People have been buying policies from Thrivent Financial life insurance for more than 100 years. If a company has managed to stick around for that long, you can’t help but wonder what they have to offer.
If you’re feeling overwhelmed trying to choose the best life insurance provider, keep reading.
This in-depth review will tell you everything you need to know about Thrivent and help you decide if it’s the right provider for you!
Thrivent was originally established in 1902. At the time, it was a Wisconsin-based company named Aid Association for Lutherans (AAL). Fifteen years later, another company with a similar mission, called Lutheran Brotherhood, was formed in Minnesota.
In 2001, the two companies combined to form Thrivent Financial for Lutherans. A little more than a decade later, in 2013, the company expanded to focus on providing insurance to all Christians, not just those of the Lutheran faith.
They’ve been known simply as Thrivent Financial ever since.
Thrivent is currently one of the biggest insurance companies in the United States and is ranked #316 on the 2017 Fortune 500 list!
When you’re choosing a life insurance company, one of the most important things to take into account is the company’s financial ratings.
Financial services companies take several factors into account when they rate an insurance company. Some of the most common are listed below:
- Income statement
- Balance sheet
- Loss and expense ratios
- Company’s philosophy
- Quality of the company’s management
- Appetite for risk
Ideally, you’ll choose a life insurance company that has at least an A- rating. The higher the rating, the greater likelihood the company has to make good on its promises and meet responsibilities to its customers.
A.M. Best has given Thrivent Financial life insurance an A++ or “Superior” rating, the highest rating possible out of 16 options.
Fitch has given Thrivent an AA+ or “Very Strong” rating, the second-highest possible of the company’s 19 ratings.
Thrivent Financial’s positive ratings are largely due to the company’s reputation for strong asset management. Thrivent had more than $116 billion in assets under management at the end of 2016, with an annual surplus of $9 billion.
Thrivent Financial Life Insurance Policies
There are several different types of life insurance that you can choose from.
Thrivent offers customers many policy options. Learn more about their specific plans below:
Term Life Insurance
Term life insurance policies are some of the most popular because they provide greater coverage for a lower premium.
Term life insurance offers a lump sum death benefit. This is paid to beneficiaries as long as the premiums are paid and the customer passes away with the term. If they outlive the term, the policy ends and protection is lost.
With term life insurance, policyholders usually have the option to renew when the term ends. They can also convert their policy to a permanent one if they later decide that it’s a better fit.
Thrivent Financial lets customers choose between a term of 10, 15, 20, or 30 years.
Permanent Life Insurance
Thrivent also offers permanent life insurance. As the name suggests, permanent life insurance covers the customers for the duration of their life and doesn’t expire.
There are two types of permanent life insurance: whole life insurance and universal life insurance.
Whole life insurance is the most basic form of permanent life insurance. Once the customer passes away, beneficiaries receive a death benefit.
Thrivent Financial guarantees the death benefit, premiums, and cash value. Cash value can grow over time to help with financial needs while the customer is still living.
Of the two types of permanent life insurance, universal life insurance is a little more flexible. At Thrivent Financial, customers with a universal life insurance policy can make adjustments as their life changes.
For example, policyholders can pay more premiums at certain times or less at times when they’re strapped for cash.
A membership is needed to purchase Thrivent Financial life insurance. Two types of membership are available:
When you fill out an application and purchase a Thrivent insurance or annuity product, you automatically become a benefit member.
Associate membership is available after you fill out an application, purchase an insurance product, and pay a yearly fee of $19.95.
Christians, spouses of Christians, and children being raised as Christians are all eligible for Associate membership. Associate members receive several additional benefits, including:
- Free and discounted services
- Free educational resources
- Access to Thrivent Federal Credit Union
- Volunteer and charitable donation opportunities
Thrivent Financial has an A+ rating with the Better Business Bureau. The company has only had eight complaints reported in the last three years.
Of the customer complaints Thrivent Financial has received, two have to do with billing or collection issues, one was related to a delivery issue, and five had to do with product or service problems.
How Much Coverage Do I Need?
Now that you know a bit more about Thrivent Financial life insurance options, you might be wondering how much coverage you actually need. The answers to the questions listed below will help you make a decision.
- How much debt do you have?
- How much money do you spend each month?
- How much money do you save each month?
- Are you saving for things like college education more retirement?
- How much money will beneficiaries need if you aren’t around?
As you’re shopping for life insurance, the companies you look into will often provide a calculator that you can plug this information into. They’ll use this information when they give you a quote.
Need Help Finding Life Insurance?
When it comes to shopping for life insurance, it’s important to take your time, shop around, and find the company that best fits your needs.
The process can definitely be stressful at first. But at Top Quote Life Insurance, we’re dedicated to helping you make the right decision for you and your family.
If you’re ready to start shopping for life insurance, contact us today by phone or online. We’re available 24/7 and can’t wait to assist you!