Thrivent is a financial company that provides life insurance products designed to help individuals protect their families and secure their financial future.
What sets Thrivent apart is its unique combination of life insurance and financial planning, offering customers not only coverage but also tools to manage their long-term goals.
Their policies include both term and permanent life insurance, giving people the flexibility to choose based on their needs.
With a strong focus on Christian values, this insurer emphasizes stewardship, helping people make smart financial decisions while aligning with their beliefs.
Whether you’re looking for a simple life insurance policy or a more comprehensive financial plan,
Thrivent aims to provide support for your journey through life with products that grow alongside your needs and priorities.
Thrivent Life Insurance Pros And Cons
When it comes to life insurance, this insurer is an all-round excellent company. It offers amazing and competitive products, incredible customer satisfaction, and has the high highest for financial stability. In 2024, Forbes named it as one of the best insurance companies in America.
It offers some of the lowest term life insurance premiums, especially for people over 65, and pays dividends on whole life policies, which can help your cash value, grow faster.
Also, Thrivent stands out for selling whole life insurance to customers up to age 90, the highest age limit among companies we reviewed.
However, there are some drawbacks. You must be Christian or married to a Christian to qualify for coverage. Also, the insurer doesn’t offer an online application process, so you’ll need to speak with an agent.
Customer service is limited to phone or advisor meetings, with no live chat or email support.
Types Of Life Insurance Policies Offered By Thrivent
Thrivent offers several types of life insurance to meet different needs. We have listed them below, check them out;
Term Life
This policy provides coverage for a specific period, typically between 10 to 30 years. If you outlive the term, the coverage ends. You can choose between $100,000 and $3 million or more in coverage.
Thrivent’s term life policies are renewable each year without a medical exam, and you can convert them into permanent coverage without taking another exam.
Whole Life
This type of insurance lasts for your entire life as long as you keep paying the premiums. Whole life is more expensive than term life initially, but the premiums stay the same as you age.
The policy includes cash value, which grows over time and earns guaranteed interest. You can take a loan against or withdraw from this cash value in the future.
Whole life policies also earn dividends. You can buy a whole life policy up until age 90, and Thrivent offers policies for children under 18.
Universal Life
Universal life insurance also provides lifelong coverage but offers more flexibility. The policy builds cash value and earns a guaranteed return, though the return can change based on market interest rates. Just so you know, universal life policies don’t pay dividends.
Variable Universal Life
This policy gives you even more flexibility. You can adjust premiums and death benefits, and you have the option to invest the cash value in different subaccounts, similar to mutual funds.
If the investments perform well, your cash value grows faster, but poor performance could lead to slower growth or even a loss, requiring you to pay higher premiums.
Additional Coverage Or Riders
A rider helps in adding more coverage to your policy. Sometimes they could cost extra, and sometime they are free. Unlike other insurers, this insurer only offers few riders.
- Guaranteed Insurability; This rider enables you to purchase more life coverage for your policy after signing up without passing the medical examination
- Terminal illness; after purchasing the policy if you develop a terminal illness, this insurer will pay you a death benefit while you are still alive to help you sort out the bills. You don’t need to pay any amount for this rider.
- Waiver of Premium; If you become disabled and unable to earn income, you can stop paying premiums under the waiver of premium rider.
Does Thrivent Require Life Insurance Medical Exam?
Most times, Thrivent does not require applicants to go for a medical exam. When applying for a policy, you will have to provide your medical history, your lifestyle, your family medical history, your occupation and other information.
This insurer will also pull up your driving and medical records.
With this information, Thrivent will make decision on whether you need to undergo a medical exam. If you are very healthy, the insurer may skip the exam.
If you are not, you’d have to meet with a paramedics or doctor as part of the application process. Just so you know, if you have any pre-existing medical conditions, the insurer may deny you coverage.
It does not offer the guarantee issue policies that accept different types of applicants.
How Much Does Thrivent Life Insurance Cost?
The cost of a Thrivent life insurance policy depends on different factors such as; Type of coverage, Amount of coverage, your age, lifestyle, health and many more. Your financial advisor from Thrivent can help recommend a coverage that suits your needs, goals and budget.
How To Purchase Life Insurance From Thrivent
To buy life insurance from Thrivent, you need to work with one of their financial advisors. While you can get online quotes for term life policies, you won’t be able to purchase the policy directly online. Instead, you can find a local advisor through their website.
Before purchasing life insurance or any other Thrivent products, keep in that you must become a member by pledging that you’re a practicing Christian or married to one. If you agree to this, you can apply for a policy through an advisor.
Thrivent is quick at processing applications for healthy applicants, often making decisions within a few days or even the same day. However, if your medical history requires more detailed review, it could take up to two months.
