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Unknowingly Planning Ahead
November 3, 2014 | Donna Mulder; excerpted from Thrivent magazine
Thrivent Financial representative points out disability clause in life insurance policy
When Rob Towns* was first married, money was tight. But being a practical person, he knew that he needed to find room in the budget to make sure his family was taken care of if anything happened to him. That meant life insurance.
"I got the least expensive product with the best value," says Rob. Because of the specific type of life insurance he bought, the premiums kept going up over time. "That was fine; I thought I could keep up," he says. "But then I retired early, and the premiums were continuing to escalate."
The family knew they needed to do something, but what? Then they got a call from Tim Van Slyke, a financial representative in the Thrivent Financial Advice Center about another matter.
As the two talked on the phone, Tim learned that Rob and his wife could no longer afford the life insurance contract. He also learned that Rob had been disabled in 2007. That piece of information provided a solution.
"Rob's life insurance contract had a premium waiver on it," Tim says. "It meant that Thrivent was obligated to cover the premium payments if he became disabled."
Rob had forgotten about the waiver, something he chose when he started the contract more than 20 years ago. "Here all these years I was paying higher and higher rates when the disability clause would have taken care of it," Rob says.
The two worked together over the phone and through the mail to complete the necessary paperwork, including medical documentation. Rob met all the eligibility criteria.
Thrivent not only took over the payment of the contract premiums, but also returned Rob's premiums going back to the date of the disability.
"I was astounded," says Rob. "I usually think of businesses as not caring; they want their bottom line. For Tim to even open this door was just amazing. But then when Thrivent made restitution for past premiums, that blew me away!"
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Rob Towns' experience may not be representative of the experience of other clients. This story also is not indicative of future performance or success.
Premium waiver for disability is an optional rider. Additional costs may apply.
The Financial Advice Center may not offer the variety of products and services that can be offered by a local representative. If your situation requires a product or service not currently available through the Financial Advice Center, a Center representative can put you in contact with a local Thrivent Financial representative to assist you. Whether you purchase a product or service through a Financial Advice Center representative or a local representative, generally, there will be no difference in the fees and expenses you will incur.
Insurance products issued or offered by Thrivent Financial, the marketing name for Thrivent Financial for Lutherans, Appleton, WI. Not all products are available in all states. For additional important information, visit Thrivent.com/disclosures.
* The family's name was changed at the request of the member.