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.
When comparing long-term care insurance, you should recognize the differences between Thrivent Financial and other companies.
Thrivent Financial is a membership organization of Christians, and their 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 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 is open to all Christian denominations, including Protestant, Catholic, and Evangelical groups.
Thrivent Financial offers several features and benefits consumers and Long-Term Care specialists alike look for in a long-term care insurance policy.
Features and Benefits of Thrivent Financial Long-Term Care Insurance
- Monthly Benefits from $1,500 to $15,000
- Several inflation options including 1%, 2%, 3%, and 5% compounded
- Shared Care Benefit
- Elimination Period Options are 30, 90, or 180 Days
- Option for 0 Day Elimination Period for Homecare
- Cash Benefit
- Return of Premium
- Survivorship Benefit
- Ten Pay Option
Thrivent does offer Partnership Long-Term Care Insurance plans in most states. Partnership policies provide additional dollar-for-dollar asset protection. You can learn more about the federal/state partnership program by finding your state on the LTC NEWS MAP.
Find the current and future cost of long-term care services where you live, along with the availability of partnership plans and tax incentives by clicking here.
Keep in mind, numerous state and federal regulations impact Long-Term Care Insurance. Each state's department of insurance regulates premiums. Because of regulation, an insurance agent or financial advisor cannot give a consumer a special discount which is not available otherwise.
There are more similarities than differences when it comes to features and benefits. However, options and benefits do vary from company to company. Premiums can vary between companies by over 100% when comparing equal benefits.
Every company has its own underwriting rules which 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.
Be sure to seek the assistance of a qualified Long-Term Care Specialist to compare the features, benefits, and costs of each policy. You can find a trusted and qualified specialist representing the major insurance companies that offer these products by clicking here.
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 Specialist will ask you several questions about your health to provide you with 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.
Because Long-Term Care Insurance is custom-designed, you can design the plan to fit your specific needs, concerns, and budget. A specialist will help you develop your plan to address your concerns. Generally, you can design a plan to meet some or all of these common goals:
- Safeguard income and savings
- Protect the lifestyle of your spouse/partner
- Provide options for quality care
- Reduce the stress and burdens otherwise placed on family members
- Give your adult children time to be family
- Provide a legacy for loved ones
State variations may apply.