Thrivent Financial Insurance Review & Complaints: Life & Supplemental Insurance (2024)

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Originally created as an aid organization for members of the Lutheran Church, Thrivent Financial has grown to become a major financial planning option that recently opened to all Christian denominations. As a non-profit organization, Thrivent operates differently from many financial institutions and is the largest fraternal benefit organization in the country.

While they don’t appear in our list of the best insurance companies, Thrivent Financial has received great financial ratings.

Before deciding on Thrivent Financial, it’s important to consider the options they offer as well as Thrivent Insurance reviews and Thrivent Insurance complaints. We cover all this and more in our Thrivent Financial review! After reading, compare rates from top companies using our comparison tool.

What is Thrivent Financial insurance?

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 Financial is a company that offers a wide range of products that includes life insurance, disability and several types of health insurance policies and financial products such as long-term care insurance, Medicare supplement insurance, Thrivent mutual funds, and annuities.

What are the Thrivent Financial professional products?

Thrivent provides products intended to help members prepare for the future, including a few permanent Thrivent Financial life insurance products as well as retirement planning and other financial planning services.

Life Insurance

Thrivent is a life insurance company, that writes multiple types of life insurance products. The website provides a life insurance calculator as well as online quoting to help members determine how much coverage they need and quickly calculate costs. (For more information, read our “Life Insurance Calculator: What determines the cost of life insurance?“).

Permanent Life insurance 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 Insurance – flexible payment options and a choice of investment portfolios to build cash value

Term Life insurance products are another way you can purchase Thrivent life insurance. They are designed to provide life insurance coverage for a specific period of time. Thrivent term policies include the option to convert the policy to permanent at the end of the initial term.

Other Insurance Products

Thrivent has three additional types of insurance products that don’t provide life insurance coverage, but are 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

While there are some Thrivent Financial Insurance reviews online, there aren’t many Thrivent reviews for specific products, including Thrivent long term care reviews and Thrivent annuity reviews.

Thrivent Investment Management Retirement Planning

Annuities

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.

Retirement Savings

In addition to annuities, Thrivent also offers other retirement savings products as one of their financial services. 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 for financial clarity in selecting the right financial products and options.

Are Thrivent Financial insurance rates affordable?

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 insurance costs for a relatively long-term policy with a decent death benefit.

As with all life insurance products, Thrivent Financial life insurance rates will vary greatly based on age, health status, and other factors, so it’s important to compare rates carefully based on personal needs. This will assure you receive the best Thrivent Financial life insurance quotes. Customers should also look into the best life insurance company that offers 30-year terms.

How do I get a Thrivent membership?

Thrivent is a membership-based organization. Therefore, those who wish to buy Thrivent Financial life insurance must become a member. There are two types of membership.

Benefit Member

This level of membership is gained by application and by purchasing a Thrivent Financial insurance product or an annuity product.

Associate Member

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.

You have seen Thrivent Financial customer reviews and be wondering, is Thrivent financial a good company to invest with? Well, it’s first important to be aware of any Thrivent complaints or possible Thrivent Financial insurance controversy. Read on for more information.

Are there complaints against Thrivent Financial?

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 Thrivent Financial insurance 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 from people frustrated with procedures. Even these Thrivent financial problems 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 do 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.

While some people may have complained of a Thrivent Financial scam or Thrivent Financial scandal, there is no information about this online.

Another thing to consider when asking if Thrivent Financial is a good company to invest in is their financial strength, which we cover in the section below.

What is Thrivent Financial insurance’s financial strength?

Thrivent Financial ranks highly among several top financial ranking sites, including AM Best and Standard and Poor.

As with their other reviews, Thrivent financial investment reviews can be quite difficult to find online. Read on to see our final word on Thrivent Financial.

Can you manage your accounts online?

You can make online payments/contributions for many of your accounts. Also, you can manage your communication choices and sign up for paperless delivery of statements, prospectuses, activity confirmations and billing/contribution notices.

Ease of Filing a Claim

Thrivent Financial Insurance offers multiple convenient avenues for filing a claim, ensuring a hassle-free experience for policyholders. Claims can be filed online through their user-friendly web portal, over the phone with their dedicated customer service representatives, or using their mobile app for added convenience and accessibility.

Average Claim Processing Time

Thrivent Financial Insurance is committed to expediting the claims process to provide timely assistance to policyholders. The average claim processing time is designed to be efficient, minimizing the waiting period and allowing customers to receive their claim settlements promptly.

Customer Feedback on Claim Resolutions and Payouts

Customer feedback on claim resolutions and payouts indicates a high level of satisfaction with Thrivent Financial Insurance’s claims handling. Policyholders appreciate the fair and transparent approach in resolving claims, along with swift and accurate payouts, fostering trust and confidence in the company’s claims management.

Mobile App Features and Functionality

Thrivent Financial Insurance’s mobile app is equipped with an array of features and functionality aimed at enhancing user experience. The app provides policyholders with the ability to view policy details, initiate claims, access educational resources, and manage their accounts seamlessly on the go.

Online Account Management Capabilities

Thrivent Financial Insurance offers robust online account management capabilities through their web portal. Policyholders can easily access and manage their policies, update personal information, pay premiums, view statements, and track claims online, providing a convenient and centralized platform for all their insurance needs.

Digital Tools and Resources

In addition to their mobile app and online account management, Thrivent Financial Insurance offers various digital tools and resources to assist policyholders. These may include informative blogs, calculators, educational videos, and other digital resources aimed at helping customers make informed decisions regarding their insurance coverage and financial planning.

What’s the bottom line?

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.

Thrivent Financial has a strong reputation and is financially secure, making it 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. Affordable Thrivent Financial life insurance can be easily found! Now that you’ve read our Thrivent review, it’s time to compare rates. Compare rates from other top companies by using our comparison tool.