If you were gone, would your loved ones be prepared? Without your income and assets, would they be able to stay in their home and community, attend the same schools, and pay for living expenses? Could they save for retirement or your children's education?
Life insurance is the cornerstone of a sound financial strategy. It can help provide for the people and organizations you care about. Choosing the right life insurance solution makes a difference in the future of your loved ones, and gives you peace of mind knowing they'll be taken care of.
Types of Life Insurance
- Term Life Insurance – Temporary life insurance that offers only a death benefit and is usually less expensive than permanent insurance. It's ideal for short-term life insurance needs, like when you are raising a family, paying off a mortgage, or starting a business.
- Whole Life Insurance – Permanent life insurance that gives you guaranteed death benefits, guaranteed level premiums, and guaranteed cash value that increases each year. The guarantees are contingent on all premiums being paid and no loans or changes being made to the contract.
- Whole Life Plus Term Protection – Permanent life insurance protection with added flexibility. Lets you "dial-in" your premium to the level of whole life and term insurance desired. Offers lifetime protection through a blend of whole life insurance plus term insurance and paid-up additional coverage.
- Universal Life Insurance – Permanent life insurance that allows you to increase or decrease your death benefit and your premium; subject to any limitations in the contract. Cash value in a universal life contract earns interest at a current rate, with a minimum rate stated in the contract.
- Variable Universal Life Insurance – Permanent life insurance that gives you a flexible premium and the potential to build cash value. However, death benefits and other values may vary, because you direct how the cash is invested among the investment portfolios offered. The investment performance has no guarantees and could lose money.
How Much Life Insurance Should I Have?
When purchasing life insurance, think about your goals for your overall financial strategy, your economic value to your loved ones, as well as your wishes for your survivors.
You'll need to calculate your economic value – the value of your future earnings over your lifetime – to be used for the care of your loved ones. Factors that help determine this are:
- Your current annual earnings.
- The amount your annual earnings increase.
- How many years you plan to work until retirement.
- The rate of return you expect your invested assets to earn.
You should also consider how much of your future economic value you want to replace in the event of your death. This will depend on the financial goals you set for yourself and your survivors.
Contact a Thrivent Financial representative to start preparing your life insurance strategy.
Guarantees are backed by the financial strength and claims-paying ability of Thrivent Financial for Lutherans.