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YOU WANT TO TAKE CARE OF THE PEOPLE YOU LOVE


While you're here. And after you're gone.

How Life Insurance Helps

For many people, life insurance is a crucial component of their Wise With Money Journey. It can serve several purposes, from helping shield family members from financial hardship to helping them – and you – fulfill lifelong dreams.

IT CAN HELP YOUR LOVED ONES CARRY ON


The loss of a wage earner or other household member would strain most families' finances. Life insurance can help fill the gap, making it easier to continue paying monthly bills and other expenses.

IT CAN HELP YOU KEEP PROMISES


If you pass away, life insurance might allow your family members to stay in the home they love. It might also pay for your children's college expenses.

IT CAN HELP YOU LEAVE A LEGACY


Life insurance can provide a means for you to leave a lasting mark in your community – perhaps through a planned gift to a charity you care about.

Look for Coverage That Reflects Your Priorities

The life insurance you choose may depend on several factors, including your need for a death benefit, your budget and your financial strategy. Generally, life insurance falls into two categories: term and permanent.

TERM LIFE INSURANCE


Term life insurance may be the simplest, most affordable way to get coverage that lasts for a set period of time. You can choose a term contract that spans 10, 15, 20 or 30 years. You can lock in your premium rate for that entire time, and you'll remain covered by the contract during that period, as long as the required premiums are paid.

KEY ASPECTS

  • Typically has lower premiums than other types of life insurance.

  • Maintains the same premium during the entire contract term.

  • May offer you an opportunity to convert it to permanent insurance later.

PERMANENT LIFE INSURANCE


Permanent life insurance can cover you for the rest of your life, as long as the required premiums are paid. In addition to providing a death benefit, it can include cash value with potential for growth. You can draw from that cash value during your life to help pay for financial needs.

KEY ASPECTS

  • Provides coverage that can remain for the rest of your life.

  • Includes cash value that can grow over time.

  • Can be a source of funds for retirement, education and other financial needs during your lifetime.1

How Term & Permanent Life Insurance Compare

FEATURE TERM LIFE INSURANCE PERMANENT LIFE INSURANCE

HOW LONG IT CAN LAST

A specific period of time – i.e., the term length of the contract.

As long as you live.

REASONS TO BUY IT

It's a generally affordable way to get life insurance to protect short-term needs for up to 30 years.

To protect long-term needs for your lifetime. It can help round out your overall financial portfolio.

PROVIDES DEATH BENEFIT?

Yes

Yes

CASH VALUE ACCUMULATION?

No

Yes1

PREMIUMS

Generally affordable, premiums remain unchanged throughout the initial contract term. Premiums will increase at the end of the term if the contract is renewable.

Typically higher than for term insurance. Some permanent contracts have premiums that remain the same over time, while others have premiums that are flexible.

FLEXIBILITY

You may be able to convert it to a permanent contract if the need for coverage runs longer than the initial term.

Variations exist to meet your financial needs and budget, including flexibility with the amount and frequency of your premium payments.

MORE TO EXPLORE

Read about topics that are important to you.

WHAT IS CASH VALUE IN LIFE INSURANCE


Your insurance strategy can help provide protection and flexibility for you and your family. In particular, cash value life insurance can provide a range of options. And getting cash out of your life insurance may be easier than you think.

SHOULD YOU CONVERT YOUR LIFE INSURANCE? CONSIDER THESE 3 FACTORS FIRST


Some term life insurance contracts allow you to convert your term contract into permanent insurance. Term life contracts expire after a set time period, or "term." Permanent life insurance can last for your lifetime. Should you convert?

7 COMMON LIFE EVENTS THAT CHANGE YOUR NEED FOR LIFE INSURANCE


Change is inevitable. When it happens, life's big events – the celebrations and the disappointments – may be ideal times to consider if the life insurance you have is what you want. And what you need.

1 Loans and surrenders will decrease the death proceeds and the value available to pay insurance costs which may cause the contract to terminate without value. Surrenders may generate an income tax liability and charges may apply. A significant taxable event can occur if a contract terminates with outstanding debt. Contact your tax advisor for further details. Loaned values may accumulate at a lower rate than unloaned values.

2 Ratings based on Thrivent's financial strength and claims-paying ability. Do not apply to investment product performance. The rating also refers only to the overall financial status of the company and is not a recommendation of the specific policy provisions, rates or practices of the insurance company. www.fitchratings.com

This is a solicitation for insurance. A Thrivent Financial professional may contact you. Thrivent Financial professionals are licensed insurance agents/producers.

Guarantees are backed by the financial strength and claims-paying ability of Thrivent Financial.