Whole life insurance
Protect the people you love with a life policy that features fixed premiums, a guaranteed death benefit and cash value.
You’ve worked hard to build a wonderful life for yourself and your family. But what would happen if you were no longer around to provide for them? Could your spouse afford the mortgage on your home? Would your children be able to attend college?
Adding whole life insurance can provide a lifetime of financial protection that:
Keeps you insured regardless of your health status
This type of life insurance coverage is guaranteed and will remain in-force as long as premiums are paid.
Ensures your family's financial future
Your beneficiaries receive a tax-free benefit to upon your death, as long as you maintain the policy.
Provides tax-deferred cash value
You may be able to tap into it in the event of an emergency or to fund a large purchase.
Adding whole life insurance can provide a lifetime of financial protection that:
Keeps you insured regardless of your health status
This type of life insurance coverage is guaranteed and will remain in-force as long as premiums are paid.
Ensures your family's financial future
Your beneficiaries receive a tax-free benefit to upon your death, as long as you maintain the policy.
Provides tax-deferred cash value
You may be able to tap into it in the event of an emergency or to fund a large purchase.
4 benefits of whole life insurance
The right policy can help protect your family's financial future.
Lifetime protection
No matter how long you live, your whole life coverage is guaranteed and remains in effect as long as your premiums are paid.
Locked-in
rates
rates
Premiums never increase, even as you age or your health changes. So knowing they are locked-in for life can help rates feel more affordable as you age and could even be fully paid off before you retire.
Builds cash value
Over time, the cash value of your policy may grow substantially, allowing you to withdraw funds or borrow against the coverage potentially tax free,4 as long as it is not classified as a modified endowment contract.1,2
Guaranteed death benefit
Your loved ones will receive a tax-free payout from your policy should you pass away, giving them financial security for the future. The payout could also be used to leave a legacy for your heirs or donated to your favorite charity.
Lifetime protection
No matter how long you live, your whole life coverage is guaranteed and remains in effect as long as your premiums are paid.
Locked-in
rates
rates
Premiums never increase, even as you age or your health changes. So knowing they are locked-in for life can help rates feel more affordable as you age and could even be fully paid off before you retire.
Builds cash value
Over time, the cash value of your policy may grow substantially, allowing you to withdraw funds or borrow against the coverage potentially tax free,4 as long as it is not classified as a modified endowment contract.1,2
Guaranteed death benefit
Your loved ones will receive a tax-free payout from your policy should you pass away, giving them financial security for the future. The payout could also be used to leave a legacy for your heirs or donated to your favorite charity.
Your cost will be influenced by a number of factors including, but not limited to:
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- Age and gender
- Driving record
- Income
- Total coverage amount
- Premium payment frequency (monthly, quarterly, or annually)
- Relevant health information, such as chronic illness or smoking habits
Free calculator 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.
Frequently asked questions
Whole life insurance guarantees your family will be financially protected when you’re no longer around, helping to give you a sense of reassurance that everyone will be okay.
How does whole life insurance work?
Whole life insurance is a permanent life insurance policy with a guaranteed death benefit. When you take out your coverage, your premium is calculated based on the amount you choose and your age, gender and health. The policy stays in effect and premiums remain the same regardless of any changes to your health. In addition, your coverage won’t expire unless you stop paying premiums or surrender the policy.
Can I cash out my policy?
Your whole life insurance policy allows you to access its cash value through a withdrawal, loan or surrendering your policy. If you take out a loan and don’t repay the total amount, the balance would be deducted from your death benefit.4
Is whole life insurance better than term?
That depends on your individual lifestyle, timeline and financial goals and strategy. Term life insurance provides the primary value of life insurance—a death benefit to help support your loved ones financially when you die. Whole life insurance provides that same support, plus extras like cash value and potentially tax-deferred cash growth. However, in exchange for the extra features, whole life premiums are higher.
Does my policy provide a dividend?
Whole life insurance policies often pay dividends that can be used to purchase additional paid up insurance to increase your coverage over time.3
How to get started
Work with a Thrivent financial advisor to explore your options.
Connect with us below by answering a couple questions so we know how to help.
We'll call you to discuss your needs and connect you with a financial advisor.
Meet with your advisor, explore your options and decide on next steps.
Connect with us below by answering a couple questions so we know how to help.
We'll call you to discuss your needs and connect you with a financial advisor.
Meet with your advisor, explore your options and decide on next steps.
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Our financial advisors can show you how a personalized whole life policy can play an essential role in your overall financial plan.
1 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. And can result in a closed account if you withdraw too much. 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.
2 Loans and partial surrenders on contracts classified as Modified Endowment Contracts (MEC) are taxed on gains-coming out first and may be subject to a 10 percent penalty tax if made prior to age 59 1/2.
3 Dividends are not guaranteed.
4 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 advisors and professionals do not provide legal, accounting or tax advice. Consult your attorney or tax professional.
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.
2 Loans and partial surrenders on contracts classified as Modified Endowment Contracts (MEC) are taxed on gains-coming out first and may be subject to a 10 percent penalty tax if made prior to age 59 1/2.
3 Dividends are not guaranteed.
4 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 advisors and professionals do not provide legal, accounting or tax advice. Consult your attorney or tax professional.
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.
2.2.1.2