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Insurance > Life Insurance > Which Type is Right for Me?
Which Type is Right for Me?

Types of Life Insurance
Thrivent Financial for Lutherans offers the two types of life insurance: term and permanent life insurance.

Term life insurance provides temporary coverage and is a type of contract that offers only a death benefit. It is usually the least expensive to buy, but the premiums can increase as you age.

Permanent life insurance is a type of contract that builds a guaranteed cash value as well as providing a death benefit. It can cost more initially, but the annual premiums do not increase.

Determining Which One is Right for You.
The type of life insurance that is right for you depends on your financial needs today and your goals for the future.

Here are two examples of how term and permanent insurance may be applied:


Bill and Sharon are just starting a family after graduating from college. Their primary concern is to protect their family from the loss of Bill’s income and the loss of the care and services he and Sharon provide their children. For Bill and Sharon, term life insurance may be the least expensive way to obtain the most insurance coverage today.


On the other hand, Ted and Sylvia have longer range goals. They are not only concerned about the loss of income should one or both of them die, they are making plans for the future of their family. They anticipate keeping their life insurance after they retire. They want the flexibility to either provide a tax-advantaged death benefit to their children, or to use their accumulated cash value to supplement their retirement income. Permanent life insurance would best fit Ted and Sylvia's financial goals.


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Appleton Office:
4321 N. Ballard Road
Appleton, WI 54919-0001 USA
800-THRIVENT
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Thrivent Financial for Lutherans, Appleton, WI 54919-0001, is authorized to conduct business in all 50 states and the District of Columbia. NAIC # 2938-56014. Products issued by Thrivent Financial for Lutherans are available to applicants who meet membership, insurability, U.S. citizenship and residency requirements. Not all products described are available in all states. Thrivent Financial representatives are licensed insurance agents. Insurance and retirement products, where available, are individual contracts, (not group coverage), and issued by Thrivent Financial for Lutherans. Investment products are offered through Thrivent Investment Management Inc., 625 Fourth Ave. S., Minneapolis, MN 55415-1665, a wholly owned subsidiary of Thrivent Financial for Lutherans. Member FINRA. Member SIPC. Thrivent Financial representatives are registered representatives of Thrivent Investment Management Inc.

Bank products and trust services are offered through Thrivent Financial Bank, 2000 E. Milestone Dr., Appleton, WI 54919-0006 (Member FDIC, Equal Housing Lender), a wholly owned subsidiary of Thrivent Financial for Lutherans. Insurance, investment products, securities, trust, and investment management services and accounts are not deposits, are not FDIC insured, are not insured by any federal government agency, and are not guaranteed by Thrivent Financial Bank. Variable insurance contracts, investment products, trust, and investment management accounts may go down in value.

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This document was last updated on Wednesday, November 29, 2006 at 9:08 AM