Term life insurance from Thrivent is a type of life insurance policy that provides coverage for a specific period of time, known as the “term”. With term life insurance, policyholders pay a monthly or annual premium to receive a death benefit if they pass away during the term of the policy.
Thrivent term life insurance policies provide affordable life insurance protection for 10, 15, 20, or 30 years. The death benefit can range from $100,000 up to $1 million or more of coverage, depending on the specific policy. During the term of the policy, if the insured dies, their named beneficiaries will receive the death benefit amount to help cover final expenses and replace lost income.
Term life insurance is one of the most cost-effective ways to purchase a substantial death benefit. Premiums will remain level for the entire term length selected at the time of purchase. After the term expires, coverage can be renewed annually but premiums will increase each year as you age. Thrivent-term life insurance policies build little to no cash value over time but provide guaranteed death benefit protection for the term length.
Thrivent’s term life insurance can provide financial security for families relying on a breadwinner’s income, debt protection, final expenses coverage, and more. It’s an affordable way to obtain life insurance coverage for a set period when protection is most needed, such as while raising children or paying a mortgage.
Types of Term Life Insurance Policies Offered
Thrivent offers several types of term life insurance policies to choose from:
Level Term Life
Level-term life insurance provides a death benefit that remains constant throughout the policy term. This means your premiums will remain the same each year for the length of the term, usually 10, 15, 20 or 30 years. Level term is the most popular type of term life because premiums are affordable when you’re younger and likely to have more expenses.
Decreasing Term Life
With decreasing term life insurance, the death benefit decreases over the term while premiums remain level. This is sometimes used to cover a debt that decreases over time, like a mortgage. The benefit amount and premium are designed to match the declining balance.
Return of Premium Term Life
Return of premium term life insurance is a type of level term policy that returns all premiums paid if the insured survives the term. This ensures you get something back if you outlive the term, unlike regular term life insurance which provides no cash value. However, return of premium policies have higher premiums.
Thrivent offers competitive rates on these different term life insurance products to help you protect your family. You can get a custom quote online to see which policy makes the most sense for your budget and needs. Their knowledgeable agents can explain the pros and cons of each option.
Benefits of Thrivent Term Life Insurance
Thrivent-term life insurance offers several key benefits that make it an attractive option for many individuals and families looking to secure financial protection.
- Affordable death benefit protection – Term life insurance provides an affordable way to secure a substantial death benefit for your loved ones. Premiums are significantly lower compared to permanent life insurance since term policies only provide protection for a set period of time. This makes term life very budget-friendly, especially for younger individuals in good health.
- Customizable coverage amounts and terms – With Thrivent Term Life, you can customize your policy by choosing the death benefit amount and length of coverage that fits your needs and budget. Thrivent offers term lengths ranging from 10 to 30 years. You can opt for a higher payout over a shorter term or lock in a lower premium for longer coverage.
- Can convert to permanent life insurance later – Many term life policies include a conversion feature, allowing you to switch to permanent life insurance in the future with no medical exam required. This gives you flexibility in case your needs change down the road. Thrivent-term policies can convert to whole life or universal life insurance up to specified ages and term lengths.
Thrivent-term life gives you an economical way to gain ample death benefit protection when you need it most. The ability to customize coverage and potentially convert to permanent insurance adds further value and versatility.
Drawbacks of Term Life Insurance
Term life insurance has some potential downsides to consider:
- No cash value accumulation – Term life policies do not build cash value like whole life insurance. They provide only a death benefit payout if the insured passes away during the term. Once the term expires, coverage ends with no accumulated cash value.
- Premiums increase with age – Term life premiums are based in large part on the policyholder’s age at the time of purchase. As you get older, premiums generally go up upon renewal since mortality risk increases with age. So term life gets more expensive over time.
- Coverage ends after the term expires – Term life policies provide coverage for a defined period, such as 10, 15, 20, or 30 years. Once that initial term is up, coverage under that policy ends. You can convert to a new policy but will pay higher premiums. If you still need life insurance later in life, you’ll have to re-apply and qualify medically for a new policy.
Thrivent Term Life Rates
Thrivent offers competitive term life insurance rates that are tailored to your individual situation. Here are some sample monthly rates for a $250,000 20-year term life insurance policy from Thrivent:
- Age 30 – $16
- Age 40 – $21
- Age 50 – $39
- Age 60 – $89
As you can see, term life insurance rates increase as you get older. This is because the risk of death rises with age, so the insurance company charges a higher premium. Other factors that impact your Thrivent term life insurance rates include:
- Gender – Rates are generally lower for women than men.
- Health – Applicants in good health get lower rates. You may need a medical exam.
- Lifestyle – Hazardous hobbies, high-risk occupations, or tobacco use increase rates.
- Location – Insurance rates can vary by state.
The best way to find your personalized rate is to get a free quote from Thrivent. You simply provide some basic information about yourself and you’ll receive custom term life insurance quotes for policies that match your needs and budget. Thrivent also has licensed agents who can walk you through the quote process if you have questions.
How to Get a Quote for Thrivent-Term Life
Getting a quote for Thrivent term life insurance is easy and only takes a few minutes. There are a couple of ways to start the process:
- Contact a Thrivent agent directly: Thrivent has local agents across the country who can provide customized term life quotes. Simply call or visit a local agent and they’ll walk through the options and provide a personalized quote for your coverage needs.
- Use the online quoting tool: Thrivent offers an easy online quoting tool on their website. You’ll need to enter some basic personal and health details, such as age, gender, smoker status, etc. Based on the information provided, you’ll receive an instant term life quote for review.
The key details needed to generate an accurate Thrivent term life quote are:
- Age
- Gender
- Tobacco use
- Health class rating
- Coverage amount
- Length of Coverage
With this information, Thrivent can provide quotes for 10, 15, 20, 25, and 30-year term policies. Get started today to find affordable term life rates based on your specific situation.
How to Apply for Coverage
To apply for Thrivent term life insurance coverage, you’ll need to go through a simple application process. Here are the key steps:
Application Process Overview
- Contact a Thrivent insurance agent or apply online. You can speak with an agent over the phone or schedule an in-person meeting. Applying online is fast and convenient.
- Provide basic personal information. This includes your name, contact details, date of birth, occupation, and income.
- Select your desired coverage amount and term length. Consider how much coverage your family would need if you were to pass away prematurely. Popular term lengths are 10, 15, 20, or 30 years.
- Complete the application questionnaire. You’ll answer health and lifestyle questions so Thrivent can evaluate your insurability. Be as accurate as possible.
- Take a medical exam if required. For higher coverage amounts, you may need to take an exam to measure your height, weight, blood pressure, cholesterol, and other health metrics.
Required Documentation
As part of the application process, you may need to provide:
- Identification such as a driver’s license or passport
- Medical history and records
- Vehicle records if you want lower auto insurance rates
- Financial statements to verify income
- Legal documents like a divorce decree if applicable
Thrivent will let you know specifically what documents you need. Having them ready in advance can help speed up the underwriting process.
Underwriting Process
After submitting your application, Thrivent will review your information and determine whether to approve or decline your application and at what rate. Here’s what to expect:
- Thrivent will evaluate your health, driving history, lifestyle, family history, and other risk factors.
- For preferred rates, you’ll need excellent health and lifestyle indicators. Higher-risk applicants may be charged higher premiums or denied coverage.
- The underwriting process usually takes 2-6 weeks. Thrivent will inform you by mail when a decision is made.
- If approved, you’ll receive your term life insurance policy documents electronically or by mail. Then you can pay your first premium to activate coverage.
Thrivent aims to make the application and underwriting process as smooth and efficient as possible. Their insurance agents are available to help if you have any questions.
Who Should Consider Thrivent Term Life?
Thrivent term life insurance is a great option for certain demographics who need temporary coverage. Here are the types of people who may want to consider Thrivent term life:
- Young families need temporary coverage. Term life is ideal for young parents who need more life insurance while raising kids. Once the kids grow up and leave home, the coverage can expire. Thrivent term policies have term lengths like 10, 15, 20, 25, and 30 years to match a child-rearing timeframe.
- Budget-focused consumers. Term life premiums are significantly lower compared to permanent life insurance. This makes term affordable for buyers on a tight budget. Thrivent offers competitive rates, especially for younger, healthy applicants.
- People in good health. Insurers offer the lowest term rates to applicants in excellent health. By only covering a certain term length, the insurer’s risk is reduced. Those who qualify for preferred rates can secure very inexpensive coverage through Thrivent Term Life.
Term life is temporary coverage fitting for certain stages of life. Young families, budget-savers, and healthy individuals may find Thrivent policies suit their needs and budget. Term life provides essential protection when survivors need it most.
Alternatives to Thrivent Term Life
While Thrivent offers competitive term life insurance policies, it’s not the only option for those seeking coverage. Here are some alternatives to consider:
Term Life from Other Insurers
Thrivent is just one of many reputable insurance companies offering term life policies. Others include MassMutual, New York Life, Northwestern Mutual, Pacific Life, Prudential, and Transamerica. Comparing quotes from multiple insurers is wise, as term life rates can vary significantly between providers. The coverage, underwriting, and financial strength of the insurer should factor into any decision as much as the premium cost.
Permanent Life Insurance
Whereas term life provides temporary protection, permanent life insurance is meant to last a lifetime. Types of permanent life insurance include whole, universal, and variable life. These policies accumulate cash value, allowing policyholders to access funds via withdrawals or policy loans. Premiums are notably higher than term, but remain fixed over time. Permanent life combines lifelong death benefit protection with a savings or investment component.
Self-Insuring
Some individuals opt to self-insure instead of purchasing life insurance. This involves setting aside personal savings to provide money for funeral costs and replace lost income for dependents. The funds are earmarked for the death benefit amount the person would otherwise get from a life insurance policy. This avoids paying policy premiums but requires disciplined saving and investing to accumulate adequate capital. Self-insuring also involves taking on all investment risks oneself.
Frequently Asked Questions About Thrivent Term Life Insurance
What is the difference between term life insurance and whole life insurance?
Term life insurance provides coverage for a specific period, while whole life insurance covers you for your entire life. Term life is generally more affordable but does not build cash value. A whole life costs more but builds cash value that you can borrow against.
How long do Thrivent term life insurance policies last?
Thrivent offers renewable term life insurance policies with terms lengths of 10, 15, 20, 25, or 30 years. At the end of each term period, you have the option to renew your coverage for another term period.
Can I convert my Thrivent term life policy to permanent insurance?
Yes, Thrivent allows you to convert your term life policy to a permanent universal life insurance policy up until age 70, without having to provide evidence of insurability. This conversion option allows you to get permanent coverage later even if health issues arise.
How are Thrivent term life insurance rates determined?
Rates are based on your age, gender, health status, family health history, occupation, and whether you smoke. The younger and healthier you are, the lower your rates will be. Rates increase at each renewal period as you age.
What types of term lengths does Thrivent offer?
Thrivent provides term lengths of 10, 15, 20, 25 and 30 years. 10 or 15-year terms have the lowest rates but you have to re-qualify more frequently. 20 or 30-year terms have higher rates but allow you to lock in coverage for longer.
Can I get a quote online for Thrivent term life insurance?
Yes, you can get an instant online quote by providing some basic information about yourself. This will give you estimated rates, though final pricing is subject to completing the full application and underwriting process.
How do I apply for a Thrivent term life insurance policy?
You can apply by contacting a local Thrivent insurance agent to assist you. The agent will help you through the application process, which involves completing health and medical history questions and potentially a medical exam.
What factors make someone a good candidate for term life insurance?
Term life is ideal for younger individuals who need affordable death benefit protection. It’s also good for coverage needs that will disappear in the future, like providing for kids until they are independent adults.