A LIFETIME OF PROTECTION
And a potential key piece of your overall financial strategy.
Permanent life insurance can do more than provide a death benefit to your loved ones after you pass away. It can also offer growth opportunities and benefits you can tap into during your lifetime.
It's all in the name. Unlike term life insurance, which lasts for a set period, permanent life insurance can provide coverage throughout your entire life.
If you pass away while coverage is in place (and if required premiums have been paid), your permanent life insurance will pay a death benefit, which your family can put toward estate taxes and funeral expenses.
But there's more.
A permanent life insurance contract can also build cash value over the years – which you can use to help cover expenses during your life. You can access your cash value by taking loans or withdrawals. That allows the contract to serve as a potential source of funds for retirement income, education expenses or a down payment on a major purchase.1
All permanent life insurance provides financial protection throughout your life, as long as required premiums are paid. But not every type may be a good fit for you. Some plans have fixed premiums and death benefits; others offer variable premiums and benefits.
If you're looking for predictability – and a sense of reassurance – whole life could be the right type of coverage for you. Its attributes include:
Need life insurance for more than a temporary period? And looking for flexibility? You might consider a contract that offers a blend of permanent and term life insurance. It's designed to help meet your long-term insurance needs – and fit within your budget. Attributes include:
Universal life insurance offers even more flexibility. It provides a death benefit, offers flexible premium payments and includes a savings component with potential for growth. What's more, you can make changes while the contract is in effect. With universal life, you can:
Variable universal life insurance offers the attributes of universal life insurance – plus an opportunity to build cash value by investing in your choice of several professionally managed portfolios.6 With variable universal life, you get:
WHO IS IT FOR?
Could permanent life insurance play a part in your retirement plans? See how your savings strategy stacks up.
Thrivent Financial's Insurer Financial Strength is rated AA+ (Very Strong).
– FITCH RATINGS, OCTOBER 20188
MORE TO EXPLORE
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.
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?
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 cash surrender value available to pay insurance costs. Surrenders may generate an income tax liability and may be subject to a decrease charge. A significant taxable event can occur if a contract terminates with outstanding debt. Contact your tax advisor for further details. Loans and surrenders may cause a contract to lapse or terminate without value. Loaned values may accumulate at a lower rate than unloaned values.
2 As long as premiums are paid.
3 Dividends are not guaranteed.
4 Paying large additional premiums may cause your contract to become a modified endowment contract (MEC) as defined in the Internal Revenue Code (IRC). This will affect the taxation of any distributions from your contract. In addition, the IRC limits the amount of premiums that can be paid into your contract.
5 Reducing premiums or skipping a premium payment will affect your accumulated value (and the death benefit on universal life contracts with an increasing death benefit option) and may cause your contract to lapse.
6 Investing in a variable insurance contract involves risk, including the possible loss of principal. The prospectus contains more complete information on the investment objectives, risks, charges and expenses of the variable insurance contract and underlying investment options, which investors should read and consider carefully before investing. Prospectuses are available from a Thrivent Financial professional or at
7 Under current tax law [IRC Sec. 101(a)(1)], death proceeds are generally excludable from the beneficiary's gross income. However, death proceeds may be subject to state and federal estate and/or inheritance tax.
8 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.
This is a solicitation for insurance. A Thrivent Financial professional may contact you. Thrivent Financial professionals are licensed insurance agents/producers.
Thrivent Financial, its affiliated companies, and their employees and representatives do not give legal, tax or accounting advice. The brief discussion of taxes in this website is not intended to be comprehensive and is subject to change at any time. Thrivent does not make any guarantee regarding tax treatment (federal, state or local) of any contract or of any transaction involving a contract, particularly after insured age 100. Tax laws and regulations are complex and depend on individual circumstances. For complete details, consult your attorney, accountant and tax advisor as needed. The life insurance contracts described briefly in this website have exclusions, limitations, reductions of benefits, and terms under which the contract may be continued in force or discontinued. The contracts will provide all costs and complete details of coverage. For costs and complete details, contact your Thrivent Financial professional.