- Stability – The minimum guaranteed interest rate for your accumulated value helps ensure long-term growth that helps protect against inflation. Your accumulated value is guaranteed to earn at least 3% annually (increasing to 3.25% annually starting in year 11).
- Flexibility – You can adjust premium payments and your coverage to fit the changes in your life.
- Customization – You may add optional benefits to your life insurance contract for an additional cost.
- Consolidation ability – Consolidate coverage for the entire family to cover short-term needs on one contract, with a Term Life Insurance Benefit, Spouse Term Life Insurance Benefit, or Child Term Life Insurance Benefit.
- Waivers – Coverage continues even if you become disabled. Choose a Disability Waiver of Monthly Deduction Benefit, Disability Waiver of Selected Amount Benefit, or Applicant Waiver of Selected Amount Benefit.
- Additional coverage – Add or increase coverage to meet life's changes with an Annual Increase Benefit, Guaranteed Increase Option Benefit, or Accidental Death Benefit.
- Accessibility – You decide how and when to use your accumulated value to meet your financial goals. Use the accumulated value to supplement retirement income, pay college costs, transfer wealth to your heirs, or for charitable giving.
Contract loans are available at any time, subject to interest charges. After you have owned your contract for 10 years, the interest rate on any outstanding or new loans may be reduced. Partial surrenders allow you to withdraw a portion of accumulated value as long as enough cash surrender value remains to keep the contract in force. Contractual charges may apply.
While these options help make your Universal Life Insurance II contract more flexible, partial surrenders and/or unpaid debt will reduce your death benefit and the accumulated value available to pay your insurance costs, and may result in the lapse of your contract. A significant taxable event may result if the contract lapses with outstanding debt. Your tax advisor can provide more details.
- No-Lapse Guarantee – This product offers two No-Lapse Guarantees1 to ensure that your coverage will remain in effect regardless of any changes to the credited interest rate or cost of insurance as long as you pay sufficient premiums:
Thrivent Financial Universal Life–Lifetime Protector
- Stability – Guaranteed death benefit protection for up to a lifetime with competitive premiums.
- Simplicity – Your contract will remain in force as long as you fund it appropriately according to the terms of your contract.
- Customization – A simple life insurance solution with the most frequently asked for options, helping you customize your coverage (available for extra costs).
- Waivers: Coverage continues even if you become disabled. With the Disability Waiver of Monthly Deductions Benefit, the monthly deductions of your life insurance contract will be waived, as well as any optional riders included on the contract. This benefit will become payable if you become totally disabled under the terms of the rider and your disability continues for six months or longer2.
- Additional coverage option – The Accidental Death Benefit will pay an additional amount in the event of your accidental death. You'll have the comfort of knowing that additional funds will be paid to assist your family with unexpected financial costs.
- Increased coverage option – The Guaranteed Increase Option Benefit ensures that you will be able to increase your coverage at designated times in the future, regardless of your health. Coverage increases are available at specific ages or upon certain life events3.
- Lapse Protection – Helps ensure your contract will remain in effect, even if the cash surrender value is insufficient to cover the monthly deductions.
Note that missing a premium payment, paying a reduced amount, or paying it late can shorten the guarantee period of the Lapse Protection benefit. Loans and withdrawals can also shorten the guarantee, so they are not recommended.
To guarantee the contract will remain in force when the cash surrender value is insufficient to do so, it is important to pay your premium payments when due. This helps ensure that the Lapse Protection balance4, minus any loan payoff, will be at least equal to zero, if not greater.
Talk to Us About Life Insurance
Contact a Thrivent Financial representative for costs and complete details of coverage. Like most insurance contracts, our universal life insurance products have exclusions, limitations, reductions of benefits and terms under which the contract may be continued in force or discontinued.Please note that neither Thrivent Financial for Lutherans nor any of its agents give legal or tax advice. The brief discussion of taxes in this section is neither complete nor necessarily up-to-date; the laws and regulations are complex and subject to change. A transfer of the contract, a change in the owner or change in the beneficiary may have tax consequences depending on the particular circumstances. For complete details, consult with your attorney or tax advisor. The description of benefits in this section is brief and does not constitute, in itself, a contract.
Contract Forms: U-UM-UL (07), ICC07-U-UM-UL, U-UP-UL (06) Series
Guarantees are backed by the financial strength and claims-paying ability of Thrivent Financial for Lutherans.
1 To guarantee the contract will remain in force when the cash surrender value is insufficient to cover the monthly deductions, the accumulation of premiums paid, less any partial surrenders and debt, must at least equal the accumulation of No-Lapse Guarantee premiums. By paying only the premium required to maintain the No-Lapse Guarantee, you may forgo the opportunity to build significant accumulated value. Loans, surrenders, changes in death benefit options, changes in premium payments, and/or adding riders can have a serious impact on the ability of the No-Lapse Guarantee to remain active. Upon termination of the No-Lapse Guarantee, you may have to pay significantly higher premium to keep the contract in force. The No-Lapse Guarantee has no cash surrender value.
2 Limitations and exclusions may apply.
3 Increases to coverage will result in increased monthly deductions and new decrease charges.
4 The Lapse Protection Balance is a calculation based on a set of alternate cost-of-insurance, interest-rate and expense charges, all disclosed in the contract. Contract guarantees are based upon the claims-paying ability of the insurer.
