Company Information
Company Name
Thrivent Financial
Product Name
Thrivent Multi-Year Guarantee Annuity 5
Description
The Multi-Year Guarantee Annuity 5 is a single-premium, fixed annuity with a five-year rate guarantee. After five years, owners can renew, withdraw, transfer, or surrender their contract. If no action is taken, the accumulated value is moved into a one-year fixed account and does not automatically renew.
This fixed annuity is offered in two versions. The first (rate listed below) comes with a Market Value Adjustment, 10% free withdrawals and offers the higher interest rate. The second version (.35 bps lower in all rate bands) includes a Return or Premium feature and up to 25% free accumulated withdrawals.
Four rate bands are available. The highest rate is for amounts over $250K. Qualified and non-qualified funds are accepted. There are no surrender penalties at death.
AM Best Rating
A++ Superior (1st of 13 ratings)
Company Website
Product Type
MYGA (Multi-Year Guaranteed Annuity)
Free Withdrawals Yr1 / Yr2+
10% / 10%
Rate
| 4.90% | $250,000 | — | $2,000,000 |
| 4.85% | $100,000 | — | $249,999 |
| 4.75% | $50,000 | — | $99,999 |
| 4.50% | $10,000 | — | $49,999 |
Term
5 Years
Minimum Investment
$250,000
Maximum Investment
$ 2,000,000
Maximum Age
85
Surrender Schedule
7%, 7%, 7%, 6%, 5%, 0%
What We Like About This Annuity
Offered from an A++ rated company with low minimums to start. Policy offers a minimum of 10% free withdrawals all years and does not automatically renew at maturity. Two versions offered for more liquidity options.
Notable Features
A second version of this policy is offered with a Return of Premium feature at up to 25% accumulated withdrawals, but annual rates are lower. Four rate bands are available.
Other Popular Products
Thrivent is known for their diverse insurance offerings. They are one of the few carries to still offer competitively priced traditional long term care policies. They also have popular life and disability products.
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About Thrivent Financial For Lutherans
Founded in 1902 and rated A++ with AM Best, Thrivent Financial is well-respected amongst consumers and agents alike. With $194 billion under management and a Comdex score of 100, they are a leading carrier in the annuity, insurance, and investment marketplaces.
They are membership-owned (not publicly traded) and boast a legacy of fulfilling the promises they’ve made to their policyholders. They specialize in life, disability, long-term care, and fixed annuities in the insurance space. Banking and investments are other services offered by this diverse company.