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November 3, 2014 | Laura Putre; excerpted from Thrivent magazine
Thrivent Financial assistance benefits provided juvenile life insurance for child with rare medical condition
When Thrivent member Amy Hoff gave birth to her son, Spencer, the family learned he had a rare medical condition. Immediately, the family was thrust into an unpredictable future.
Once his health was stabilized, Amy wanted to look ahead and protect his financial future. "We tried to get traditional life insurance for him with another company shortly after he was born, and we were denied," says Amy. "They told us to check back again in a couple of months. We tried repeatedly, and he was denied."
Amy understood that juvenile life insurance was an important step in starting her Spencer on a solid financial path when he was still young. Not only is juvenile life insurance generally cheaper to purchase at a younger age, it would last a lifetime if the premiums were paid – protecting both him and his future.
And Amy also knew that life insurance would help protect their family if something should happen to Spencer while he was growing up. "We find it reassuring to know that if something happened to our children, the life insurance benefits would at least help eliminate financial concerns associated with funeral expenses," she says. It would provide a resource to help the family through a time of grief.
When her son was 6, Amy saw an article about Thrivent's Financial Assistance Benefits, including the Uninsurable Child Life Insurance Benefit. The benefit provides the opportunity to purchase $10,000 of whole life insurance coverage for eligible children under age 16 who would otherwise be unable to get life insurance.
Amy called her Thrivent Financial representative.
"Once we mentioned [the Uninsurable Child Life Insurance Benefit], she knew exactly what it was and the process involved," says Amy. To confirm eligibility for the benefit, the family had to apply for traditional life insurance with Thrivent again. As expected, he was denied. After a required 90-day waiting period, they applied for the Uninsurable Child Life Insurance Benefit and were able to purchase $10,000 of whole life insurance.
"With all his medical issues, it's nice to know we don't have to worry about the life insurance piece," says Amy. "It allows us to focus on Spencer's many other needs. We took out a life insurance contract for our daughter when she was born, and now we have one for our son, too."
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