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A lifetime of protection with one payment
Single Premium Whole Life Insurance provides lifelong insurance protection with guaranteed cash value. But rather than paying premiums over time, you pay just once with a single premium large enough to fund the contract for your lifetime.
If you need life insurance and have a lump sum of money available-from an inheritance, a savings or retirement account, a gift or other windfall-Single Premium Whole Life may be an option to consider.
The guarantees Single Premium Whole Life provides include:
- Level coverage for your lifetime
Generally, as long as your premiums are paid, your death benefit will never decrease or end, regardless of subsequent changes to your health.
- One premium
You pay a single premium up-front and never pay again.
- Cash value
The guaranteed cash value built up inside your contract will not be affected by changing interest rates or investment performance. While the guaranteed cash value increases year by year, it is not paid in addition to death proceeds. You may access your cash value through a contract loan.1
- Dividend distribution
You participate in Thrivent Financial's dividend distribution, though it's important to note that dividends are not guaranteed.
Because of the lump-sum premium payment, Single Premium Whole Life is likely to be considered a Modified Endowment Contract (MEC), which may result in the loss of certain tax advantages applicable to any cash value distributed from the contract. Consult your financial representative for more details.
1Loans and surrenders will decrease the death proceeds and the cash surrender value. Surrenders may generate an income tax liability. A significant taxable event can occur if a contract terminates with outstanding debt. Dividends may be affected by loans. Loan interest is charged in arrears at an annual rate of 8%.
This information applies to Single Premium Whole Life Insurance contract form L-SX-SPWL (08). Product may not be approved in all states.
Guarantees are backed by the claims-paying ability of Thrivent Financial for Lutherans.
Contact your financial representative for costs and complete details of coverage. Like most insurance contracts, this contract has 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 particularcircumstances. 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.
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