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Questions to Ask

When you’re looking into coverage, consider these questions:

How much coverage should I get? You need to figure out how much of your current income you hope to replace. Aim for at least two-thirds of your take-home pay.

How long will benefits continue? Do you need the contract to cover you until age 65 or longer? Or, do you want to pay for a shorter-term contract that will allow you to adjust to the circumstances?

What is the waiting period before benefits begin? The longer you can wait, the less the contract will cost. The minimum period on most contracts is 30 days. Many opt for 90 days or more and rely on an emergency fund or a short-term disability contract through their employer while they wait.

If my health declines, will I still be covered? You can pay to have a contract that is “guaranteed renewable.” This means that you will receive ongoing coverage regardless of health. Other contracts may require exams to continue to qualify.

Will the benefits reflect cost-of-living adjustments? Often an add-on, this feature makes sure the benefit amount increases to account for cost-of-living increases.

Can I increase the coverage? You can add future insurability to some contracts. This allows you to buy more coverage, despite your health, if your income grows and you want to cover it, with certain restrictions.

 

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Appleton Office:
4321 N. Ballard Road
Appleton, WI 54919-0001 USA
800-THRIVENT
(800-847-4836)
E-mail: mail@thrivent.com

Minneapolis Office:
625 Fourth Avenue S.
Minneapolis, MN 55415-1624 USA
800-THRIVENT
(800-847-4836)

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Thrivent Financial for Lutherans, Appleton, WI 54919-0001, is authorized to conduct business in all 50 states and the District of Columbia. NAIC # 2938-56014. Products issued by Thrivent Financial for Lutherans are available to applicants who meet membership, insurability, U.S. citizenship and residency requirements. Not all products described are available in all states. Thrivent Financial representatives are licensed insurance agents. Insurance and retirement products, where available, are individual contracts, (not group coverage), and issued by Thrivent Financial for Lutherans. Investment products are offered through Thrivent Investment Management Inc., 625 Fourth Ave. S., Minneapolis, MN 55415-1665, a wholly owned subsidiary of Thrivent Financial for Lutherans. Member FINRA. Member SIPC. Thrivent Financial representatives are registered representatives of Thrivent Investment Management Inc.

Bank products and trust services are offered through Thrivent Financial Bank, 2000 E. Milestone Dr., Appleton, WI 54919-0006 (Member FDIC, Equal Housing Lender), a wholly owned subsidiary of Thrivent Financial for Lutherans. Insurance, investment products, securities, trust, and investment management services and accounts are not deposits, are not FDIC insured, are not insured by any federal government agency, and are not guaranteed by Thrivent Financial Bank. Variable insurance contracts, investment products, trust, and investment management accounts may go down in value.

©1995-2008 Thrivent Financial for Lutherans

This document was last updated on Friday, April 18, 2008 at 3:26 PM