NEW YORK, Nov. 12, 2019 /PRNewswire/ -- Fabric, an innovator in helping parents protect their family's financial future, today announced the launch of a free mobile app. Unlike budgeting apps for managing daily finances, Fabric's new app aims to fill a clear need that parents have when planning for their family's long-term financial well-being.
Available today on the Apple App Store and coming soon to Android, the app allows parents to apply for term life insurance straight from their phone, create a free will in about five minutes and collaborate with their spouse or partner to build a shared list of financial accounts and important documents, stored all in one place. Parents can also easily coordinate with beneficiaries, children's guardians and more – right from the app.
"Money can be especially stressful when you're trying to build a family and a career," said Adam Erlebacher, CEO and co-founder of Fabric. 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," Erlebacher continued. "Fabric takes a modern approach to helping parents tackle the issues that keep them up at night. We make it simple, easy and digital for parents to protect and organize their families' financial lives—right from their phones."
A Personalized Checklist for Parents
The Fabric app starts by asking questions to understand your family life and financial situation, and determines which Fabric tools can help. These are presented as a simple checklist so you can tackle each item, one by one. This includes insights on whether you may need life insurance or a will, and tips for how you and your spouse can better organize your family's financial accounts and important documents.
With the Fabric app, you can:
- Apply for term life insurance in the app: Quickly fill out an application in 10 minutes, and you could be approved immediately.
- Find affordable coverage: Fabric offers affordable term life policies. Before you buy, you can tailor the term length and coverage amount to fit your budget. Manage your policy online, too.
- Get expert advice: Fabric's licensed team is available to answer your questions. Their goal is to help make sure you and your family find a policy that fits your needs.
- Share policy information easily: According to Consumer Reports, at least $1 billion in benefits from misplaced or forgotten life insurance policies are waiting to be claimed. Fabric helps solve this problem by allowing you to securely and easily share your policy details with your beneficiary, so they have the necessary info and a direct line to Fabric's customer support, if ever needed.
- Write a will on your phone for free: Create a will in only five minutes and see how to make it legally binding. Name a guardian for your children—a must for every parent—and help ensure that your assets go to the people you choose.
- Create mirror wills: Help your spouse draft a will by mirroring your own choices for guardianship and more. Not only does this save time, it sparks a conversation and helps ensure the two of you are on the same page about your wishes.
- Share information with key people: Fabric helps keep everyone in the loop by allowing you to share information about your will with your beneficiary, guardian, executor, attorney, financial advisor and other people important to your family.
- Coordinate with witnesses: Fabric helps you coordinate with your witnesses so you can find a time and place to finalize your will.
- See your and your spouse's financial accounts and important documents—all in one place: Would you know where to find your spouse's bank accounts, investment accounts, 401(k), IRA and credit card accounts in an emergency? Use the Fabric app to link your accounts from major banks and financial institutions—even ones that aren't joint accounts—so you and your partner can see your family's financial picture in one place.
- See your will and life insurance policies, too: If you create a will or purchase life insurance through Fabric, they'll be added to your family's financial picture as well. That way, your spouse or partner can find your will or life insurance information whenever they need it.
Built for Collaboration and Security
Fabric was created to help you collaborate with the people who are closest to you. Invite your spouse or partner so you can tackle your family's financial future together.
The app is designed to help you and your spouse or partner get on the same page when it comes to finances. As it turns out, more than 4 in 10 parents would have difficulty locating their spouse's financial information and accounts—such as bank accounts or 401(k)s—according to a recent study conducted by Fabric/YouGov among couples ages 30 to 50 with kids under 18. Rather than ransack filing cabinets or sort through myriad digital accounts, your spouse or partner can use the Fabric app as a simple and secure way to locate important, up-to-date family financial information.
Additionally, the Fabric app was built with bank-level security, employing modern 256-bit encryption, two-factor authentication, automatic lockout and biometrics. Fabric also employs cutting-edge adaptive security features that use machine learning to spot unexpected activity and help keep your information safe.
Prepared for the Needs of Today's Families
Fabric was founded by parents, for parents. Fabric's mission is to help parents protect their family's long-term financial security—a Caring.com survey shows that almost 3 in 5 U.S. adults do not currently have estate planning documents like a will. That number jumps to 78% among millennials ages 18 to 34. Modern parents want to plan for their financial futures in a digitally sophisticated way and Fabric's new app empowers them to do just that.
Download the app at https://meetfabric.com.
Fabric is where parents come to start their families' financial lives. Fabric makes life insurance easy for parents, and has grown to offer a fleet of simple tools to help parents stop procrastinating and start tackling their long term financial to-do lists. With Fabric's app, parents can create a free will and organize their family's important financial information. Fabric offers policies issued by Vantis Life, currently Rated "A+" ("Superior") for financial strength by A.M. Best and wholly owned by Penn Mutual (Est 1847). Fabric was founded in 2015 by Adam Erlebacher and Steven Surgnier, and is backed by Bessemer Venture Partners and RGAx, among other leading financial technology investors. Learn more about Fabric and download the app at meetfabric.com.