Northeast Wisconsin
  • Northeast Wisconsin
  • February 2018
Written by 

Life insurance 101: What you need to know

Life insurance; everyone says it’s important but it can be a difficult topic to talk about and even more difficult to understand. However, it is a critical topic to grasp because of its importance when building a financial strategy.

Eight in ten adults say their family is most important in their lives, but just a little over half (55 percent) have life insurance to protect them in the event of an unexpected death. Another fact? 54 percent of Americans would have trouble paying living expenses immediately or within several months if the primary wage-earner died.

Life insurance is a cornerstone of a sound financial strategy. It can help provide for the people and organizations you care about. Choosing the right life insurance solution makes a difference in the future of your loved ones, and gives you a sense of reassurance knowing they’ll be taken care of. Here’s a quick primer on some of the most common types of life insurance.

Types of life insurance

Term life insurance – Temporary life insurance that offers simply a death benefit and is generally less expensive than permanent insurance. It’s ideal for short-term life insurance needs, like when you are raising a family, paying off a mortgage or starting a business.

Whole life insurance – Permanent life insurance that gives you a guaranteed death benefit, guaranteed level premiums and guaranteed cash value that increases each year. The guarantees are contingent on all premiums being paid and no loans or changes being made to the contract.

Blended life insurance – Permanent life insurance with added flexibility. It lets you “dial in” your premium to the level of whole life and term insurance desired. Offers lifetime protection through a blend of whole life insurance plus term insurance and paid-up additional coverage.

Universal life insurance – Permanent life insurance that allows you to increase or decrease your death benefit and your premium is flexible; subject to any limitations in the contract. Accumulated value in a universal life contract earns interest at a current rate, with a minimum rate stated in the contract.

Variable universal life insurance – Permanent life insurance that gives you a flexible premium and the potential to build accumulated value. However, death benefits and other values may vary, because you direct how the cash is invested among the investment portfolios offered. Do remember that the investment performance has no guarantees and could lose money and remember to review the prospectus offerings of any investment decisions you make.

Life insurance is an important tool to consider on your journey to being wise with money. Many of the people we talk to want to prepare for the future, protect the people they love and live a more generous and fulfilling life. It’s important to have a trusted guide on your wise with money journey so consider talking with a financial representative. 

Reference: LIMRA 2017 Insurance Barometer Study.

Daniel Voss

This article was prepared by Thrivent Financial for use by representative Dan Voss. He has offices at 4321 N Ballard Road in Appleton and can also be reached at [email protected] or 920-628-5500.

Insurance products issued or offered by Thrivent Financial, the marketing name for Thrivent Financial for Lutherans, Appleton, WI. Not all products are available in all states. Securities and investment advisory services are offered through Thrivent Investment Management Inc., 625 Fourth Ave. S., Minneapolis, MN 55415, a FINRA and SIPC member and a wholly owned subsidiary of Thrivent. Thrivent Financial representatives are registered representatives of Thrivent Investment Management Inc. They are also licensed insurance agents/producers of Thrivent. For additional important information, visit If requested, a Thrivent Financial representative may contact you and financial solutions, including insurance, may be solicited.

Guarantees are backed by the financial strength and claims paying ability of Thrivent Financial for Lutherans.

About Thrivent Financial

Thrivent Financial is a financial services organization that helps Christians be wise with money and live generously. As a membership organization, it offers its more than 2.3 million member-owners a broad range of products, services and guidance from financial representatives nationwide. For more than a century it has helped members make wise money choices that reflect their values while providing them opportunities to demonstrate their generosity where they live, work and worship. For more information, visit You can also find us on Facebook and Twitter.

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