Variable Universal Life


Variable universal life insurance policies contain fees and expenses, including cost of insurance, administrative fees and premium loads, surrender charges and other charges or fees that will impact policy values. The underlying funds also have fund operating expenses. The investment return and principal value will fluctuate so that when redeemed, may be worth more or less than their original cost.


Variable Universal Life (VUL) insurance is permanent life insurance that provides death benefit protection with the ability to build cash value. You decide how to invest your net premium among the investment options offered for the policy, or you can choose a professionally-developed asset allocation option based on your investment goals, risk tolerance and time horizon.

Where does VUL get its name?

The policy is “variable” because its cash value will vary according to the performance of the investment options you choose.
“Universal” refers to the policy's flexible premiums. You can set your premium amount and payment schedule, provided they are sufficient to support the death benefit and sustain the policy.

Who may have a need for VUL?

Most VUL customers are looking for death benefit protection for their families and either:
  • have concerns about the future of their estate or business, or
  • are looking for a means to supplement retirement income.

What are the benefits of VUL?

A VUL policy can help you prepare for the future of your family, your business and your legacy.
Protection for you and your family
  • Obtain death benefit protection
  • Replace your income in the event of your death
  • Plan ahead for a loved one with special needs
  • Supplement your retirement income
Protection for your business
  • Plan for continuation of your business in the event of your death
Estate planning
  • Help protect savings and the total value of your estate for future generations
  • Create liquid assets to help pay for estate taxes
  • Transfer wealth on a tax-efficient basis
  • Leave a legacy to charity

How does a VUL policy work?

Your premium payments, after fees, are allocated to the investment options you choose. The performance of your investment options impacts your policy's account value and can help support the death benefit. You can also access the policy account value through loans and withdrawals to fund present and future needs. And, upon your death (second insured for survivorship product), your beneficiaries will receive a death benefit.
Both loans and withdrawals from a permanent life insurance policy may be subject to penalties and fees and, along with any accrued loan interest, will reduce the policy's Account Value and Death Benefit. Depending upon the performance of a VUL policy's investment choices, the Account Value may be worth more or less than the original amount invested in the policy. Assuming a policy is not a Modified Endowment Contract (MEC), withdrawals are taxed only to the extent that they exceed the policyowner’s cost basis in the policy and usually loans are free from current Federal taxation. A policy loan could result in tax consequences if the policy lapses or is surrendered while a loan is outstanding. Distributions from MECs are subject to Federal income tax to the extent of the gain in the policy and taxable distributions are subject to a 10% additional tax prior to age 59½, with certain exceptions.
You should carefully consider the investment objectives, risks, and charges and expenses of any variable universal life insurance policy and its underlying funds before investing. This and other information can be found in the prospectus for the variable universal life insurance policy, the prospectuses for the underlying funds and appropriate product information, which can be obtained from your financial professional or by calling (800) 231-5453. Please read them carefully before you invest or send money.

"The Hartford" is The Hartford Financial Services Group, Inc. and its subsidiaries, including the issuing companies of Hartford Life Insurance Company (HLI) (New York) and Hartford Life and Annuity Insurance Company (HLA) (Outside New York), Simsbury, CT. The mailing address for both issuers is PO Box 2999, Hartford, CT 06104-2999.
Variable life insurance products discussed in this material are distributed by Hartford Equity Sales Company, Inc. (HESCO), a broker/dealer affiliate of The Hartford.

Universal Life Insurance

Universal Life Insurance 

Universal Life Insurance is designed for those with sophisticated financial and insurance needs. The flexibility it provides can help you meet a wide array of insurance objectives from the most basic to the most complex.
Universal Life Insurance may be most advantageous:
  • When you need premium and death benefit flexibility.
  • When you want the investment performance of Northwestern Mutual’s general account.
  • When you want the opportunity to easily adjust the policy after issue.
A universal life insurance contract allows you to protect against risks for today and in the future. The premium and death benefit flexibility of universal life insurance give you the ability to match your protection to your needs, whatever they may be down the road. The cash value can also help you meet a variety of other financial objectives.
Estate Planning Strategies
Uncertainty of estate tax laws has made estate planning more challenging than ever. While this uncertainty has caused some to postpone estate planning needs, doing so may jeopardize the financial future of family and/or businesses.
Universal life insurance can help you achieve the financial security that comes from protecting and preserving the estate you’ve built over your lifetime. Its flexibility allows you to adjust the policy when changes in estate tax legislation, your financial situation or any other circumstances trigger a need to review your estate planning strategy.
Business Planning
A universal life insurance contract’s ability to accumulate cash value on a tax-deferred basis can provide solutions for a variety of financial and insurance needs.
Because of the great amount of flexibility, its design works especially well with:
  • Buy/Sell Arrangements
  • Key Person coverage
  • Nonqualified Executive Benefit Programs
  • Endorsement Split Dollar Plans
  • General Corporate Liability Funding
  • Financing Employee Stock Ownership Plans
Charitable Gifting
If properly structured, giving a life insurance policy to a charity may not only provide benefits to the organization, but immediate income tax benefits to the donor as well.  A universal life insurance contract’s premium flexibility allows you to decide on the amount of your charitable contribution on a year-by-year basis.

Thrivent Financial Universal Life Insurance II offers


  • 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:

    • Automatic 10-Year No-Lapse Guarantee.
    • Optional Extended No-Lapse Guarantee, which ensures that your coverage remains in force to age 121 (must be selected at time of contract purchase).

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.

Insurance Products and Services

Universal Life Insurance

More Options, But Fewer Guarantees

Universal Life Insurance is permanent insurance that provides protection in case of death, as well as a savings or cash value component. The cash value of a universal life policy is based on the amount of premiums you pay, the declared interest crediting rate and the policy charges. Unlike Term Life insurance or Whole Life insurance flexible premium universal life policies permit flexibility in the amount and timing of premium payments (within limits), and they generally offer you the ability to vary the death benefit amount based on your circumstances. However, some policies include a No Lapse Guarantee that guarantees your policy will not lapse for a specific period of time as long as required premium levels are met. Such policies offer less premium and death benefit flexibility.
Universal Life Insurance costs less than Whole Life, and offers more flexibility in the timing and amount of premium payments. In general, there are fewer guarantees with regard to cash value or death benefit.
  • Premium payments are flexible. After initial payment, you make additional premium payments at virtually any time and in any amount (subject to certain minimums and maximums). Note: Policies with No Lapse Guarantees have greater restictions on the amount and timing of permium payments.
  • Your policy continues as long as there is enough cash value to cover monthly insurance charges or if the No Lapse Guarantee is in effect.
  • Cash value earns interest at a rate set periodically by the insurance company and is generally guaranteed not to drop below a certain level. Policies with No Lapse Guarantees tend to have less cash value.
You can generally choose one of two death benefit options:
  • Level benefit equal to the policy’s original Face Amount, OR
  • Variable benefit equal to the original Face Amount plus any existing policy account value.

Advantages of Universal Life Insurance

  • Potentially lower initial premium compared to Whole Life Insurance
  • Potential availability of a No Lapse Guarantee
  • You can generally determine the amount and timing of premium payments, within certain limits
  • You can generally increase or decrease the Face Amount. Note: Increases may require evidence of insurability and decreases may result in the imposition of pro rata surrender charges.

Disadvantages of Universal Life Insurance

  • Fewer guarantees than Whole Life Insurance
  • Skipping payments can lead to policy funding problems
  • Adding guaranteed features, like a No Lapse Guarantee, can increase the cost of Universal Life
  • Growth in cash value in the policy is limited
  • No investment flexibility
  • A decrease in the death benefit amount may result in the imposition of pro rata surrender charges
Life insurance is issued by AXA Equitable Life Insurance Company (NY, NY). Universal life insurance is co-distributed by AXA Distributors, LLC and AXA Advisors, LLC, members FINRA, SIPC. AXA Equitable, AXA Distributors and AXA Advisors are affiliated companies and do not provide legal or tax advice. All guarantees are based on the claims-paying ability of AXA Equitable. The guarantees do not apply to  investment portfolios.

Universal Life Insurance

More Options, But Fewer Guarantees

Universal Life Insurance is permanent insurance that provides protection in case of death, as well as a savings or cash value component. The cash value of a universal life policy is based on the amount of premiums you pay, the declared interest crediting rate and the policy charges. Unlike Term Lif. insurance or Whole Life insurance flexible premium universal life policies permit flexibility in the amount and timing of premium payments (within limits), and they generally offer you the ability to vary the death benefit amount based on your circumstances. However, some policies include a No Lapse Guarantee that guarantees your policy will not lapse for a specific period of time as long as required premium levels are met. Such policies offer less premium and death benefit flexibility.
Universal Life Insurance costs less than Whole Life, and offers more flexibility in the timing and amount of premium payments. In general, there are fewer guarantees with regard to cash value or death benefit.
  • Premium payments are flexible. After initial payment, you make additional premium payments at virtually any time and in any amount (subject to certain minimums and maximums). Note: Policies with No Lapse Guarantees have greater restictions on the amount and timing of permium payments.
  • Your policy continues as long as there is enough cash value to cover monthly insurance charges or if the No Lapse Guarantee is in effect.
  • Cash value earns interest at a rate set periodically by the insurance company and is generally guaranteed not to drop below a certain level. Policies with No Lapse Guarantees tend to have less cash value.
You can generally choose one of two death benefit options:
  • Level benefit equal to the policy’s original Face Amount, OR
  • Variable benefit equal to the original Face Amount plus any existing policy account value.

Advantages of Universal Life Insurance

  • Potentially lower initial premium compared to Whole Life Insurance
  • Potential availability of a No Lapse Guarantee
  • You can generally determine the amount and timing of premium payments, within certain limits
  • You can generally increase or decrease the Face Amount. Note: Increases may require evidence of insurability and decreases may result in the imposition of pro rata surrender charges.

Disadvantages of Universal Life Insurance

  • Fewer guarantees than Whole Life Insurance
  • Skipping payments can lead to policy funding problems
  • Adding guaranteed features, like a No Lapse Guarantee, can increase the cost of Universal Life
  • Growth in cash value in the policy is limited
  • No investment flexibility
  • A decrease in the death benefit amount may result in the imposition of pro rata surrender charges
Life insurance is issued by AXA Equitable Life Insurance Company (NY, NY). Universal life insurance is co-distributed by AXA Distributors, LLC and AXA Advisors, LLC, members FINRA, SIPC. AXA Equitable, AXA Distributors and AXA Advisors are affiliated companies and do not provide legal or tax advice. All guarantees are based on the claims-paying ability of AXA Equitable. The guarantees do not apply to  investment portfolios.
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