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Whole life insurance

Protect the people you love with a whole life policy that features fixed premiums, a guaranteed death benefit and cash value.
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Why should you add whole life insurance to your financial plan?
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
Whole life insurance coverage is guaranteed and will remain in-force as long as premiums are paid.

Ensures your family's financial future
Whole life insurance pays a tax-free benefit to your beneficiaries upon your death, as long as you maintain the policy.

Provides tax-deferred cash value
Whole life insurance can provide tax-deferred cash value that is accessible to you in the event of an emergency or to fund a large purchase.

4 key benefits of whole life insurance

Adding whole life insurance is an easy way to help protect your family's financial future.
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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.
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Locked-in 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.
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Builds cash value
Whole life insurance accumulates guaranteed cash value on a tax-deferred basis. That means, 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
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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.
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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.

Frequently asked questions

Whole life insurance guarantees your family will be financially protected when you’re no longer around, helping to give you peace of mind 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 whole life insurance be cashed out?
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.
How much does whole life insurance cost?
The cost of a whole life insurance policy depends on the coverage you choose as well as your age, health and gender. How often you pay your premiums, monthly, quarterly or annually, may incur additional fees.
Does whole life insurance 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
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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. We’re here to help.
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.

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.
2.2.1.2.B