NEW YORK, Feb. 12, 2019 /PRNewswire/ -- Fabric, the place where new parents come to start their family's financial life, today announced the launch of Fabric Vault, a completely free and revolutionary new financial security product designed specifically for families. Fabric Vault makes it easy for spouses and partners to create a map of their family's finances and securely share this information with each other so that it is always accessible and up-to-date in case the unexpected happens.
Rather than writing down a paper list of bank, investment, 401(k), life insurance, and other accounts, setting up Fabric Vault is seamless and secure. It's quick and easy to complete on your phone, and you have total control over which details you share.
Over 4 in 10 couples are likely to struggle to locate financial information and accounts, such as bank accounts, 401(K)s, investment portfolios and more (according to a recent Fabric study[1] conducted by YouGov among couples aged 30-50 with kids under 18).
"My partner and I had been talking about how we needed to share a list of our financial accounts in case of an emergency. While we had the best of intentions, we never got it done!" said Adam Erlebacher, Co-Founder and CEO of Fabric. "We realized we had stumbled onto a real market need without a solution. We built Fabric Vault to fill that void. Busy couples like us need a quick and easy way to securely share and store this critical info. We hope other couples and parents get as much value out of Fabric Vault as we do."
Fabric Vault Helps Parents Get Organized When you become a parent, everything changes. Suddenly, you're responsible for a new life and until now, the essential tools for helping your new family achieve financial security were not available. Fabric Vault changes that by offering a simple way for you and your partner to get organized, and a clear path to helping protect your family's financial future. And from a security perspective, Fabric uses 256-bit encryption to protect the transmission and storage of your data.
Fabric is a one-stop-shop for new parents looking to organize their family's financial life. In addition to Fabric Vault, the company also offers Fabric Wills, a free way to create a last will & testament that has been used by tens of thousands of families, and Fabric Premium, simple and affordable term life insurance. Fabric's life insurance policies are issued by Vantis Life, a life insurance company founded in 1942 that is rated "A" for financial strength and claims-paying ability by A.M. Best.
[1] Methodology: This survey has been conducted using an online interview administered to members of the YouGov Plc panel of 1.2 million individuals who have agreed to take part in surveys. Emails are sent to panelists selected at random from the base sample. The email invites them to take part in a survey and provides a generic survey link. Once a panel member clicks on the link they are sent to the survey that they are most required for, according to the sample definition and quotas. (The sample definition could be "US adult population" or a subset such as "US adult females"). Invitations to surveys don't expire and respondents can be sent to any available survey. The responding sample is weighted to the profile of the sample definition to provide a representative reporting sample. The profile is normally derived from census data or, if not available from the census, from industry-accepted data.
About Fabric 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.
To support its customer growth, Fabric is expanding its team in Brooklyn. For a list of open opportunities, please visit meetfabric.com/careers.
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