About Thrivent Life
The company now known as Thrivent Financial was formed in Wisconsin in 1902 under the name Aid Association for Lutherans. The organization’s current iteration came into being as Thrivent Financial for Lutherans following a 2002 merger with the Minnesota-based Lutheran Brotherhood. Thrivent has its corporate headquarters in Minneapolis and its operations center in Appleton, Wisconsin, along with smaller regional offices around the country.
Thrivent Financial is a fraternal benefit society, with members instead of shareholders. Along with life insurance, banking, and investments, Thrivent also provides members with opportunities for charitable giving and work, including through its fifteen-year relationship with Habitat for Humanity.
Thrivent is still influenced by its Lutheran background, but membership is now open to all Christians. Thrivent has two classes of members: benefit members and associate members. Benefit membership comes with any annuity or policy purchase, while associate membership requires a $20 annual fee. Both membership classes are provided additional benefits, but certain member discounts, charitable opportunities, and access to Thrivent’s credit union are reserved for associate members.
Thrivent offers annuities and life insurance policies in every state but New York, though not every product is available in every state in which Thrivent does business. Product purchases can be made through in-house representatives of the company or independent agents. For prospective applicants who are not yet Thrivent members, the purchase process includes applying for membership in Thrivent.
Thrivent Life Financial Ratings
A.M. Best: A++
S&P Global: NR
Comdex Ranking: 99
With an impressive A++ rating, Thrivent is in exclusive company among A.M. Best’s highest rated life insurance carriers.
As of the end of 2019, Thrivent held over $90 billion in total assets, about two-thirds of which were in investment-grade bonds, and came in at number 368 on the list of Fortune 500 companies.
Thrivent also reported over $5 billion in annual premium revenue, accompanied by $2.7 billion in investment income. All of that makes Thrivent an exceptionally safe pick for life insurance.
Thrivent has been accredited by the Better Business Bureau since 1999 and presently boasts an A+ rating from BBB. There are negative reviews out there, but the consensus among members seems to be that Thrivent’s customer service is pretty good.
Additionally, Thrivent boasts on its website that it has consistently been included in Ethisphere’s list of the “World’s Most Ethical Companies.”
Products Offered by Thrivent Life:
- Term Life Insurance
- Whole Life Insurance
- Universal Life Insurance
- Disability Insurance
- Long-Term Care Insurance
- Medicare Supplement Insurance
Life Insurance Policies Offered by Thrivent Life
Thrivent Term Life Insurance:
Thrivent offers 10, 15, 20, and 30-year terms for new insureds from ages 18 through 75, though initial term periods cannot go beyond the insured’s 85th birthday.
Coverage levels start at $100,000 and go as high as $2 million.
Term life insurance rates are fixed during a policy’s initial term, and policies can be renewed annually for increased premiums after the term concludes.
All term policies include a terminal illness rider and a conversion option allowing term coverage to be converted to whole life or universal life during the first five years.
For an additional premium, an extended conversion option, which can be exercised through the end of the initial term or age 70 (whichever comes first), is also available.
Thrivent Whole Life Insurance:
Thrivent’s standard cash value whole life insurance policy features fixed premiums, guaranteed-for-life coverage, and accrual of cash value that earns guaranteed, tax-deferred interest.
Whole life coverage is available for new insureds up to age 90.
Whole life insurance rates can be scheduled so that a limited pay life insurance policy is fully paid-up in ten years, twenty years, when the insured reaches age 70 or 95, or via a single, lump-sum payment when the policy is issued.
Participating whole life policies are also eligible for dividends, which can be applied toward current premiums, additional coverage, outstanding policy loans, or can be taken as cash.
Whole Life Insurance for Children:
Available for purchase by parents, grandparents, and legal guardians of children from 0 to 15, Thrivent’s whole life policy for children provides coverage starting at $15,000 and going up to $100,000.
Upon purchase, the low premiums are locked in for the child’s entire life, and policy premiums are structured to be fully paid-up when the insured reaches age 65.
Like Thrivent’s standard whole life, children’s policies accrue interest-earning, tax-deferred cash value and are eligible for dividends.
Thrivent Universal Life:
Thrivent’s Universal Life policy features the flexible premiums and benefits that define universal life as a financial product. Coverage is guaranteed to remain in place for life, subject to the minimum premium requirement.
Cash value accrues interest at a minimum rate of 3%. Policies covering new insureds under age 18 are eligible for guaranteed increase options, allowing purchase of additional coverage without further underwriting.
Thrivent Variable Universal Life:
Thrivent also offers a variable universal life policy through its affiliate, Thrivent Investment Management, Inc.
The variable life policy allows the potential for greater cash-value growth than the standard universal life policy but also runs the risk of non-performance.
Policyholders can apportion cash value among a wide variety of investment options offered by Thrivent, with options ranging from higher-risk equity funds to low-risk government bonds.
Available Life Insurance Riders
Terminal Illness Rider:
If the insured is diagnosed with less than 24 months to live, a portion of the policy’s death benefit can be accelerated at the policyholder’s option.
Disability Waiver of Premium Rider:
If the insured becomes totally disabled, premium obligations are waived during the period of the disability.
Paid-Up Additions Rider:
Available with whole life policies, the Paid-Up Additions rider gives the policyholder the option to purchase additional coverage that is paid-up upon issuance, has interest-earning cash value, and is itself eligible for dividends.
Guaranteed Purchase Option:
Available with whole life policies, this rider gives the policyholder a contractual option to purchase additional coverage at specified dates or life events, with no further underwriting.