|
Lifetime insurance coverage for two individuals
With Survivor Whole Life Insurance, one contract insures the lives of two people by providing a death benefit that is paid when the second insured dies. It's a cost-effective way to protect two spouses or two business partners since there is only one life insurance contract to buy.
At the second death, Survivor Whole Life can help provide funds to:
- Pay estate taxes and expenses
- Ensure business continuation
- Provide for dependent children
- Make a charitable gift
Survivor Whole Life provides several guarantees, including:
- Level coverage for both lifetimes
Generally, as long as the premiums are paid, the coverage will never decrease or end, regardless of subsequent changes to the health of either individual.
- Level premiums
The premiums will never increase.
- 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
Insurance Split Option Benefit
With Survivor Whole Life, you can purchase the Insurance Split Option, an additional benefit that allows the insured individuals to exchange their contract for two individual life insurance contracts in certain situations, regardless of health. It works in cases of divorce or business dissolution, and the option may also be exercised if federal estate tax laws change.
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%.
Guarantees are backed by the claims-paying ability of Thrivent Financial for Lutherans.
This information applies to Survivor Whole Life Insurance contract form L-JX-SWL (08) and ICC08 L-JX-SWL. Product may not be approved in all states.
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 particular circumstances. 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.
|