Compare Life Insurance Features and Benefits
| Feature | Term Life | Whole Life | Universal Life | Variable Universal Life5 |
|---|---|---|---|---|
| Length of coverage1 | Specified term contract owner chooses | Lifetime | Lifetime | Lifetime |
| Cost | Initially lower rates; premiums increase at each renewal term | More costly than term life; premiums remain level | More costly than whole life to accommodate for flexibility | More costly than universal life due to additional charges associated with investment portfolios |
| Premiums | Fixed | Fixed | Flexible4 | Flexible4 |
| Investment options | No | No | No | Yes (investment portfolios selected by contract owner) |
| Cash value | No | Yes | Yes | Yes |
| Loans or withdrawals2 | No | Loans-yes Withdrawals-no3 |
Yes | Yes |
| Surrender charge | No | No | Yes | Yes |
| Death benefit | Fixed | Fixed | Flexible | Flexible |
The primary benefit of life insurance is to assist your family financially in the event of your death. Contact a Thrivent Financial representative to determine which life insurance option best meets your protection needs. Having adequate insurance protection in place helps ensure you and your family – and your dreams – can live on as you planned.
1 Assumes all required premiums are paid.
2 Loans and surrenders will decrease the death proceeds and the cash surrender value available to pay insurance costs costs and can cause the contract to lapse without value. Surrenders may generate an income tax liability and may be subject to a decrease charge. A significant taxable event can occur if a contract terminates with outstanding debt. Loaned values may accumulate at a lower rate than unloaned values.
3 Surrender of paid-up additions or withdrawal of accumulated dividends only. Dividends are not guaranteed.
4 Sufficient cash value must be available to cover monthly insurance costs.
5 Variable Universal Life Insurance Considerations
Investing in a variable insurance product involves risk, including the possible loss of principal. The prospectus contains more complete information on the investment objectives, risks, charges and expenses of the investment company, which investors should read and consider carefully before investing. To obtain a prospectus, contact a registered representative or view the prospectus online.
There are fees and expenses related to variable universal life insurance, including a premium expense charge, fees and expenses of the underlying investment portfolios and monthly deductions. Monthly deductions include cost of insurance, monthly charges, mortality and expense charges and additional costs associated with any optional riders. These fees and expenses may be higher than the expenses of alternative products.
Accumulated value is available when net premiums paid, plus any earnings, exceed the partial surrenders, decrease charges, monthly deductions and any other contract charges subtracted from the contract. Please refer to the prospectus for more details.
Thrivent Financial for Lutherans, its affiliated companies, and their employees and representatives do not give legal, tax or accounting advice. Tax laws and regulations are complex and depend on individual circumstances. For complete details, consult your attorney, accountant and/or tax advisor.
Guarantees are backed by the financial strength and claims-paying ability of Thrivent Financial for Lutherans. Variable insurance products, where available, are offered and underwritten by Thrivent Financial for Lutherans, Appleton, WI 54919-0001 and distributed by Thrivent Investment Management Inc., 625 Fourth Ave. S., Minneapolis, MN 55415-1665, (800-THRIVENT 800-847-4836), member FINRA and SIPC, and a wholly owned subsidiary of Thrivent Financial for Lutherans.
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