Thrivant Disability Insurance Review 2024

Disability insurance can be an important purchase for doctors, and Thrivent ranks as one of the most financially stable options.

Thriven Disability Insurance Quick Facts

Here are some quick facts about Thrivent’s disability policies.

Disability Insurance Products: Individual Short- and Long-Term Disability Insurance

Benefit periods: 12 months, 24 months, 60 months, 10 years or up to age 67

Riders: Residual deficit, future purchase option, additional disability income

Definition of disability

Before applying for a disability insurance policy, it is important to understand the company’s definition of disability. Some insurance companies share a disability definition for any profession, which means you will only be eligible for benefits if your disability prevents you from working in any job.

Meanwhile, with the Special Profession Policy, you may be eligible for your policy benefits if you are unable to perform your specific job duties due to disability. As a high-income earner, it is wise to look for a career policy.

To determine Thrivent’s definition of disability and ensure that one of its policies is well suited, we recommend contacting a local financial advisor.

Built-in Benefits of Thrivent’s Disability Insurance

Thrivent does not specifically share what all of its standard disability insurance policies cover. However, the company’s website states that most disability insurance policies cover long-term illnesses, serious health problems, and accidental injuries that prevent you from working for long periods of time.

This is standard in the industry, although some companies include additional protections such as automatic benefit increases and premium waivers in the event of unemployment.

Again, you can contact a Thrivent consultant to learn more about the specific features included in their policies.

Thrivent disabled driver

Ridesharing is an excellent way to extend the protection of your disability insurance.

Residual disability

Passengers with residual disabilities can provide you with some coverage even if you don’t fully meet the disability requirements of the policy.

She can pay out a percentage of your replacement income after your partial disability insurance expires until the term of your insurance has expired.

According to Thrivent, in order to be eligible for a residual disability pension, you usually have to prove that you can only earn 20-80% of your income due to your disability.

Thrivent does not disclose all available drivers; However, we have received a Thrivent disability insurance application that lists the following optional insurance add-ons:

Future purchase option

With a Future Purchase Option (FPO), you can increase coverage every three years without having to undergo additional health insurance.

This can be a valuable addition to your policy if you expect your income, cost of living, or other expenses to increase and you need a larger policy.

Advantage in indexing the cost of living

Cost of living indexation, commonly known as a cost of living rider, is another add-on insurance that can increase your coverage in the future.

Instead of having to apply for an increase in coverage, the amount of your insurance benefit is tied to a cost of living index.

This addition can help keep your insurance coverage up with inflation, so you still have the purchasing power to maintain your quality of life if you become unable to work one day.

Thrivent Disability Insurance Premiums

Thrivent’s disability insurance premiums are typically 1% to 4% of your total income. However, this depends on many factors, including sum insured, age, gender, specific position, and location.

The younger and healthier you are when you apply, the less premiums you pay. However, if you have risky habits, have a challenging job, or suffer from health issues, it can affect your premiums, regardless of how young you are at the time of applying.

As always, we recommend that you get quotes and compare the policy options of several disability insurance providers to find the right provider.

Thrivent alternatives to occupational disability insurance

Guard

Guardian is one of our top recommendations for disability insurance for doctors. Like Thrivent, it has excellent financial strength and excellent customer service ratings.

With Guardian, you also benefit from extended real professional protection, which means that you can continue to practice as a doctor and earn disability income as long as you can no longer exercise your previous capacity.

The basic policy includes unique benefits such as a hospice care benefit, as well as several additional benefits, including a student loan protection benefit, which is a good fit for doctors.

MassMutual

MassMutual, another top-tier insurer, has a special Radius Choice policy for doctors and other high-income individuals.

The policy is available in most states to applicants ages 18 to 64, with conditional renewal until age 75. You can add more than a dozen riders and endorsements to the policy to make it your own, and choose benefit periods between two years and older age 70.

MassMutual also offers a handful of discounts that could reduce insurance costs. Unlike Thrivent, MassMutual provides in-depth policy details on its website, so you can easily research your options before contacting a representative.

Pros and Cons

Here are some pros and cons of getting disability insurance with Thrivent:

Advantages

Established company: Thrivent is not a newcomer to the industry. The company has a solid track record with excellent financial strength ratings, as well as an A+ rating and BBB accreditation.

Extensive network of local advisors: Thrivent has a large network of financial advisors and a streamlined tool to help you connect with an agent in your area who can help you apply for a policy.

Multiple financial products: In addition to disability insurance, Thrivent offers life insurance, long-term care insurance, individual investment products, and banking solutions, so you can manage multiple accounts and policies in one place.

Disadvantages

Limited insurance information online: Thrivent, unlike many of its competitors, doesn’t provide many details about its coverage, benefit amounts, wait times, drivers, or eligibility.

No online filing of claims: Thrivent does not allow online filing of disability claims. Instead, you’ll need to download a form, fill it out, and send it by fax or mail.

Frequently Asked Questions

Who owns Thrivent?

Thrivent is a member-owned fraternal organization. According to Thrivent, the company has nearly 2.3 million customers and a network of over 1,900 financial advisors.

How stable is Thrivent Financial?

Based on its financial strength ratings, Thrivent Financial is a solvent company with a high probability of meeting its financial obligations. Thrivent receives an A++ (superior) rating from AM Best, so you can rest assured that the company will pay out your disability benefits as promised.

Is Thrivent Financial a fiduciary company?

According to Thrivent, all advisors act in trust. When you work with Thrivent, you can be sure that any investment recommendations that Thrivent gives you are primarily in your best interest.

Is Thrivent suitable for non-Christians?

Thrivent is committed to providing financial services to Christians, but members and employees are not obligated to share the company’s faith.

While the company initially only accepted Lutherans as members, in 2013 it expanded its membership to other denominations and finally offered its products to people outside the Christian faith.

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