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Financial Planning > Trusts and Estates > Estate Planning

Fabric Adds Record Vault and Estate Planning App

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Fabric Technologies Inc. — the parent of Fabric, a high-profile web-based life insurance agency — has developed a mobile phone app that can help a user create a will, build a list of financial accounts, and establish a vault for important documents.

(Related: Guardian Life and Swiss Re Go Shopping (for the Future))

A user can arrange to share the digital vault with spouses, partners and other key people, Fabric says.

The New York-based company has started by offering the app through the Apple App Store. An Android version will be available soon, the company says.

Fabric’s founders have aimed the company’s services primarily at parents. The company has been selling life insurance and accidental death insurance from Vantis Life Insurance Company in most states, and from Vantis Life Insurance Company of New York in New York state.

One of the company’s backers is an arm of Reinsurance Group of America Inc.

(Related: Your Work May Be Useless if Your Clients’ Loved Ones Can’t Find It)

Fabric app purchasers can use the app to apply for term life insurance straight from their phones, Fabric says.

The Fabric app “was built with bank-level security, employing modern 256-bit encryption, two-factor authentication, automatic lockout and biometrics,” Fabric says. “Fabric also employs cutting-edge adaptive security features that use machine learning to spot unexpected activity and help keep your information safe.”

Several other companies have been promoting digital will creation and document vault services. Fabric has not said whether it has created its own document services package or is getting the services from an outside company.

— Read Aretha Franklin’s Final Wishes Found. Will That Be Enough?on ThinkAdvisor.

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