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Be Wise With Money
November 3, 2014 | Emily Dean; excerpted from Thrivent magazine
Annuities helped strengthen one member's financial future
Daniel Bagwell had been a regular blood donor to the American Red Cross for years. But in early 2007, on more than one occasion, his iron levels were too low to donate. Nurses mentioned that this was a very unusual occurrence in men, but he brushed off their concern.
Later that year, after continually being denied the opportunity to donate because of his iron-poor blood, Bagwell realized his body was telling him something. His doctor ordered several tests and determined he had a rare form of blood cancer known as Waldenström macroglobulinemia. "I was told treatment could extend my life, but for how long?" he says.
Bagwell was put on chemotherapy and biological therapy. By the fall of 2008, he was ready to confront the finances so that his wife and sons would be taken care of, no matter what.
At the time, Bagwell had been keeping the majority of the money with a large financial firm, but says he "wanted to move to what [he] considered a more equitable and thoughtful company that had their clients more in mind than just making money. Thrivent Financial met those standards."
Plus, the Bagwells were already working with Thrivent Financial for their insurance needs.
"Daniel's is a unique case," says Gary Heuer, Bagwell's Thrivent Financial representative in Beaverton, Oregon. "It's difficult to plan when you don't know a person's situation going forward. We considered different outcomes and thought about what would be appropriate."
Over the course of the following year and a half, Heuer and Bagwell placed a portion of the money into a variable annuity contract that would provide an income stream for the couple.* Heuer also discovered that Bagwell's universal life insurance contract allowed him to add to the cash value and earn a competitive interest rate providing income tax-deferred growth.
"It hasn't been easy dealing with this, but I feel good about the financial picture," Bagwell says. "I was also fortunate that treatment worked well for me. I'm now in partial remission and feeling well."
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Guarantees are backed by the financial strength and claims-paying ability of Thrivent Financial.
The experience of Daniel Bagwell may not be representative of the experience of other members. His story is also not indicative of future performance or success.
* Investing in variable annuities involves risk, including the possible loss of principal. More complete information on the investment objectives, risks, charges and expenses of the variable annuity contract and underlying investment options is included in the prospectuses, which investors should read and consider carefully before investing. Prospectuses are available from a Thrivent Financial representative or at Thrivent.com.