Guaranteed Retirement Plan
How can I be sure the money will be there when I retire?

The Guaranteed Retirement Plan is backed by the strength of Thrivent Financial, an A++-rated, not-for-profit, Fortune 500 company that is more than 100 years old.

Can I choose my own retirement age?

Yes. You determine your target retirement age when you establish the plan. Changes to this age (earlier or later) are allowed, but income payments will be adjusted accordingly.

Can I run out of money?

No, once you start receiving income from the Guaranteed Retirement Plan, you’ll continue to receive that income for the rest of your life. That means eliminating the stress of balancing money in retirement and enjoying every extra year.

How is the Guaranteed Retirement Plan different from a savings account?

While a savings account is a good way to prepare for today’s expenses, it doesn’t help you plan much for tomorrow. Money contributed to the Guaranteed Retirement Plan buys you income to prepare for your future expenses, and unlike a savings account, you can’t run out of money.

The amount of money you have in a savings account is always accessible but that amount is all you’ll get. With the Guaranteed Retirement Plan, your money isn’t accessible until retirement but that amount may grow with dividends increasing your income. And, if you live a long time, you’ll likely get much more money in income than the money you contributed. At a minimum, you (or your beneficiary) will receive at least as much that you put in.

How much should I contribute to my Guaranteed Retirement Plan if I’m already contributing to a 401(k)?

A good way to decide this is to think about your day-to-day expenses in retirement. Because the Guaranteed Retirement Plan is guaranteed, it’s a good way to cover those fixed expenses you know you’ll have in retirement. The money you’re contributing to your 401(k) might fluctuate a little more depending on how it’s allocated, so that money can be used for all the other expenses in retirement you can’t predict as well.

What’s the rate of return of the Guaranteed Retirement Plan?

Measuring “interest” in the Guaranteed Retirement Plan is a lot different than measuring it for mutual funds. While mutual funds build an account value, the Guaranteed Retirement Plan builds future income.

Each contribution that you make literally purchases income for you in retirement. Since your income payments last your entire lifetime, the longer you live, the greater the return.

Why can’t I access my money before retirement?

One feature of the Guaranteed Retirement Plan is that once you contribute money, you can’t touch it until retirement. We know it’s a little daunting to have your money locked away, but we believe it’s really important.

First, it ensures you can get the most money in retirement as possible—when your money is locked in, it helps brightpeak give you a better guarantee.

Second, we know when money gets tight, it’s easy to sacrifice what’s saved for later to take care of today. But there’s no loan that can get you through retirement—it’s up to you to save. Having your money locked away not only helps us make you more money, it also protects your future self from the temptation of today.

How is the Guaranteed Retirement Plan different from a mutual fund?

Both a mutual fund and the Guaranteed Retirement Plan can be used to help you save for retirement but that’s about where the similarities stop.

A mutual fund builds you an account value that generally grows with investment earnings but can also decrease depending on the market. Mutual funds may have the potential for higher returns, but they also carry greater risk. The Guaranteed Retirement Plan provides a steady guaranteed income that can provide a way to ensure your fixed expenses in retirement are covered.

That’s why the Guaranteed Retirement Plan and mutual funds are great complements for each other; each offer their own benefits for your retirement plans.

Disability Insurance
Does the disability insurance cover pregnancy and childbirth?

The disability policy only provides coverage for disability resulting from complications of pregnancy. No benefits are paid during the waiting period (30, 60, 90 or 180 days)—you would need to remain disabled beyond the waiting period for benefits to begin.

How long are the disability benefits payable for?

The disability benefits are payable for as long as you are disabled with a maximum payout length of two years, five years or to age 67 per injury or sickness (depending on which payout length you choose). You can keep the contract and coverage until age 67 and can qualify for additional benefit periods if you become injured or sick again (if you become sick or injured with the same or related claim, you will need to be well for at least six months between claims. This goes up to 12 months for benefit periods over five years). No separation is needed for a different cause of claim.

Can I increase or change my coverage?

Of course! Your life is constantly evolving and your insurance should do the same. You can cancel or decrease your coverage at any time. If you would like to increase your coverage beyond the annual 3% increase option, you will likely need to apply for the additional coverage.

How do I know if I’m eligible?

To be eligible you must be between 18-60 years old, a U.S. citizen or green card holder, cannot be currently disabled and must self-identify as Christian. Additionally, you must be a resident of AK, AL, AR, AZ, CO, GA, IA, ID, IL, IN, KS, KY, LA, MD, MI, MN, MO, MS, NC, NE, NV, OH, OK, PA, RI, TN, TX, UT, VA, WA, WI, WV or WY. Exclusions and limitations may apply. Call one of our Financial Professionals if you have questions about your eligibility: 855-348-3091.

What is the “waiting period” for disability income insurance?

The time between when you become disabled until you begin receiving benefits is called the “waiting period.” Depending on what you choose, the waiting period for our product is 30, 60, 90 or 180 days—this means no benefits are paid for the first 30, 60, 90, or 180 days. You would need to remain disabled beyond the waiting period for benefits to begin.

What is underwriting?

Underwriting is the process insurance providers use to evaluate the risk and liabilities of potential applicant. Through the process, the providers determine how much coverage the applicant should get, how much they should pay for it and if they should accept the risk and insure them.

Emergency Savings Account
Do I have to be a brightpeak member to qualify for the savings account?

Yes, you must become a brightpeak member to open the account and receive the cash rewards. Your membership is free and is part of the account application process.

Can I sign up for more than one account?

You may open more than one account, however cash rewards are limited to one account per household.

What happens if I miss a deposit?

If you miss a deposit because you don’t have the necessary funds, or for an unexpected reason, don’t panic. Just give us a call at 888-726-9058.

What if I turn off automatic deposits?

Your account will remain open, but you must continue to manually make a deposit (or deposits totaling) $50 or more into your account every month to continue to be eligible to receive the cash rewards. We don’t encourage this as it is easy to forget and increases the temptation to spend the money before it goes into your savings.

What if I have an emergency and need to take money out of my account?

If you need your money for an emergency, login to online banking or call the Thrivent Federal Credit Union at 866-226-5225 to make a transfer to your regular checking or savings account.

When is my account open?

Thrivent Federal Credit Union will process and open your account within a few days. You will receive your account number and information to enroll in online banking in your welcome kit. Your Welcome Kit will arrives by mail within 10 days.

Term Insurance
Who can I select as my beneficiary(ies)?

Chances are, if you have a relationship with the person, you can name them as a beneficiary on your contract.

If you do not name your beneficiaries in your application, your default beneficiary, in order of eligibility, will be:
•Your lawful spouse; otherwise
•Your natural or legally adopted children, in equal shares; otherwise
•Your parents in equal shares; otherwise
•The personal representative of your estate.

You can add or change your beneficiaries at any time at no cost to you by contacting us.

Can I increase or change my coverage?

Of course! Your life is constantly evolving and your insurance should do the same. You can cancel or decrease your coverage at any time. If you would like to increase your coverage beyond the annual 3% increase option, you will likely need to apply for the additional coverage.

Do I need a physical exam?

A full physical exam is not typically required for the standard term life package if you are under the age of 45. Basic medical information such as height, weight, blood pressure, cholesterol and current medical conditions is what is required in order for underwriting to assess your insurability and rate.

Can I purchase term in addition to my current insurance?

Yes, if you already have life insurance, you are still able to add coverage which is subject to underwriting maximums.

What is the optional inflation benefit (3% annual increase) feature?

This is an automatic 3% annual increase in coverage and premiums each year which is meant to keep up with inflation. You can remove this benefit at any time.

How do I know if I’m eligible?

To be eligible, you must be between 18-60 years old, a U.S. citizen or green card holder, cannot be currently disabled and must self-identify as Christian. Additionally, you must be a resident of AK, AL, AR, AZ, CO, GA, IA, ID, IL, IN, KS, KY, LA, MD, MI, MN, MO, MS, NC, NE, NV, OH, OK, PA, RI, TN, TX, UT, VA, WA, WI, WV or WY and will need to answer questions about your health history in order to determine final eligibility.

How much will it cost me?

Based on your age, health and tobacco use, you’ll be assigned a rate.

What happens after my life insurance term is up?

The term life insurance is guaranteed renewable, meaning at the end of the term (10, 20 or 30 years), you choose whether you want to keep your coverage or not. If you opt to keep coverage, the premium will increase based on your current age, not your health, every year you choose to keep the policy (up until age 95).

What is underwriting?

Underwriting is the process insurance providers use to evaluate the risk and liabilities of potential applicant. Through the process, the providers determine how much coverage the applicant should get, how much they should pay for it and if they should accept the risk and insure them.

How much life insurance do I need?

That depends on quite a few factors, including your income, how many dependents you have and whether you have a mortgage or other debts you’d be leaving behind. The standard advice is that you need enough life insurance to replace 3-7 times your annual income.

What is the difference between term life and whole life insurance?

Term life insurance provides coverage for a specified term, typically 10, 20 or 30 years. You pay fixed monthly premiums and if you die during the term, your beneficiaries will be paid a lump sum equivalent to your coverage amount.

In comparison, whole life insurance provides coverage for your entire lifetime, but the fixed monthly premiums may be significantly higher. We chose to offer term life insurance because it is the most affordable solution for providing basic protection for a growing family.

Student Loan Refinancing
What information do I need to apply?

To apply for the Thrivent Education Refi Loan, you will need:
•Current student loan information
•Personal identification (e.g., driver’s license, Social Security number)
•Address
•Proof of employment (recent pay stubs or confirmed offer of employment)
•Cosigner contact information (if applicable)
•Transcript or other proof of earned degree.

What is the application process?

Typically, the process includes these steps:
•Borrower (and cosigner if there is one) completes an online application. At the same time, you and your cosigner will sign loan documents for the loan. Part of the application includes identifying your existing loans that you would like refinanced through the Thrivent Education Refi Loan.
•If you are not already a member of the credit union you will be asked to complete a membership application.
•Credit union reviews the application(s), and may ask you for more information.
•If approved, you’ll receive an approval letter from the credit union. You must accept the amount and rate of your loan to move ahead. You will have 30 days to do so.
•Borrower receives a final letter with the loan amount and date funds will be sent to pay off your underlying loans. If for some reason you need to cancel, you will have at least three business days to do so.
•You will be updated throughout the process.

What are my loan repayment options?

Two repayment options are offered. The first is immediate payment of principal and interest for the entire 15-year term of the loan. The second is a graduated payment plan where you pay principal and interest for 24 months using a 360-month amortization schedule, and then pay the full amount of principal and interest amortized over the remaining loan term (156 months). This results in a lower payment during the first two years of the loan and a larger payment for the remaining 13 years.

What is the difference between fixed interest rate and variable rate?

When refinancing student loans, you may choose the type of interest rate that is best for you. Select a fixed interest rate if you prefer a guarantee that your rate, and therefore your payment, will not change during the life of the loan as long as you make all of your payments on time. Or, you may choose a variable rate that could be lower to start out but may fluctuate, depending on factors that are beyond your control, such as economic market conditions.

Can I refinance some student loans but not all?

Yes, you can choose which of your student loans to include in your Thrivent Education Refi Loan. Depending on your situation, you may decide to refinance private loans and leave federal loans in government programs.

Are there student loans that are not eligible for the Thrivent Education Refi Loan?

You may include all student loans used to finance attendance at post-secondary schools and in your name when refinancing into a Thrivent Education Refi Loan. This is different than federal consolidation which only allows federal loans be included.

Can my spouse and I combine our student loans into one loan by refinancing?

You both may apply individually to refinance your respective student loans. However, no one may combine their loans with loans that were originally made to someone else.

Are there benefits on my existing student loans that I might lose if I refinance?

Federal student loans typically have:

  1. Fixed interest rates, meaning that the interest rate on a Federal student loan will never go up or down.
  2. Certain options, such as income-based repayment, which may help some borrowers. Depending on the type of loan that you have, the government may discharge your loan if you die or become permanently disabled.
  3. A feature making you eligible for loan forgiveness in exchange for performing certain types of public service.
  4. A feature if you are an active duty service member and you obtained your Federal student loan before you were called to active duty. You are entitled to interest rate and repayment benefits for your loan.

If you are a borrower with a secure job, emergency savings, strong credit and are unlikely to need any of the options available to distressed borrowers of Federal student loans, a refinance of your Federal student loans into a private student loan may be attractive to you. You should consider the costs and benefits of refinancing carefully before you refinance.

What does refinancing my college loans mean?

Refinancing student loans involves applying for a new loan from a private lender with a new interest rate and loan repayment term. That loan is used to pay existing student loans. Refinancing student loans at a lower interest rate may translate into a lower monthly payment. Depending on the rates and remaining terms of the loans that are refinanced, it may also mean less interest paid over the life of the new loan