind you get from knowing you've helped your kids and partner get the human support they need in case the unexpected happens."
This announcement extends the usefulness of Trusted Contacts, which originally launched as a feature for term life insurance policies offered by Fabric. According to Consumer Reports, more than $1 billion in life insurance benefits goes unclaimed because of misplaced or forgotten life insurance policies[1], and even one unclaimed life insurance policy would be a tragedy for a family. Trusted Contacts empowers families to help ensure that doesn't happen.
Built With Families in Mind
Tens of thousands of families are using Fabric to help protect their financial futures, either through Fabric Wills or the company's term life insurance offering. The company continues to grow by double-digit percentages month over month, demonstrating that Fabric is solving a critical need for families.
"We're thrilled to see parents sharing important information with their loved ones," continued Erlebacher. "Since the launch of these new features, nearly 80 percent of married people who create a Fabric Will have shared crucial information with their families."
To help protect your family's financial future, visit meetfabric.com.
About Fabric
Fabric believes that every family deserves a secure financial future. Supported by a group of world-class investors led by Bessemer Venture Partners, Fabric—and its ever-growing team of data, technology and insurance professionals—is committed to helping bring financial security into the modern age, with life insurance and wills that are fast, affordable and easy to navigate.
SOURCE Fabric
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