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Independent Review of the Thrivent Flexible Premium Deferred Fixed Annuity – [October 2018 Update]

What is Covered in this Annuity Review?

In this annuity review, we will be covering the following details regarding the Thrivent Flexible Premium Deferred Fixed Annuity:

  • Product typeIndependent Review of the Thrivent Financial Security One Annuity
  • Fees
  • Current rates
  • Realistic long-term return expectations
  • How it is used
  • How it is most poorly used

Annuities can be complex. That’s where having an Annuity Investigator who loves math comes in.
We make the complex, simple.

Today, it is not at all uncommon to spend 20 or more years in retirement. But, while that can have a number of nice positives – such as spending more time with family, and giving you time to do the things that you truly enjoy doing – without a stream of income that you can count on for the long-term, this period of your life may not be quite so enjoyable.

An annuity can help you to make sure that you won’t run out of income – regardless of how long you may need it. But before you move forward with the purchase of an annuity, it is really important that you realize that these products are not all exactly the same.

Also, because everyone’s retirement goals, risk tolerance, and time horizon can differ, the benefits of an annuity that may work well for one person may not fare all that well for someone else.

In addition to that, annuities tend to be fraught with page after page of “fine print” regarding how they work, when you can get your money back out, and how much it will cost you for all of the guarantees.

Independent Review of the Thrivent Flexible Premium Deferred Fixed Annuity

And, because some annuities can require you to deposit what could be a large chunk of your retirement savings, you really need to know what you are getting into, and what you can anticipate from the product.

Rather than having to read over every inch of the small print for the Thrivent Flexible Premium Deferred Fixed – which can be about as exciting as getting a root canal – we can help you to get a much better idea of whether or not this financial vehicle may be the right one for you.

Annuity and Retirement Planning Information You Can Trust

If this is your very first visit to our website, then please allow us to officially welcome you here. We are a team of experienced financial professionals who provide highly comprehensive, and non-biased, annuity reviews.

We have been doing this for many years now – much longer than some of the other annuity websites that you may have run across in your search for annuity information. In fact, there are a number of copycat sites out there that will make bold claims about their annuity offerings but are really just looking for your name and contact information.

During your search for more details about annuities, it is probable that you’ve seen other websites on the Internet that tout some pretty bold claims, such as having the lowest fees, high annuity payouts, and/or representing the best annuity carriers. But, while these claims can sound extremely enticing, it is important to find out if they are true – and in some cases, these sites are only giving you part of the story.

Given all of that, before you come to a decision regarding whether or not the Thrivent Flexible Premium Deferred Fixed Annuity is right for you, please continue to read on so that you will gain all of the necessary facts.

If you’re ready to get started, let’s jump right in!

Thrivent Financial’s Flexible Premium Deferred Fixed Annuity at a Glance

Product NameFlexible Premium Deferred Fixed Annuity
IssuerThrivent Financial
Type of ProductDeferred Fixed Annuity
A.M. Best RatingA++ (Superior)
Phone Number(800) 847-4836

Opening Thoughts on the Thrivent Financial Flexible Premium Deferred Fixed Annuity

Thrivent Financial is a Fortune 500 Company that has been in business for more than a century. Starting as a membership for Lutherans, this non-for-profit membership organization of all Christians today has a focus on helping its members be wise with money, build solid financial futures, strengthen their communities, and to be good stewards of the gifts that God has given them.

As of 2018, Thrivent has more than 2 million members nationwide. It is considered a strong and stable company, with $136 billion dollars in assets under management (as of December 31, 2017). Represented by total surplus, Thrivent has one of the strongest capital positions in the insurance and financial services industry.

Thrivent has earned very high ratings from the insurer rating agencies. These include a(n):

  • A++ from A.M. best – the highest of 16 possible ratings
  • AA+ from Fitch – the second highest of a possible 19 ratings

The company has also earned numerous awards and accolades, including:

  • “World’s Most Ethical Companies” by Ethisphere Institute 2012 – 2018
  • Ward’s 2016 50 Top Performing Life and Health Insurers
  • America’s Top Workplaces (Workplace Dynamics 2015)

Over the past decade or so, the demand for annuities, which are always backed by insurance companies, has been increasing steadily – particularly since market volatility has become the “norm” rather than the exception.

The biggest fear on the minds of retirees is running out of money, so individuals and couples are seeking a safe place to put their savings where they can also earn a nice return. A fixed annuity can provide them with that solution.

Yet, due in large part to the low-interest rate environment of late, the return that is earned on fixed annuities may not be enough for retirees to even come close to meeting or beating future inflation. And, if you plan to use the income from a fixed annuity as a bulk of your incoming cash flow in the future, it may be difficult to maintain ongoing purchasing power for the goods and services that you need to buy.

Before getting into the gritty details, here are some legal disclosures…

This is an independent product review, and it is not to be considered as a recommendation to purchase or to sell an annuity. Thrivent Financial has not endorsed this review in any way, nor do we receive any compensation for offering this review. This review is meant to be an independent review at the request of readers so that they may see our perspective when breaking down the positives and the negatives of this particular annuity product. Prior to purchasing any insurance or investment product, you should be sure to do your own due diligence and consult a properly licensed professional if you have any specific questions that relate to your individual circumstances. All names, marks, and materials that were used for this review are the property of their respective owners.

For additional information on how to compare annuities so that you can decide which may be the best one for you,  to get access to our free annuity report.

How Thrivent Describes the Flexible Premium Deferred Fixed Annuity

According to Thrivent, the flexible premium deferred fixed annuity can help you to strengthen your savings as you go with flexible premium options.

Flexible premium deferred annuities are designed to help you with saving at your own pace. You can make premium payments as frequently or infrequently as you want (within certain guidelines).

When the time comes to convert the annuity over into an income stream, there are multiple payout options available, which can allow you to choose how and when to take income, based on your specific needs.

How an Insurance or Financial Advisor Might Pitch this Annuity to Clients or Prospects

Because the Thrivent Flexible Premium Deferred Fixed Annuity is a fixed rate financial vehicle, it is likely that an insurance or a financial advisor would focus in on the guarantees that this annuity can offer. In addition, the money that you put into this product – along with all of the growth – will be safe from a volatile market, regardless of what occurs.

On the income side of the equation, a fixed annuity can also provide you (as well as another individual, such as a spouse or partner) the guarantee of lifetime income – regardless of how long you may live. This, in turn, can help to alleviate the concern about running out of money at a time when you need it the most.

But even with these nice guarantees, there are some things that you still need to look out for if you are considering the purchase of this annuity. For example, the low-interest rate environment of late means that if you rely solely on this type of product for your portfolio growth, you will likely have a very difficult time with meeting – much less beating – inflation. This can then equate to you having to cut back on the purchases of items and services that you need in the future, as your income will not be able to keep pace with their rising costs.

Are There Any Fees on the Thrivent Flexible Premium Deferred Fixed Annuity?

As with most other annuities that are available in the marketplace today, the Thrivent Flexible Premium Deferred Fixed Annuity will have some fees that you need to be aware of. These can come primarily in the form of surrender penalties if you wish to withdraw more than 10% of the contract value within the first few years.

In addition, if you do so, you could also incur an additional 10% “early withdrawal” penalty from the IRS (Internal Revenue Service). So, given the fees that you could be hit with upon an early withdrawal, it is imperative that you keep in mind that annuities are long-term financial commitments and that the money you deposit into an annuity not be needed for any type of emergency in the future.

The Annuity Gator’s End Take on the Flexible Premium Deferred Fixed Annuity from Thrivent Financial

Where this annuity would work the best:

Although the Thrivent Flexible Premium Deferred Fixed Annuity will not be right for everyone, this product could be a good fit for you if you are looking for the following features:

  • Safety of principal
  • A fixed, set rate of growth
  • A guaranteed stream of lifetime income in the future

Where this annuity would work the worst:

Alternatively, this annuity might not be right for you if you are looking for the following:

  • The opportunity for a higher rate of return
  • Access to your money (more than 10% of the contract’s value) during the surrender period

It may also not be worth taking the risk of such a low rate of return if you do not plan to use the lifetime income features on this annuity.

In Summary

There can be a long list of factors to consider when you are thinking about the purchase of an annuity – starting with the realization that the contract is a long-term financial commitment, and that your money could essentially be “locked up” for quite a few years.

As with any other insurance or financial product that you’re considering, it is also extremely beneficial to have a good understanding of what the annuity will – and will not – do for you, so that there are no unpleasant surprises down the road.

With that in mind, there can be some very nice features that come along with purchasing the Thrivent Flexible Premium Deferred Fixed Annuity, such as safety of principal and a steady rate of growth. That being said, though, this particular annuity could still fall somewhat short – and quite frankly, there may very well be a better alternative out there for you.

If you’re still leaning towards this annuity, it can be helpful to first test it to see how it may perform given your particular circumstances. We can perform this testing for you. Just simply let us know if you are interested.

Also, in order to really know how to best compare the annuity options that could be right for you,  so that you are able to download our free annuity report.

Do You Have Any Additional Questions Regarding the Flexible Premium Deferred Fixed Annuity from Thrivent? Did You Happen to Notice Any Mistakes?

While we do understand that this review of the Thrivent Flexible Premium Deferred Fixed Annuity went a bit on the long side, our feeling is that we would much rather provide you with “too much” detail than not enough. That’s because knowing all that there is to know is really the only way to make a well-informed purchasing decision.

So, if you did find this annuity review to be beneficial, then please feel free to forward it on and share it with anyone else who you feel would also find it advantageous. Conversely, if this review caused you to be more confused about this (or any) annuity, please let us know that, as well.

Any other annuities you’d like to have us review on our website?

If so, great! There are many annuities that are available on the market today – so if there is one (or more) that you did not find in our annuity review database, and you want to know more about it, then just simply let us know and our team of annuity “geeks” will get right on it.


The Annuity Gator

Independent Review of the Thrivent Flexible Premium Deferred Fixed Annuity

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