A new home, the birth or adoption of a child, retirement or death of a spouse. These important life events may have an impact on your finances and may create or enhance your need for life insurance. Help keep your promises to your family and your dreams alive with a life insurance program tailored for you.
Term Life Insurance
When you're just starting out, finances may be tight. But your need for insurance is as real as ever. Term life insurance may offer an easy, generally affordable way to cover financial obligations – like college, a mortgage or a business loan.
With term life insurance, you get level coverage for a fixed amount of time. Premiums are generally lower than permanent life insurance.
- Premiums stay the same during the term you select.
- Options to convert to a permanent life insurance contract.
Permanent Life Insurance
Life is full of changes. Permanent life insurance, which consists of insurance and cash value, is designed to cover long-term financial needs so you can help keep your promises to those who matter to you.
Permanent life insurance also provides a benefit to help take care of loved ones and help fulfill financial goals and dreams when you die.
- Potential to build cash value, a living benefit that can be used to cover financial needs.1
- Proceeds typically pass to beneficiaries quickly and income-tax free.
How to Choose Between Term & Permanent Life Insurance
Think of it like renting versus buying a home. Term life insurance provides a short-term safety net. Permanent life insurance covers you for your entire life. Your Thrivent Financial representative can help you determine which is most suitable for you.
|What it provides||Life insurance protection for a specific amount of time.||Life insurance protection for as long as the insured lives.|
|Why buy it||A generally affordable way to get insurance to protect short-term needs, up to 30 years.||Protect long-term financial needs – for the lifetime of the insured. Can help round out overall financial portfolio.|
|Cash value accumulation||No||Yes1|
|Premiums||Premiums are generally affordable, and remain level throughout the term. However they increase at each renewal point (i.e., the end of the term).||Premiums are typically higher than term insurance. Some permanent life insurance products have premiums that remain level, while others have flexible premiums.|
|Flexibility||May be able to convert to a permanent contract at the end of the term.||Variations of permanent life insurance exist to meet your long-term financial needs and budget, including flexibility with premium payment amount and frequency.|
Fifteen months after her husband was diagnosed with brain cancer, Susan's husband died. A stay-at-home mother of five, she still had two kids to put through college, and faced out-of-pocket medical bills from the cancer treatments plus funeral costs. Life insurance helped cover all of her expected and unexpected expenses after his death.
"Once someone is ill, it's too late to get life insurance. Most people respond, I've never really thought about that."*
* The member's experience may not be the same as other members' and does not indicate future performance or success.
This is a solicitation for insurance. A Thrivent Financial representative may contact you.
Guarantees are backed by the financial strength and claims-paying ability of Thrivent Financial.
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.