"Disruptive" life insurance

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boglerocks
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Joined: Sun Apr 03, 2011 9:08 pm

"Disruptive" life insurance

Post by boglerocks »

What do you think of "disruptive" life insurance companies like these:

https://meetfabric.com/

https://www.ladderlife.com/

They claim to be quick and easy to sign up with. I've been trying to find the time to fill out a conventional life insurance application (and go back and forth with my broker with questions) for over a year. Maybe it would make sense to sign up for one of these easy ones now and get to the conventional one as soon as I can? I can have multiple policies, right?
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StevieG72
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Re: "Disruptive" life insurance

Post by StevieG72 »

Get a term polucy that meets your needs.

Steer clear of Whole Life.

Fabric insurance starts with AD&D coverage which will not pay if you have a heart attack for example. It will pay if you get hit by a bus.

It is not that difficult to secure a term policy. Just go ahead and get the ball rolling, yoy will be glad you did.

The longer you put it off only increases rates. Younger folks quailfy for better rates.
Fools think their own way is right, but the wise listen to others.
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8foot7
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Re: "Disruptive" life insurance

Post by 8foot7 »

This is just one of those things you should just go ahead and do, get it done, pay it every year and forget about it.
lowndes
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Re: "Disruptive" life insurance

Post by lowndes »

boglerocks wrote:What do you think of "disruptive" life insurance companies like these:

https://meetfabric.com/

https://www.ladderlife.com/

They claim to be quick and easy to sign up with. I've been trying to find the time to fill out a conventional life insurance application (and go back and forth with my broker with questions) for over a year. Maybe it would make sense to sign up for one of these easy ones now and get to the conventional one as soon as I can? I can have multiple policies, right?
I'd suggest just getting it over with using one of the traditional players. I just did this and the phone portion took about 10 minutes and the medical exam took about 15 or so (and they come to you). i checked the rates and these providers are charging quite a bit more than what I'm paying.
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BL
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Re: "Disruptive" life insurance

Post by BL »

Check term4sale to get an estimate on term and perhaps see a local independent insurance agent to shop around for you.
Avoid whole or universal life in general.
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nisiprius
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Re: "Disruptive" life insurance

Post by nisiprius »

I'm too lazy to do the work on these specific companies myself, and I'm sure there's no problem... but with a new or unfamiliar company, take the time to make absolutely sure they are licensed in your state and that they are members of your state guaranty association. It's completely unthinkable that they wouldn't be, they wouldn't dare to use the phrase "life insurance" if they weren't, but, yeah, check for yourself.

I do not like the fact that Fabric starts with a come-on for accidental death and dismemberment insurance. This is a classic "bad" kind of insurance policy, that is popular because it costs very little and provides inadequate partial coverage. It's something that lots of companies like to throw in free as an employee benefit because it costs them almost nothing. It's rather like "dread disease insurance" that covers a few scary conditions. It gives me a bad feeling about Fabric.

You need to be specially careful about New York. New York has unusually strict insurance regulations and lots of companies are licensed to do business everywhere but in New York. The typical arrangement is a pair of companies, one for New York and one for everywhere else, with vaguely similar company names.

Be sure that the product you buy is called "life insurance," and not something that sounds like it's life insurance but doesn't use that specific phrase.

No matter how good it looks or how tempting it sounds, do not buy anything but term life insurance without coming back here to the forum and discussing it.

Whoa. Yes, take the time to double-check. A quick check at this website:
https://eapps.naic.org/cis/companySearch.do

is showing something... weird. Assuming they are legit, they must not be using their "real" names.

Image
Image

Could I possibly not be using the site correctly?

Image

Nope. There are no insurance companies named "Ladder" or "Fabric." You will have to find their real names somewhere, probably buried in the fine print. As I say, it's almost certainly fine but it would not give me a "warm fuzzy" about the company. If I were serious about actually buying from either of these companies, I would insist on getting a written confirmation that "Ladder/Fabric is a member of the [your state's name] Guaranty Association." That confirmation will probably have to come from your state guaranty association itself. See http://www.nolhga.com/policyholderinfo/main.cfm for more information on your own state's guaranty association.
Annual income twenty pounds, annual expenditure nineteen nineteen and six, result happiness; Annual income twenty pounds, annual expenditure twenty pounds ought and six, result misery.
BruDude
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Re: "Disruptive" life insurance

Post by BruDude »

These aren't insurance companies, they are just an agency or lead aggregator selling the products of other companies or selling your info to agents that contact you to sell products. Fabric is probably selling the Fidelity Life hybrid product.
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unclescrooge
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Re: "Disruptive" life insurance

Post by unclescrooge »

I just used ladder life site to get a $1 M term life quote.

The quote generated for a non smoker in excellent health is 68% than the policy I got last year from policygenius.com.

I know rates increase every year, but I doubt they would increase to that extent.
Topic Author
boglerocks
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Re: "Disruptive" life insurance

Post by boglerocks »

Thank you everyone. Sounds like I should stick with the conventional stuff.
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