Irrevocable and revocable contracts
You can choose to make your contract irrevocable or revocable when you purchase an immediate annuity. (The revocable option may not be available in some states.) It is important to know that you cannot make withdrawals or surrenders from irrevocable contracts. Revocable contracts can be changed to irrevocable.
Tax-free transfers between investment options
As your income goals, risk tolerances and needs change, it is easy to transfer funds from one investment option to another in the Thrivent Financial for Lutherans Single Premium Immediate Variable Annuity without tax consequences. You may transfer between subaccounts 12 times within the contract year without charge; additional transfers will be charged a $25 fee.
Death benefit
If you choose a guaranteed payment period and die during that period, your named beneficiaries will receive a death benefit. The death benefit gives the beneficiaries the ability to continue receiving income payments during the guaranteed period or to receive the present value of those remaining payments in the guaranteed payment period, also known as the commuted value. If your beneficiaries choose the latter option, the amount they receive will be less than what they would have received if income payments had continued.
Taking money out of your contract
If you have a revocable contract, you may make partial withdrawals or surrender the contract during the guaranteed payment period. The earnings in the amount withdrawn will be subject to regular income taxes and may be subject to a 10 percent federal tax penalty if you are younger than age 59 ½. Before you make a withdrawal from or surrender your annuity contract, you should consult your tax adviser.
Withdrawals
If you make a partial withdrawal, the withdrawal amount may not exceed the present value of the remaining payments. The remaining amount will continue to provide a reduced payment under your original income option or you may continue receiving the same payment for a shorter period of time. Any partial withdrawal reduces the amount available for future withdrawals.
Contract surrender
If you surrender your contract, you will receive the present value of any remaining guaranteed period payments. This amount will be less than what you would have received if income payments had continued.
Free-look period
This period is the time during which you may cancel your contract and receive a refund. It is at least 10 days from when you receive the contract and may be longer, depending on the state in which the contract was issued. You have the right to receive the current value of your contract, less any income payments received. In some states, Thrivent Financial is required to return your paid premium; if you purchase a contract in one of these states, your premium will be allocated to the Money Market Subaccount during the free-look period.
Your financial representative with Thrivent Financial for Lutherans can help
Contact your financial representative for more information about the Single Premium Immediate Variable Annuity from Thrivent Financial for Lutherans. He or she can provide you with costs, complete details of coverage, exclusions, reduction of benefits, and terms under which the contract may be continued in force or discontinued.
Download a prospectus for the Thrivent Financial for Lutherans Variable Annuity. The prospectus contains more complete information on charges and expenses. You should read the prospectus carefully before you invest or send money.
All guarantees based on Thrivent Financial's claims-paying ability.
| Contract Forms: #4470, | #4474, #TX4470
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| 20456WI | N11-02 |
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