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Thrivent Introduces New Term Life Insurance Product
May 9, 2019 | Samantha Mehrotra, Public Relations Manager
New product uses innovation and technology to deliver a simple and cost-effective insurance solution
MINNEAPOLIS (May 9, 2019) – Thrivent announced the launch of its new term life insurance product that gives members cost-effective protection for a set period of time. It’s designed for individuals who want to provide financial security for their families or cover an existing debt obligation, like a mortgage. The insurance benefit can also be used to help protect a business or pay for college.
“Planning for the unexpected is an important part of being wise with money,” said Terry Timm, senior vice president of product manufacturing at Thrivent. “This product provides our members with a valuable tool they can consider as part of their overall financial plan. When our members feel secure about their future and know their loved ones will be protected, they can lead more content, confident and generous lives.”
This new product will be offered through Thrivent’s financial professionals and independent agents. Thrivent holds the highest possible insurer rating from A.M. Best (A++) and an AA+ rating (Very Strong) from Fitch (May 2018 and June 2018, respectively). The organization is also ranked in the top one percent of insurance companies according to the Comdex ranking1 as of May 2018, which provides a composite number based on all the ratings an insurance company receives. This gives our members assurance they have a strong and stable financial partner in Thrivent.
In terms of delivery, the new product will be introduced under a new operating model built around digital technology, chassis manufacturing and agile methodology. From a digital perspective, the product will be available on a multi-channel insurance technology platform, providing customers with a more seamless purchasing experience that saves time. Chassis manufacturing will enable Thrivent to produce several configurable options for its suite of insurance products, increasing efficiencies and passing savings to consumers. Finally, the model embraces an agile approach to help expedite product delivery and respond to customers’ needs in a nimbler fashion.
“This new operating model positions Thrivent for future growth as we expand our reach to serve more Christians,” said Wendy McCullough, vice president of life insurance products at Thrivent. “Our new term life insurance builds on Thrivent’s tradition of offering high-value products to our members, including options that allow customers to convert their term contracts to permanent life insurance based on their evolving needs.”
For more information on the Term life insurance product, please visit: https://www.thrivent.com/products/insurance/life-insurance/.
About ThriventThrivent is a not-for-profit financial services organization that helps Christians on the wise with money journey. As a mission-driven, membership-owned organization, it offers its more than 2 million members and customers a broad range of financial products, services and guidance to help them obtain a life of contentment, confidence and generosity. Thrivent and its subsidiary and affiliate companies offer insurance, investments, banking and advice over the phone, online as well as through financial professionals and independent agents nationwide. Thrivent is a FORTUNE 500 company with $134 billion in assets under management/advisement (as of 12/31/18). For more than a century it has helped Christians make wise money choices that reflect their values while providing them opportunities to demonstrate their generosity where they live, work and worship. For more information, visit Thrivent.com. You can also find us on Facebook and Twitter.
1Reported May 2018 by VitalSales Suite, EbixExchange. The Comdex score is the average ranking a company receives from the following four ratings agencies: A.M. Best, Standard & Poor's, Moody's Investors Services and Fitch Ratings. The Comdex score itself is not a rating, but rather a ranking. A company must receive ratings from at least two of the four ratings agencies in order to receive a Comdex score. For more information visit Thrivent.com/whatiscomdex.
Ratings based on Thrivent’s financial strength and claims-paying ability. Do not apply to investment product performance.
The rating also refers only to the overall financial status of the company and is not a recommendation of the specific policy provisions, rates or practices of the insurance company. FitchRatings.com and AMBest.com.
If requested, a licensed insurance agent/producer may contact you and financial solutions, including insurance may be solicited.
THRIVENT IS THE MARKETING NAME FOR THRIVENT FINANCIAL FOR LUTHERANS. Insurance products issued by Thrivent. Not available in all states. Licensed agent/producer of Thrivent. Thrivent.com/disclosures.