Universal life insurance
Coverage that lasts your entire life—plus access to your contract’s cash value and the ability to adjust your premium payments.

This solution helps you support loved ones after you pass away and meet major financial needs throughout your life. You also get some flexibility not available with all life insurance options.
Flexible payments
Adjust your premiums over time, changing how much—and how often—you pay. Note: Premium adjustments may affect your contract’s cash value.1
Cash value
Access your contract’s cash value to help cover major expenses—such as college tuition—or provide income during retirement. Cash value growth is based, in part, on a credited interest rate with a guaranteed minimum return. Earnings may accumulate on a tax-deferred basis, and withdrawals may be tax-free.2
Death benefit
Provide beneficiaries with a payout if you pass away while coverage is in place. While the contract is active, you may adjust the death benefit amount.
Potential for permanent protection
As long as your contract retains sufficient cash value, coverage can remain in place throughout your entire life.
Flexible payments
Adjust your premiums over time, changing how much—and how often—you pay. Note: Premium adjustments may affect your contract’s cash value.1
Cash value
Access your contract’s cash value to help cover major expenses—such as college tuition—or provide income during retirement. Cash value growth is based, in part, on a credited interest rate with a guaranteed minimum return. Earnings may accumulate on a tax-deferred basis, and withdrawals may be tax-free.2
Death benefit
Provide beneficiaries with a payout if you pass away while coverage is in place. While the contract is active, you may adjust the death benefit amount.
Potential for permanent protection
As long as your contract retains sufficient cash value, coverage can remain in place throughout your entire life.
Free learning tool
Enter your current assets, expenses and income. You can also adjust the inflation rate and your expected rate of return to see how these variables could impact your insurance needs.

Karsten Lundring and his wife, Kirsten, continue to enjoy the benefits of life insurance they first purchased years ago.
The power of permanent life insurance
Many of Thrivent's own team members rely on permanent life insurance for their personal financial needs. Former managing partner Karsten Lundring of Thousand Oaks, CA, has used this flexible solution to help cover the down payment on his family's first house—and to provide a portion of his income in retirement.
Frequently asked questions
Learn more about how this solution’s flexibility can serve your overall financial strategy.
What is the difference between universal life insurance and whole life insurance?
Whole life and universal life are both permanent life insurance. Their coverage can last your entire life, they can provide a death benefit to your heirs, and they include cash value, which you can access to help pay major expenses.
Whole life insurance offers consistency. You can lock in your premium payment amount, and your cash value is guaranteed to grow.
Universal life insurance offers more flexibility than you get with whole life insurance. As time passes, you can adjust the size of your premium payments and how often you pay them. That allows you to build up cash value quicker—or slow your contributions if your income is reduced. Keep in mind: Adjusting your contributions can affect your contract's cash value. Before you make changes to an insurance contract, your Thrivent financial advisor can discuss the decision with you, explain all the ramifications, and let you know if there are other options to consider.1
Whole life insurance offers consistency. You can lock in your premium payment amount, and your cash value is guaranteed to grow.
Universal life insurance offers more flexibility than you get with whole life insurance. As time passes, you can adjust the size of your premium payments and how often you pay them. That allows you to build up cash value quicker—or slow your contributions if your income is reduced. Keep in mind: Adjusting your contributions can affect your contract's cash value. Before you make changes to an insurance contract, your Thrivent financial advisor can discuss the decision with you, explain all the ramifications, and let you know if there are other options to consider.1
What are the pros and cons of universal life insurance?
Pros of universal life insurance can include:
- An income-tax-free death benefit.
- Potential for tax-deferred growth of cash value.
- Flexibility to adjust the timing and amounts of your premium payments.3
- Ability to adjust your coverage amount while the contract is in place. (Note: Increasing your coverage may require an underwriting process.)4
- Unlike whole life insurance, coverage isn’t guaranteed to last throughout your life. To ensure coverage remains in place, you may need to adjust your premiums due to interest-rate fluctuations or increased insurance charges.
- Premiums may be higher than for some other life insurance products, such as term life insurance.5
- A longer investment time horizon means this type of insurance might not suit some people looking to accomplish short-term goals.
Should I cash out my universal life insurance policy?
If you determine your universal life insurance coverage is no longer a good fit, you have the option to cash out (or “surrender”) your contract and receive the amount of its cash surrender value. It’s important to know that doing so may have tax implications. Talk with your tax professional about how those implications may affect you.6
Cashing out also may result in a decrease charge. Your Thrivent financial advisor can discuss the decision with you, explain all the ramifications, and let you know if there are other options to consider—such as reducing your coverage, choosing a reduced paid-up option (which allows you to retain a death benefit), or arranging an exchange for a different type of insurance contract (which may require a new underwriting process).
Cashing out also may result in a decrease charge. Your Thrivent financial advisor can discuss the decision with you, explain all the ramifications, and let you know if there are other options to consider—such as reducing your coverage, choosing a reduced paid-up option (which allows you to retain a death benefit), or arranging an exchange for a different type of insurance contract (which may require a new underwriting process).
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Paying large, additional premium amounts can cause your life insurance contract to become a modified endowment contract. This affects how you are taxed. Note that there are also limits to how much you can pay into your contract.
Removing money from your contract can result in potential charges and income changes that affect your taxes. If you have a modified endowment contract, your actions may not be tax-free. Withdrawing money decreases the contract’s cash value and the value of your death benefit. It can also cause your contract to lapse. If you remove money, it will take you longer to meet your contract goals. Always talk with your tax advisor and financial professional to learn about those implications up front.
Coverage may terminate prior to the maturity date even if scheduled premiums are paid in a timely manner.
Increases and decreases have limitations related to contract size and your age. Increases may require evidence of insurability. Decrease charges may apply to a decrease in coverage.
Monthly deductions include cost of insurance, monthly charges and additional costs associated with optional riders.
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.
If requested, a licensed insurance agent/producer may contact you and financial solutions, including insurance may be solicited.
Guarantees based on the financial strength and claims paying ability of Thrivent.
This contract has exclusions, limitations and terms under which the benefits may be reduced, or the contract may be discontinued. For costs and complete details of coverage, contact your licensed insurance agent/producer.
Thrivent and its financial advisors and professionals do not provide legal, accounting or tax advice. Consult your attorney or tax professional.
Removing money from your contract can result in potential charges and income changes that affect your taxes. If you have a modified endowment contract, your actions may not be tax-free. Withdrawing money decreases the contract’s cash value and the value of your death benefit. It can also cause your contract to lapse. If you remove money, it will take you longer to meet your contract goals. Always talk with your tax advisor and financial professional to learn about those implications up front.
Coverage may terminate prior to the maturity date even if scheduled premiums are paid in a timely manner.
Increases and decreases have limitations related to contract size and your age. Increases may require evidence of insurability. Decrease charges may apply to a decrease in coverage.
Monthly deductions include cost of insurance, monthly charges and additional costs associated with optional riders.
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.
If requested, a licensed insurance agent/producer may contact you and financial solutions, including insurance may be solicited.
Guarantees based on the financial strength and claims paying ability of Thrivent.
This contract has exclusions, limitations and terms under which the benefits may be reduced, or the contract may be discontinued. For costs and complete details of coverage, contact your licensed insurance agent/producer.
Thrivent and its financial advisors and professionals do not provide legal, accounting or tax advice. Consult your attorney or tax professional.
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