NEW YORK, Oct. 2, 2018 /PRNewswire/ -- Today, Fabric launched Trusted Contacts, a first-of-its-kind way for families to easily share insurance policy information. Trusted Contacts gives families the peace of mind that comes from granting a beneficiary spouse or partner easy access to up-to-date policy information and customer support if the need arises.
We live in an age where almost everything is accessible online, but most life insurance policies are hidden in file cabinets, dresser drawers or manila folders. Too many loved ones are not even aware that they are the beneficiaries of a policy. According to Consumer Reports, at least $1 billion in benefits from misplaced or forgotten life-insurance policies are waiting to be claimed by their owners . With Trusted Contacts, Fabric makes it easy for families to know where everything is by allowing customers to digitally share important policy information with their partners.
What's more, when the policyholder modifies details such as the coverage amount, changes will be shared with the beneficiary who has been granted access to policy information.
Trusted Contacts is available on all term life insurance policies offered by Fabric, including a new term life experience that makes it possible to purchase term life coverage in minutes without a health exam, launched today in 47 states and Washington, D.C. Future additions to the Trusted Contacts feature will allow Fabric customers to securely share specific information with other family members and trusted advisors.
Marguerita Cheng, Certified Financial Planner and CEO of Blue Ocean Global Wealth, says, "Life insurance provides you and your loved ones peace of mind and resources for the survivor's income needs. While it's important to plan for the unexpected, it's as important for your loved ones to readily access this information when the need arises."
"The number of unclaimed life insurance policies should be zero," says Adam Erlebacher, Co-Founder and CEO of Fabric, "otherwise the product is just not doing its job. Fabric helps make sure that families and parents always have peace of mind, with the information they need at their fingertips."
Fabric's policies are issued by Vantis Life, which was founded in 1942 and is rated "A" ("Excellent") for financial strength and claims-paying ability by A.M. Best.
Fabric believes that every family deserves a secure financial future. Together with a group of world-class investors led by Bessemer Venture Partners and an ever-growing team of data, technology, and insurance professionals, Fabric is committed to bringing life insurance into the modern age with an experience that is fast, affordable, and easy to navigate.