Whole life insurance
Protect the people you love with a life policy that features fixed premiums, a guaranteed death benefit and cash value.
You’ve worked hard to build a wonderful life for yourself and your family. But what would happen if you were no longer around to provide for them? Could your spouse afford the mortgage on your home? Would your children be able to attend college?
Adding whole life insurance can provide a lifetime of financial protection that:
Keeps you insured regardless of your health status
This type of life insurance coverage is guaranteed and will remain in-force as long as premiums are paid.
Ensures your family's financial future
Your beneficiaries receive a tax-free benefit to upon your death, as long as you maintain the policy.
Provides tax-deferred cash value
You may be able to tap into it in the event of an emergency or to fund a large purchase.
Adding whole life insurance can provide a lifetime of financial protection that:
Keeps you insured regardless of your health status
This type of life insurance coverage is guaranteed and will remain in-force as long as premiums are paid.
Ensures your family's financial future
Your beneficiaries receive a tax-free benefit to upon your death, as long as you maintain the policy.
Provides tax-deferred cash value
You may be able to tap into it in the event of an emergency or to fund a large purchase.
4 benefits of whole life insurance
The right policy can help protect your family's financial future.
Lifetime protection
No matter how long you live, your whole life coverage is guaranteed and remains in effect for your full lifetime as long as your premiums are paid.
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Locked-in
rates
rates
Premiums never increase, even as you age or your health changes. So knowing they are locked-in for life can help rates feel more affordable as you age and could even be fully paid off before you retire.
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Builds cash value
Over time, the cash value of your policy may grow substantially, allowing you to withdraw funds or borrow against the coverage potentially tax free,4 as long as it is not classified as a modified endowment contract.1,2
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Guaranteed death benefit
Your loved ones will receive a tax-free payout from your policy should you pass away, giving them financial security for the future. The payout could also be used to leave a legacy for your heirs or donated to your favorite charity.
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Lifetime protection
No matter how long you live, your whole life coverage is guaranteed and remains in effect for your full lifetime as long as your premiums are paid.
Learn more
Locked-in
rates
rates
Premiums never increase, even as you age or your health changes. So knowing they are locked-in for life can help rates feel more affordable as you age and could even be fully paid off before you retire.
Learn more
Builds cash value
Over time, the cash value of your policy may grow substantially, allowing you to withdraw funds or borrow against the coverage potentially tax free,4 as long as it is not classified as a modified endowment contract.1,2
Learn more
Guaranteed death benefit
Your loved ones will receive a tax-free payout from your policy should you pass away, giving them financial security for the future. The payout could also be used to leave a legacy for your heirs or donated to your favorite charity.
Learn more
Your cost will be influenced by a number of factors including, but not limited to:
- Age and gender
- Driving record
- Income
- Total coverage amount
- Premium payment frequency (monthly, quarterly, or annually)
- Relevant health information, such as chronic illness or smoking habits
Term vs. whole life insurance
See how these two common types of life insurance compare at a glance.
We believe money is a tool, not a goal. That's why we take a thoughtful approach in getting to know you, so we can help you protect the people, priorities and causes close to your heart.
Tap the button below or call800-492-1231 to connect with a Thrivent financial advisor. They’ll help you understand all your options and select the type of policy and coverage amount best for you.
Tap the button below or call
Free calculator tool
Enter your current assets, expenses and income. You can also adjust the inflation rate and your expected rate of return to see how these variables could impact your insurance needs.
Frequently asked questions
Whole life insurance guarantees your family will be financially protected when you’re no longer around, helping to give you a sense of reassurance that everyone will be okay.
How does whole life insurance work?
Whole life insurance works by providing a death benefit for your beneficiaries and a cash value component for you in exchange for recurring, locked-in premiums. As long as you stay on top of those, your coverage is guaranteed for life and your cash value can earn interest and dividends.5 You can also withdraw funds from that cash value, borrow against it or use it to pay your premiums.
Explore the features of whole life insurance
What is difference between whole life insurance and term life insurance?
Whole life insurance is a type of permanent life insurance that can provide lifelong coverage and cash value that you can access while you’re living. Term life insurance, on the other hand, only covers you for a specific number of years (typically between 10 and 30) and pays out a death benefit directly to your beneficiaries if you die during that period. As a result, whole life insurance usually has a higher price tag—and a few more rules—than term life insurance.
Compare whole & term life insurance
What are the pros and cons of whole life insurance?
As the most popular type of permanent life insurance, whole life insurance offers several advantages like a death benefit, lifelong coverage, locked-in premiums, guaranteed growth, rider options, and potential for tax benefits and dividends. But there are some tradeoffs: Premiums are generally more expensive and less flexible than with other types of life insurance. Cash value growth, while guaranteed, is typically slower compared to traditional investments like stocks and bonds. And loans and withdrawals can decrease the policy’s death benefit and cash surrender value.
Compare whole life insurance benefits & drawbacks
Is whole life insurance a good investment?
Whole life insurance may make sense for some investors, but not others. To decide whether or not it’s good for you, consider factors like your risk tolerance and the level of control you like to have over your investments. On one hand, your contract’s cash value is guaranteed to grow, tax-deferred. But at a slower rate compared to more traditional investment types, like mutual funds. You may also consider whole life insurance if you prefer a more hands-off investment strategy, since your insurer invests your cash value.6
Evaluate whole life insurance as an investment option
Ready to talk? We’re here to listen.
Schedule your free intro appointment with a Thrivent financial advisor who can answer all your life insurance questions.
1 Removing money from your contract can result in potential charges and income changes that affect your taxes. If you have a modified endowment contract, your actions may not be tax-free. Withdrawing money decreases the contract’s cash value and the value of your death benefit. And can result in a closed account if you withdraw too much. If you remove money, it will take you longer to meet your contract goals. Always talk with your tax advisor and financial professional to learn about those implications up front.
2 Loans and partial surrenders on contracts classified as Modified Endowment Contracts (MEC) are taxed on gains-coming out first and may be subject to a 10 percent penalty tax if made prior to age 59 1/2.
3Benefits are guaranteed as long as premiums are paid.
4Loans and surrenders will decrease the death proceeds and the value available to pay insurance costs which may cause the contract to terminate without value. Surrenders may generate an income tax liability and charges may apply. A significant taxable event can occur if a contract terminates with outstanding debt. Contact your tax advisor for further details. Loaned values may accumulate at a lower rate than unloaned values.
If requested, a licensed insurance agent/producer may contact you and financial solutions, including insurance may be solicited
Thrivent and its financial advisors and professionals do not provide legal, accounting or tax advice. Consult your attorney or tax professional.
Guarantees based on the financial strength and claims paying ability of Thrivent. This contract has exclusions, limitations and terms under which the benefits may be reduced, or the contract may be discontinued. For costs and complete details of coverage, contact your licensed insurance agent/producer.
5Dividends are not guaranteed.
6The primary reason to buy a life insurance contract is for the Death Benefit it provides in the event of the Insured’s death. You should not purchase the Contract if you do not need life insurance protection.
2 Loans and partial surrenders on contracts classified as Modified Endowment Contracts (MEC) are taxed on gains-coming out first and may be subject to a 10 percent penalty tax if made prior to age 59 1/2.
3Benefits are guaranteed as long as premiums are paid.
4Loans and surrenders will decrease the death proceeds and the value available to pay insurance costs which may cause the contract to terminate without value. Surrenders may generate an income tax liability and charges may apply. A significant taxable event can occur if a contract terminates with outstanding debt. Contact your tax advisor for further details. Loaned values may accumulate at a lower rate than unloaned values.
If requested, a licensed insurance agent/producer may contact you and financial solutions, including insurance may be solicited
Thrivent and its financial advisors and professionals do not provide legal, accounting or tax advice. Consult your attorney or tax professional.
Guarantees based on the financial strength and claims paying ability of Thrivent. This contract has exclusions, limitations and terms under which the benefits may be reduced, or the contract may be discontinued. For costs and complete details of coverage, contact your licensed insurance agent/producer.
5Dividends are not guaranteed.
6The primary reason to buy a life insurance contract is for the Death Benefit it provides in the event of the Insured’s death. You should not purchase the Contract if you do not need life insurance protection.
2.2.1.2