Thrivent Financial Long-Term Care Insurance Review

Thrivent Financial is a Fortune 500 not-for-profit financial services organization. The company offers a variety of insurance products in addition to Long-Term Care Insurance, including life insurance, annuities, mutual funds, and other financial services.  

The company offers a competitive and comprehensive Long-Term Care Insurance and a hybrid option. As a non-profit fraternal organization for Christians, you must sign a statement of faith as part of the application process.

The company has outstanding financial credentials with A.M. Best, and Standard and Poors offer A++ ratings and a COMDEX rating of 100. 

Company History

Founded in 1902, Thrivent Financial is a membership organization of Christians, and its members are the owners of this non-profit financial services organization. 

Originally a fraternal organization for Lutherans, in 2013, the membership voted to extend the common bond beyond Lutherans to include all Christians. 

That change made the products available to a much larger group of people who share their common bond of Christian faith. As part of the application process with Thrivent, you must sign a statement of faith. 

The statement of faith affirms you are a "Christian, seeking to live out your faith, or you are the spouse of a Christian who seeks to live out his or her faith."

This statement of faith is open to all Christian denominations, including Protestant, Catholic, and Evangelical groups.

Features and Benefits of Thrivent Financial Long-Term Care Insurance

Thrivent Financial offers several features and benefits consumers and Long-Term Care specialists look for in a Long-Term Care Insurance policy:

• Partnership certification in partnership states

• Monthly Benefits from $1,500 to $15,000

• Several inflation options including 1%, 2%, 3%, and 5% compounded

• Shared Care Benefit option

• Elimination Period Options are 30, 90, or 180 Days

• Option for 0-Day Elimination Period for Homecare

• Cash Benefit Available

• Return of Premium available

• Survivorship Benefit available

• Ten Pay Option

• Possibility of dividends

• Limited international benefit

Dividends

While Thrivent does offer the possibility of dividends, don't depend on future dividends to reduce the premium substantially.

Features and Benefits of CareForward Thrivent's Hybrid Option

Thrivent's hybrid option has similar features and benefits with this policy that combines whole life with a qualified long-term care benefit. These features include:

• Minimum face amount - $50,000

• Issue ages - 18 through 75

• Single pay, 10-pay, 20-pay, or Pay-to-95 (depending on issue age)

• The elimination period for in-home care is 0 days, 90 days for all other services; 1 day of service in a week = 7 days

• Inflation options - 3% compound for 20 years. 3% compound for lifetime, 5% compound for lifetime

• Couples discount (even if only one spouse is applying)

• Terminal illness rider

• Limited international benefit

• Case management

• Premium waived when receiving benefits 

Like all qualified hybrid policies, there are three ways to get money from the policy:

You require long-term care services - You receive tax-free benefits to pay for all levels and types of long-term health care, either at home or in a facility of your choice. The traditional trigger for benefits is the same as any traditional Long-Term Care Insurance policy. You do not have to have a 'permanent or "terminal" health condition to trigger the long-term care benefit in addition to the traditional benefit trigger.

You die - Like any life insurance policy, you get a tax-free death benefit when you die. 

You change your mind - If for any reason, you need money, you can receive the cash surrender value. While very few people will ever consider doing that, it gives many people additional peace of mind, knowing the policyholder has access to the money in the policy.

True 'Hybrid' Policies Meeting Federal Guideline

Several types of long-term care solutions are available to consumers.

Types Of Long-Term Care Insurance Policies & Which Is Best For You.

Thrivent’s "hybrid' policy meets federal guidelines. 

Federal Regulation and Consumer Protections

If you are looking for Long-Term Care Insurance, experts recommend limiting your review to those that meet the federal regulations. All Long-Term Care Insurance contracts are regulated under IRS regulations §7702B(b). Any insurance contract that meets the guidelines set by the Internal Revenue Service is considered long-term care. 

All insurance products that meet these federal guidelines contain consumer protections, regulated benefit triggers, and tax advantages. 

Thrivent's traditional and hybrid Long-Term Care Insurance plans meet federal guidelines under Section 7702(b).

Remember, any insurance contract under Section 101(g) cannot call itself 'Long-Term Care Insurance and should generally be avoided as a long-term care solution. Federal law prohibits insurance companies from marketing these policies as "long-term care" policies.

Claims

If you own a Thrivent Long-Term Care policy and seek help submitting a claim, LTC NEWS offers free - no-obligation assistance - including help finding quality caregivers and facilities. Since most agents have little or no experience in this area, this assistance can be helpful for the entire family - Filing a Long-Term Care Insurance Claim | LTC News

Partnership

Thrivent offers Partnership Long-Term Care Insurance policies in the participating partnership states. Partnership policies provide additional dollar-for-dollar asset protection. However, only traditional Long-Term Care Insurance can be partnership certified. Thrivent's CareForward plan is not partnership certified since it is a hybrid policy.

• What is a Long-Term Care Partnership Policy?

Underwriting

Long-Term Care Insurance is medically underwritten, and every company has underwriting rules that determine insurability and rate class. An experienced Long-Term Care Insurance specialist will understand these underwriting rules when helping you select the best company and policy options.

What is Underwriting? How Does Current Health Impact Ability to Obtain Long-Term Care Insurance?

Thrivent's underwriting is generally considered more "conservative" than other insurance companies. However, the company offers four rate classes. A Long-Term Care Insurance specialist can assist you in determining insurability and which rate class you would likely fall into.

Discuss your pre-existing health issues with a specialist, agent, or advisor before applying with Thrivent.

Find State-Specific Information

Each state has a state-specific page that includes the current and future cost of long-term care services, available tax incentives, information on care providers, and other important information - LTC NEWS Cost of Care Calculator.

Shopping for Long-Term Care Insurance?

When shopping for Long-Term Care Insurance coverage, remember that numerous state and federal regulations impact Long-Term Care Insurance. Each state's department of insurance regulates products and premiums. Because of regulation, an insurance agent, agency, or financial advisor cannot give a consumer a special discount that is not available otherwise. 

Use all the tools and resources available on LTC NEWS to help you in your research - Resources for Long-Term Care Planning.

There are more similarities than differences when it comes to features and benefits. However, options and benefits vary from company to company, and premiums can vary between companies by over 100% when comparing equal benefits.

Comparing LTC Insurance Products

Since your health is a primary consideration in determining your eligibility for coverage, it is always best to start planning before retirement when health is usually better. An experienced Long-Term Care Insurance specialist will ask several questions about your health to provide accurate quotes and professional recommendations.

Please note: Since every company has different underwriting rules, you could be eligible for coverage with one company and not another.

When comparing Long-Term Care Insurance, you should understand the differences between Thrivent and other companies. Remember, there are variations between the policy language and benefits between the many companies that offer Long-Term Care Insurance; however, the primary features and benefit choices are comparable from company to company. 

Premiums and underwriting criteria vary dramatically between insurance companies. 

State variations may apply.