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Thrivent Financial Summary
In 1902, after several years of planning, The Aid Association for Lutherans in Wisconsin and Other States received a charter and began operations in Appleton, Wisconsin. Up until the 1960s, membership was limited to those who were members of a particular Lutheran denomination, the Missouri Synod, and Lutherans in fellowship. In the 1960s membership was opened to all Lutherans, and not until 2014 was it opened to Christians of any denomination.
Thrivent Financial was officially formed in 2002 with the merger of the original Aid Association for Lutherans and the Lutheran Brotherhood, another non-profit organization. The organization today is a Fortune 500 company offering a range of long-term planning insurance and financial products to members.
As a fraternal organization, Thrivent has over 1,400 chapters (although these are legally called lodges, Thrivent does not use this term). Each chapter makes local decisions on use of resources to provide aid to their communities. Among their charitable works, Thrivent supports Habitat for Humanity and sponsors scholarships.
Currently, Thrivent offers a range of products that includes life insurance, disability and long-term care insurance, Medicare supplement insurance, mutual funds, and annuities.
Thrivent provides products intended to help members prepare for the future, including a few insurance products as well as retirement planning.
Thrivent writes both term and permanent life insurance products. The website provides a life insurance calculator as well as online quoting to help members determine who much coverage they need and quickly calculate costs.
Term Life products are designed to provide coverage for a specific period of time. Thrivent policies include the option to convert the policy to permanent at the end of the term.
Permanent Life products from Thrivent come in four forms:
- Whole Life – guaranteeing death benefits and steady premium payments
- Blended Life – combining features of whole and term life insurance to provide long-term coverage that is more budget friendly
- Universal Life – allowing flexible premium payments, guaranteed death benefits, and the option to build cash value
- Variable Universal Life – flexible payment options and a choice of investment portfolios to build cash value
Other Insurance Products
Thrivent has three additional types of insurance products, all aimed at providing care for the future. The available products are:
- Disability Income Insurance – providing financial assistance in the event of a disability
- Long-Term Care Insurance – assisting with the financial aspects of long-term health care needs
- Medicare Supplement Insurance – helping cover medical costs that are not provided for under Medicare plans
Thrivent offers a range of annuity options to provide a steady income for the future and the present. Both immediate and deferred annuities are available to meet the particular savings and income needs of members.
In addition to Annuities, Thrivent also offers other retirement savings products. Both IRA (Individual Retirement Account) and Mutual Fund options are available.
Thrivent offers Traditional and Roth IRA options and a variety of Mutual Funds to choose from. Managed Accounts are available to assist those who want professional guidance in selecting the right financial products and options.
Thrivent is a member-driven non-profit organization, which as a general rule, should point to affordable premiums for their insurance products.
A quick quote on the company website for a 20-year term life insurance policy with a $250,000 death benefit comes back at $25.16 per month for a 30-year-old non-smoking male living in California. That’s a reasonable rate for a relatively long-term policy with a decent death benefit.
As with all life insurance products, rates will vary greatly based on age, health status, and other factors, so it’s important to compare rates carefully based on personal needs.
Thrivent is a membership-based organization, therefore those who wish to purchase their products must become a member. There are two types of membership.
This level of membership is gained by application and by purchasing a Thrivent insurance product or an annuity product.
This level of membership is gained by application, $19.95 yearly fee, purchasing a product from a Thrivent affiliate, or by joining the Thrivent Credit Union.
Membership is open to Christians, spouses of Christians, and children being raised in the Christian faith. Members have access to a variety of benefits including discounts, fee services, and educational resources.
Thrivent Financial has been Better Business Bureau accredited since 1999 and has an A+ rating, with only eight complaints having been reported in the last three years. Of the eight complaints, two have been closed in the past 12 months.
There are few reviews of Thrivent out there to be found. As with most companies, there are some negative reviews, mainly by people frustrated with procedures. Even these are very minimal, particularly for a company of this size.
The limited number of reviews is possibly based on the fact that the products sold by Thrivent are not those that are dealt with on a regular basis. Life insurance, annuities, and investments are all things people might pay into but not modify often. Unlike other types of insurance, where claims are more common, these types of products can see reduced interaction with customers resulting in less opportunity for a negative experience.
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Thrivent Financial is a good choice for those who need long-term planning insurance and financial products and are seeking a company that matches their personal religious beliefs. As they offer products only to people of the Christian faith, they are obviously not an option for anyone who is not a member of this religious group.
The company has a strong reputation and is financially secure, making them a strong bet for those who do fit the customer profile and who are in search of a different sort of financial services company from the for-profit financial institutions.
For a list of companies that we recommend, visit our Best Insurance Companies page.