Settlement Options

Question 1

A Fixed Sett. Option will give you money for how long?

Answer 1

You get to choose! Could be for your lifetime till you die, or a specified time frame

Question 2

Specified Amount; the payee chooses…

Answer 2

the beneficiary chooses the dollar amount of the periodic payment and Thrivent chooses the length of time (based on said dollar amount)

Question 3

How would death benefit proceeds from 2+ Thrivent contracts be combined into 1 settlement option

Answer 3

Trick question! Psyche! this cannot be done

Question 4

If a beneficiary is listed on 2 IRA accounts; can he merge the 2 to get 1 settlement option?

Answer 4

Nope. He gets 1 settlement option per IRA account for which he was named as a beneficiary

Question 5

What’s the minimum amount of money that you would need to even start settlement option?

Answer 5

2,000

Question 6

What’s nice about a revocable settlement option agreement?

Answer 6

He can make withdrawals whenever he wants to + he can surrender the contract if he needs the cash value

Question 7

So if a revocable is so great, why would anyone want an irrevocable settlement agreement?

Answer 7

Possibly for purposes of keeping one’s Medicaid eligibility

Question 8

An owner of a settlement agreement; can he change it from revocable to irrevocable?

Answer 8

Yes, he can. But not vice versa. The opposite cannot be done

Question 9

How would you transfer ownership of a settlement option?

Answer 9

Psyche! Trick question, this cannot be done.

Question 10

If the annuitant dies after the guaranteed period has ended,

Answer 10

then no death benefit is available for the beneficiaries

Question 11

Beneficiary can choose at what frequency he can receive his payouts on his settlement option. What are his choices?

Answer 11

monthly, quarterly, semiannually, and annually

Question 12

What’s the purpose of a fixed settlement option?

Answer 12

To provide you with periodic income payments.