How much can your life insurance do?
How much can your life insurance do?
Cash value life insurance is more than just protection for your family. It can also be part of a thoughtful financial strategy.
Three ways life insurance could do more for you¹
Make your life insurance work harder for you in retirement by using a cash value component to provide tax-advantaged income. Consider it alongside retirement portfolio assets like a 401(k), pension or Social Security. If you contribute enough to your policy through the years, you may be able to access its cash value potentially tax-free.¹
The cash value component of life insurance can be used to potentially grow your money in a tax-advantaged way. Some policies even include opportunities to earn annual dividends (though dividends are never guaranteed). One type of cash value life insurance (universal life) provides the potential for savings growth, while another type (variable universal life) offers the opportunity for market-driven growth.
Protect your dreams and goals, no matter what. Prepare for opportunities and emergencies with an extra financial cushion. Cash value life insurance can provide extra funding. You can access those funds on a potentially tax-free basis.¹
What types of life insurance do more than protect?
These types of life insurance have accessible cash value. Talk with a financial advisor about which may be best for your strategy.
Whole life
For cash value that grows at a consistent, guaranteed rate
Universal life
For cash value that reflects a minimum interest rate
Variable universal life
For cash value that reflects selected investment options
Whole life
For cash value that grows at a consistent, guaranteed rate
Universal life
For cash value that reflects a minimum interest rate
Variable universal life
For cash value that reflects selected investment options
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Let’s figure it out together. Our financial advisors can help you discover if this strategy may meet your needs.
¹ 1 You can access the cash value of a permanent life insurance contract during your life to pay for expenses, as long as you understand the consequences of doing so. For example, 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 cancellation of your life insurance coverage 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.
This webpage provides general life insurance information. It does not contain information specific to a Thrivent financial product. If you are looking for information specific to a Thrivent financial product or your existing life insurance contract, please log in and refer to your contract or prospectus document—or visit the life insurance product webpages.
Guarantees are based on the financial strength and claims-paying ability of Thrivent. Permanent insurance contracts have 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.
Thrivent and its financial advisors and professionals do not provide legal, accounting or tax advice. Consult your attorney or tax professional
If requested, a licensed insurance agent/producer may contact you and financial solutions, including insurance may be solicited.
Under current tax law [IRC Sec. 101(a)(1)], death proceeds are generally excludable from the beneficiary’s gross income. However, death proceeds may be subject to state and federal estate and/or inheritance tax.
This webpage provides general life insurance information. It does not contain information specific to a Thrivent financial product. If you are looking for information specific to a Thrivent financial product or your existing life insurance contract, please log in and refer to your contract or prospectus document—or visit the life insurance product webpages.
Guarantees are based on the financial strength and claims-paying ability of Thrivent. Permanent insurance contracts have 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.
Thrivent and its financial advisors and professionals do not provide legal, accounting or tax advice. Consult your attorney or tax professional
If requested, a licensed insurance agent/producer may contact you and financial solutions, including insurance may be solicited.
Under current tax law [IRC Sec. 101(a)(1)], death proceeds are generally excludable from the beneficiary’s gross income. However, death proceeds may be subject to state and federal estate and/or inheritance tax.
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