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The Thrivent Financial Single Premium Immediate Annuity (SPIA) provides several income payment options. Depending on the income option you select, a death benefit may be available for your beneficiaries. The death benefit gives the beneficiaries the ability to continue receiving payments or receive the present value of any remaining payments.
You have several options to choose from when you are ready to start receiving income. If you elect a guaranteed payment period with your option, you will have a time frame in which payments will be made—even in the event of your death. The following options are common choices for payouts:
Single Life Income
You will receive an income payment for your lifetime. If you choose a guaranteed payment period and die during that time period, payments will continue to the named beneficiary until the guaranteed period ends.
Joint Life Income
This option is similar to Single Life Income. It provides a life income for two of you, based on your joint life expectancy. A reduction factor is available that allows a larger payment to be made as long as both of you are living, or to the end of the guaranteed period if longer. After the guaranteed period ends and one of you dies, the payment is reduced by that factor. If both of you die during the guaranteed period, income payments will continue to your named beneficiary until the period ends.
Fixed Period
You tell us how long you want to receive income payments (up to 30 years). This will be the guaranteed payment period. Thrivent Financial will calculate the income amounts and send the payments to you, according to the frequency you select.
Specified Amount
You tell us how much you want each income payment to be and Thrivent Financial will send you at least that amount, as long as your money lasts. Thrivent Financial guarantees you this minimum income payment, based on its claims-paying ability.
Your financial representative with Thrivent Financial for Lutherans can help
Contact your financial representative for more information about the Single Premium Immediate Annuity from Thrivent Financial for Lutherans. He or she can provide you with costs, complete details of coverage, exclusions, reduction of benefits, and terms under which the contract may be continued in force or discontinued.
All guarantees based on Thrivent Financial's claims-paying ability.
| Contract Forms: #4470, | #4474, #TX4470
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| 20456WE | N11-02 |
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