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Variable universal life insurance

With more control over your cash value, you can provide financial protection for your family and make investment choices guided by your goals.
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Next Steps

  1. We will review your request and get back to you within 24–48 hours.
  2. We will match you with a financial advisor that meets your needs.
  3. There is no obligation to buy at any time.

What does variable universal life insurance offer?

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Permanent protection
Variable universal life insurance is a type of permanent life insurance. As long as your contract retains sufficient cash value, coverage can remain in place throughout your entire life.
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Death benefit
If you pass away while coverage is in place, your contract will provide a financial payout to your beneficiaries. Those can be family members, other loved ones, or organizations that support causes you care about. While you have coverage, you can adjust the amount of the death benefit your contract will provide. But be aware: Increasing coverage may require an underwriting process.
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Cash value
Your contract includes cash value, which you can access while you’re living to help accomplish financial goals. You can borrow from your cash value to help cover major expenses—such as college tuition—or provide income during retirement. Your cash value may grow on a tax-deferred basis, and withdrawals may be tax-free.
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Flexible payments
As with any universal life insurance contract, you have opportunities to adjust your premiums, changing how much—and how often—you pay. That flexibility can be helpful if you experience income fluctuations. But keep in mind: Any premium adjustments you make may affect the growth of your contract’s cash value. Reducing premiums may also lead to a lapse in coverage if the contract doesn’t retain sufficient cash value.
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Investment options
With variable universal life insurance, you can influence the growth of your contract’s cash value by choosing how to invest it. Select from a range of options managed by dedicated financial professionals. Pick solutions that align with your goals and reflect the amount of risk you’re comfortable taking on.

Variable universal life FAQs

Learn more about how you can shape this insurance solution to suit your financial goals.
What are the pros and cons of variable universal life insurance?
Pros of variable universal life insurance can include:
  • An income-tax-free death benefit.
  • Potential for tax-deferred growth—and control over how your cash value is invested.
  • Flexibility to adjust the timing and amounts of your premium payments.
  • Ability to adjust your coverage amount while the contract is in place. (Note: Increasing your coverage may require an underwriting process.)
Cons of variable universal life insurance can include:
  • 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. This may be due, in part, to contract charges and investment fees not required for other types of life insurance.
  • A longer investment time horizon means this type of insurance might not suit some people looking to accomplish short-term goals.
  • There’s a risk of market downturns, which could reduce your cash value's investment gains—and possibly lead to the loss of your contract's full value, which could leave you without coverage.
Should I cash out my variable universal life contract?
If you determine your variable 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.

Cashing out also may result in a decreased 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).
What are the differences between variable universal life insurance, universal life insurance and whole life insurance?
Variable universal life, universal life and whole life are types of permanent life insurance. These products’ coverage can last your entire life, they can provide a death benefit to your heirs, and they include a 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 and variable universal life insurance offer more flexibility. Over time, you can adjust the size of your premium payments and how often you pay them. Keep in mind: Adjusting your contributions can affect your contract's cash value.

Universal life and variable universal life contracts differ in how their cash value grows. With universal life insurance, the cash value grows based, in part, on a credited interest rate with a guaranteed minimum return. With variable universal life insurance, you can invest your contract’s cash value in investment subaccounts, so its growth is tied to market performance and fluctuations.
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Free learning tool
How much life insurance do you need?
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.
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Get the details you're looking for

Learn more about Thrivent variable universal life insurance. See investment, prospectus and performance information.
View prospectuses, fact sheets and reports.
See daily values and performance for the variable universal life insurance products we offer.
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Connect with us
I’m interested in learning more about
*Please select an insurance option.
Who will we contact?

To learn more about the privacy of your information, visit our privacy policy.

What is your contact information?
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Illustration of a person trimming a tree shaped like a padlock
We’re excited to connect with you!

We'll be in touch soon.

Next Steps

  1. We will review your request and get back to you within 24–48 hours.
  2. We will match you with a financial advisor that meets your needs.
  3. There is no obligation to buy at any time.
Investing involves risk, including the possible loss of principal. The prospectus and summary prospectuses of the variable universal life contract and underlying investment options contain information on investment objectives, risks, charges and expenses, which investors should read carefully and consider before investing. Available at thrivent.com.

If you have a modified endowment contract, your actions may not be tax-free.

Refer to the Thrivent Investment Management Inc. Form CRS Relationship Summary for more information about us; our relationships and services; fees, costs, conflicts, and standard of conduct; disciplinary history; and additional information. Refer to the Thrivent Investment Management Inc. Regulation Best Interest Disclosure document for information on fees, products, services, potential conflicts of interest, and additional information. Both are available upon request from your financial advisor or professional and on thrivent.com/disclosures.

The investment options in the brochure are portfolios of the Thrivent Series Fund, Inc., which serves as the underlying investment vehicle for variable universal life insurance contracts issued by Thrivent Financial for Lutherans.

Coverage 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.

Coverage may terminate prior to the maturity date even if scheduled premiums are paid in a timely manner.

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.

Thrivent and its financial professionals do not provide legal, accounting or tax advice. Consult your attorney or tax professional.

Life insurance guarantees are based on our financial strength and claims-paying ability. Your contract will have exclusions, limitations and terms under which your benefits may be reduced, or the contract may be discontinued. For costs and complete details of coverage, talk with a licensed insurance agent/producer.
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