A marriage or divorce can significantly change your life insurance needs. Ask yourself: If the unthinkable happened would your loved ones have what they need to cover your financial obligations? (Think outstanding debt, child care, and mortgage or rent payments.) Take the time to also review your beneficiaries, so you can be sure that the people you want can access the money they might need.
5 Life Insurance Questions Worth Asking
What type of insurance is right for my family?
Your family's lifestyle and needs determine what type of insurance is best for you now. In general, there are two main types: term and permanent. Term covers a certain period of time and is generally less expensive than permanent insurance. In contrast, permanent insurance covers you for life and can help you build up savings, as long as premiums are paid and the contract remains in force.
How much coverage do I need?
A financial professional can help you determine how much coverage your family needs. The acronym D.I.M.E. might help you think about your unique needs:
- Death or funeral costs.
- Income replacement.
- Mortgage and debts.
What's the true cost of my contract?
You'll need to pay a premium but if your insurance contract is building up cash value, that extra money may be able to offset some of your costs.¹
Should I buy life insurance for my children?
You may want to buy life insurance for your kids. Think of it as starting a life insurance for an adult and their future family, and at a lower cost.
Should I cash in my policy?1
People close to retirement sometimes think they don't need life insurance anymore, so they cash in their contract and put the proceeds in the bank. But this may not be a good idea. Talk to a financial professional about other options, such as including your contract in your estate plan.
Strong and Stable
For over 100 years, Thrivent has helped people build their financial futures and live more generous lives. Today, we’re a Fortune 500 company, offering a full range of expert financial solutions, serving more than 2 million clients, as well as the communities in which they live and work.
If requested, a licensed insurance agent/producer may contact you and financial solutions, including insurance, may be solicited.
¹ 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.
² While Thrivent does not provide specific legal or tax advice, we can partner with you and your tax professional and/or attorney.
*As of Dec. 31, 2019.
³ Ratings are based on Thrivent’s financial strength and claims-paying ability, but do not apply to investment product performance. “World’s Most Ethical Companies” and “Ethisphere” names and marks are registered trademarks of Ethisphere LLC. For details, visit Ethisphere.com. Ratings reflect Thrivent’s overall financial strength and claims-paying ability, but do not apply to the performance of investment products.