Form 497VPU THRIVENT VARIABLE LIFE

April 29, 2026 2:18 PM EDT
 
 
Thrivent Variable Universal Life Insurance
Thrivent Variable Life Account I
 
Updating Summary Prospectus
April 30, 2026
This updating summary prospectus summarizes key features of a flexible premium individual variable adjustable life insurance contract (the “Contract”) previously offered by Aid Association for Lutherans between 1998 and 2003 and by Thrivent Financial for Lutherans ("Thrivent") between 2003 and 2004.
The prospectus for the Contract contains more information about the Contract, including its features, benefits, and risks. You can find the current prospectus and other information about the Contract online at dfinview.com/Thrivent/VariableLife97. You can also obtain this information at no cost by calling 1-800-847-4836, or by sending an email request to [email protected].
Additional general information about certain investment products, including variable life insurance, has been prepared by the Securities and Exchange Commission’s staff and is available at Investor.gov.
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The Securities and Exchange Commission has not approved or disapproved this Contract or passed upon the adequacy of this summary prospectus. Any representation to the contrary is a criminal offense.
Updated Information About Your Contract
The information in this Updating Summary Prospectus is a summary of certain Contract features that have changed since the prospectus dated April 30, 2025. This may not reflect all of the changes that have occurred since you entered into your Contract. 
Content
Description of Changes
Important Information You Should
Consider About the Contract
The Annual Portfolio Expenses Table was updated to reflect the new range.
Overview of the Contract
No changes.
Fee Table
The Fee Table has been updated with the new range of Portfolio Expenses.
Premiums
No changes.
Standard Death Benefit
No changes.
Other Benefits
No changes.
Surrenders and Withdrawals
No changes.
Lapse and Reinstatement
No changes.
Availability of Portfolios
No changes.
Other Changes
The Appendix has been revised to reflect the updated performance
information and the current expenses for the Portfolios.
 
2
Important Information You Should Consider About the Contract 
FEES AND EXPENSES
Location in
Statutory
Prospectus
Charges for Early
Withdrawals
A surrender charge (early withdrawal charge) may be assessed upon
surrender, lapse or any decrease in the Specified Amount. The surrender
charge will vary depending on the number of years since the last increase in
Specified Amount. The maximum amount that may be charged is $34.79 per
$1,000 of decrease in Specified Amount. For example, if you make an early
withdrawal, you could pay a surrender charge of up to $3,479 on a $100,000
decrease.
Charges
Fee Table
Transaction
Charges
In addition to surrender charges, you also may be charged for other
transactions such as when you pay a premium, transfer cash value between
investment options, make more than one partial withdrawal in a Contract Year
or exercise your Accelerated Death Benefit Rider.
A premium expense charge of 3% is deducted upon receipt of most premiums.
A partial withdrawal charge applies upon each partial withdrawal in excess of
one per Contract Year. The maximum amount deducted is $25 per partial
withdrawal.
A transfer charge applies to each transfer in excess of the first twelve transfers
made in a Contract Year. The maximum amount deducted is $25 per transfer.
You may add an Accelerated Death Benefit Rider to your Contract at any time
without cost. The rider allows you to receive the present value of the death
benefit tax free if eligibility requirements are met, including doctor certification
that the Insured is terminally ill.  A one-time charge of up to $150 will apply if
you exercise the benefit. The charge may be lower in some states.  State
variations may apply.
A Contract change fee may apply in an amount up to $25 per change.
Charges
Fee Table
Ongoing Fees and
Expenses (annual
charges)
In addition to surrender charges (early withdrawal charges) and transaction
charges, investment in the Contract is subject to certain ongoing fees and
expenses (typically assessed monthly), including fees and expenses covering
the cost of insurance under the Contract, mortality and expense risk charges,
issue expense charges following increases, basic monthly charges, interest on
any debt, and the cost of optional benefits available under the Contract. Some
of these fees and expenses are set based on characteristics of the Insured
(e.g. age, sex (in most states), and rating classification). See the specifications
page of your Contract for rates applicable to your Contract.
Investors will also bear expenses associated with Portfolios that correspond to
Subaccounts available under the Contract , as shown in the following table:
Charges
Fee Table
Annual Fee
Minimum
Maximum
Annual Portfolio Expenses (deducted
from Portfolio assets)
0.22%
1.52%
 
3
RISKS
Location in
Statutory
Prospectus
Risk of Loss
You can lose money by investing in this Contract, including loss of your
premiums (principal), and your Contract can lapse without value.
Additionally, debt will reduce your Cash Value and Surrender Value, Death
Benefit and the amount of premiums considered to meet the Death Benefit
Guarantee Premium requirement. If you surrender the Contract or allow it to
lapse while a contract loan is outstanding, the amount of debt, to the extent it
has not previously been taxed, will be considered part of the amount you
receive and taxed accordingly. Loans may have tax consequences.
Principal Risks of
Investing in the
Not a Short-Term
Investment
This Contract is not designed for short-term investing and is not appropriate
for an investor who needs ready access to cash. The primary purpose of this
Contract is to provide a Death Benefit in the event of the Insured’s death.
Surrender charges, expenses, and tax consequences generally make the
Contract unsuitable as a short-term investment.
Principal Risks of
Investing in the
Risk Associated
with Investment
Options
An investment in this Contract is subject to the risk of poor investment
performance of the investment options you choose.
Each investment option has its own unique risks.
We do not guarantee any money you place in the Subaccounts. The value of
each Subaccount will increase or decrease, depending on the investment
performance of the corresponding Portfolio and fees and charges under the
Contract. You could lose some or all of your money.
You should review the available Portfolio s’ prospectuses before making an
investment decision.
Principal Risks of
Investing in the
Insurance
Company Risks
An investment in the Contract is subject to risks related to Thrivent, including
that any obligations, guarantees, and benefits of the Contract are subject to
the claims-paying ability and financial strength of Thrivent. More information
about Thrivent, including its financial strength ratings, is available upon
request by calling 1-800-847-4836.
Principal Risks of
Investing in the
Contract Lapse
Your Contract will lapse (that is, terminate without value) if: (1) your monthly
deductions are greater than your Surrender Value; (2) the Death Benefit
Guarantee is not in effect; and (3) payment sufficient to cover the next two
monthly deductions is not received within 61 days (in most states) of
notification of the Cash Value deficiency. No Death Benefit will be paid if the
Contract is lapsed. Payment will be required to reinstate the Contract. We will
reinstate a Contract only if our requirements for reinstatement are satisfied,
which may include requiring new proof of insurability of the Insured person.
Lapse and
Reinstatement
 
4
RESTRICTIONS
Location in
Statutory
Prospectus
Investments
We place limits on frequent trading.
There is a $25 charge for each transfer when you transfer money between
investment options in excess of 12 times a year.
Thrivent reserves the right to remove or substitute Portfolio companies as
investment options that are available under the Contract.
We also reserve the right to refuse to accept any premium that would increase
the Death Benefit because of the requirements of the Corridor Test.
We will also have the right to limit or refund a premium payment or make
distributions from the Contract as necessary to continue to qualify the Contract
as life insurance under federal tax law or to avoid the classification of your
Contract as a “modified endowment contract” (MEC).
Frequent Trading
Among
Other Transactions
Addition, Deletion,
Combination or
Substitution of
Investments
Premium Limits
Taxes
Optional Benefits
Optional benefits may be subject to age and underwriting requirements. We
generally deduct any monthly costs for these additional benefits from the Cash
Value as part of the monthly deduction.  Optional benefits may not be available
for all ages or underwriting classes, may not be available after original issue of
the Contract and may terminate at certain ages. We may stop offering an
optional benefit at any time prior to the time you elect to add it to your
Contract.
Other Benefits
Available Under
TAXES
 
Tax Implications
You should consult with a tax professional to determine the tax implications of
an investment in and payments received under this Contract.
Distributions from your Contract, if taxable, will be taxed at ordinary income tax
rates.
Depending on the total amount of premiums you pay and the frequency of
such payments, the Contract may be treated as a MEC.
Distributions including loans and loan interest will be taxed on an “income first”
basis and may be subject to a penalty tax if taken before you are age 59  1∕2 if
your Contract is a MEC.
The transfer of the Contract or designation of a Beneficiary may have federal,
state, and/or local transfer and inheritance tax consequences, including the
impositions of gift, estate, and generation skipping transfer taxes.
Taxes
CONFLICTS OF INTEREST
Location in
Statutory
Prospectus
Investment
Professional
Compensation
We no longer issue this Contract to new owners. Your financial advisor or
professional may receive compensation which may consist of commissions,
bonuses, asset-based compensation, and promotional incentives. This conflict
of interest may influence your financial advisor or professional to recommend
continued or larger future investments into this Contract, or another contract
issued by Thrivent, over another investment.
Distribution of the
Exchanges
Some investment professionals may have a financial incentive to offer you a
new contract in place of the one you own. You should only exchange your
contract if you determine, after comparing the features, fees, and risks of both
contracts, that it is better for you to purchase the new contract rather than
continue to own your existing contract.
Distribution of the
 
5
The person(s) named by the Contract Owner to receive the Death Benefit under the
Contract. A Beneficiary need not be a natural person.
The total value of the Contract, which is equal to the sum of the Subaccount cash
values plus Fixed Account cash value.
The flexible premium variable life insurance Contract offered by us (Thrivent) and
described in this prospectus. The Contract consists of the certificate of membership
and insurance, including any attached riders, endorsements or amendments, the
application and our Articles of Incorporation and Bylaws.
The same month and day of each year after issue as in the Issue Date.
The 12-month period following the Issue Date or a Contract Anniversary. The Contract
Year is always based upon the time elapsed since the Issue Date.
An Internal Revenue Code formula used to help qualify your Contract as a life
insurance contract under federal tax law.
The Death Benefit payable upon the death of the Insured depends on the Death
Benefit Option in effect on the date of the Insured's death.
Thrivent Series Fund, Inc., an open-end management investment company, that
consists of several Portfolios that underlie Subaccounts of the Variable Account.
A Contract provision that guarantees that insurance coverage will not lapse if your
Cash Value is not adequate to cover the current monthly deductions necessary. You
must pay enough premium in the event your Cash Value is not adequate.
The person on whose life the Contract is issued.
The date that establishes the Contract Anniversary and the date as of which we
began to apply monthly deductions.
A person or entity who owns the Contract. The person may be the Insured or an
employer, a trust or any other individual or entity specified in the application.
A portfolio of Thrivent Series Fund, Inc. which is the underlying investment of a
corresponding Subaccount which you may select for your Contract.
Our office located at 4321 North Ballard Road, Appleton, Wisconsin 54919-0001 or
such other address as we may designate. Telephone: (800) 847-4836.
Initially, the amount of life insurance for which we issued the Contract. The Specified
Amount of your Contract may change, as described in your Contract.
Your available investment options within the Variable Account. Each Subaccount
invests exclusively in the shares of a corresponding Portfolio of the Fund.
The cash value of the Contract less any applicable surrender charges and
outstanding loan balances.
Thrivent Financial for Lutherans, a fraternal benefit society organized under the laws
of the State of Wisconsin, owned by and operated for its members. Thrivent is the
issuer of the Contract.
Variable Account
Thrivent Variable Life Account I, which is a separate account of Thrivent.
 
6
Appendix: Portfolios Available Under the Contract
The following is a list of Portfolios that correspond to subaccounts available under the Contract. More information about the Portfolios is available in the prospectuses for the Portfolios, which may be amended from time to time and can be found online at dfinview.com/Thrivent/VariableLife97. You can also request this information in paper at no cost by calling (800) 847-4836 or by sending an email request to [email protected].
The current expenses and performance information below reflects fees and expenses of the Portfolios but does not reflect the other fees and expenses that your Contract may charge. Expenses would be higher and performance would be lower if these charges were included. Each Portfolio’s past performance is not necessarily an indication of future performance.  
INVESTMENT
TYPE
PORTFOLIO AND ADVISER/SUBADVISER
CURRENT
EXPENSES
AVERAGE ANNUAL TOTAL RETURNS
(as of 12/31/25)
1 YEAR
5 YEAR
10 YEAR
Aggressive
Allocation
Thrivent Aggressive Allocation Portfolio
0.85%1
15.81%
9.61%
11.26%
Large Blend
Thrivent All Cap Portfolio
0.66%
18.05%
11.90%
12.43%
Conservative
Allocation
Thrivent Conservative Allocation Portfolio
0.50%
10.17%
4.03%
5.42%
Moderately
Conservative
Allocation
Thrivent Dynamic Allocation Portfolio
0.68%
12.62%
5.92%
6.84%
Diversified
Emerging
Mkts
Thrivent Emerging Markets Equity Portfolio
1.15%1
32.20%
2.10%
7.47%
Large Blend
Thrivent ESG Index Portfolio
0.36%1
17.78%
13.56%
N/A3
Global
Large-Stock
Blend
Thrivent Global Stock Portfolio
0.60%
20.82%
10.69%
10.67%
Intermediate
Government
Thrivent Government Bond Portfolio
0.49%
7.32%
0.01%
1.74%
Health
Thrivent Healthcare Portfolio
0.92%
13.07%
4.62%
7.37%
High Yield
Bond
Thrivent High Yield Portfolio
0.45%
8.78%
4.06%
5.32%
Corporate
Bond
Thrivent Income Portfolio
0.44%
7.93%
0.38%
3.60%
Foreign Large
Blend
Thrivent International Equity Portfolio
0.72%
30.87%
8.54%
7.41%
Foreign Large
Blend
Thrivent International Index Portfolio
0.37%
31.15%
8.61%
N/A3
Large Growth
Thrivent Large Cap Growth Portfolio
0.43%
16.95%
12.89%
16.35%
Large Blend
Thrivent Large Cap Index Portfolio
0.22%
17.62%
14.17%
14.54%
Large Value
Thrivent Large Cap Value Portfolio
0.62%
19.65%
13.96%
12.16%
Mid-Cap
Growth
Thrivent Mid Cap Growth Portfolio
0.89%1
2.50%
1.10%
N/A3
Mid-Cap
Blend
Thrivent Mid Cap Index Portfolio
0.25%
7.23%
8.86%
10.46%
Mid-Cap
Blend
Thrivent Mid Cap Stock Portfolio
0.66%
4.73%
6.86%
11.30%
Mid-Cap
Value
Thrivent Mid Cap Value Portfolio
0.87%1
10.82%
11.31%
N/A3
Moderate
Allocation
Thrivent Moderate Allocation Portfolio
0.70%1
13.63%
7.13%
8.38%
 
7
INVESTMENT
TYPE
PORTFOLIO AND ADVISER/SUBADVISER
CURRENT
EXPENSES
AVERAGE ANNUAL TOTAL
RETURNS
(as of 12/31/25)
1 YEAR
5 YEAR
10 YEAR
Moderately
Aggressive
Allocation
Thrivent Moderately Aggressive Allocation Portfolio
0.76%1
15.46%
8.30%
9.69%
Moderately
Conservative
Allocation
Thrivent Moderately Conservative Allocation Portfolio
0.65%1
12.10%
4.49%
6.04%
Money
Market -
Taxable
Thrivent Money Market Portfolio
0.31%
4.06%
3.05%
1.93%
Multisector
Bond
Thrivent Multisector Bond Portfolio
0.74%
7.93%
2.43%
3.47%
Real Estate
Thrivent Real Estate Securities Portfolio
0.90%
0.67%
3.89%
4.68%
Short-Term
Bond
Thrivent Short-Term Bond Portfolio
0.45%
6.06%
2.75%
2.89%
Small Growth
Thrivent Small Cap Growth Portfolio
0.94%1
1.87%
1.37%
N/A2
Small Blend
Thrivent Small Cap Index Portfolio
0.24%
5.80%
7.06%
9.57%
Small Blend
Thrivent Small Cap Stock Portfolio
0.70%
2.45%
7.50%
11.93%
1
Current expenses reflect temporary fee reductions.
2
The Fund is not showing Average Annual Total Returns information because the Fund commenced operation on 04/27/2018 and does not have annual returns for the period shown.
3
The Fund is not showing Average Annual Total Returns information because the Fund commenced operation on 04/29/2020 and does not have annual returns for the period shown.
 
8
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This updating summary prospectus incorporates by reference the Thrivent flexible premium individual variable adjustable life insurance prospectus and Statement of Additional Information (SAI), both dated April 30, 2026, as amended or supplemented.
The SAI dated April 30, 2026, contains more information about the Contract and Variable Account. The SAI has been filed with the SEC and is incorporated by reference into the prospectus. The SAI is available, without charge, upon request. You can view a copy of the SAI online at dfinview.com/Thrivent/VariableLife97. For a paper copy of the SAI, to request other information about the Contract, and to make other inquiries, you may call our Service Center at 1-800-847-4836 or you may send an email to [email protected].
Reports and other information about Thrivent are available on the Securities Exchange Commission website at http://www.sec.gov. Copies of the information may be obtained, upon payment of a duplicating fee, by electronic request at the following email address: [email protected].
Thrivent is the marketing name for Thrivent Financial for Lutherans. Insurance products issued by Thrivent. Securities and investment advisory services offered through Thrivent Investment Management Inc., a registered investment adviser, member FINRA and SIPC, and a subsidiary of Thrivent. Licensed agent/producer of Thrivent. Registered representative of Thrivent Investment Management, Inc. Thrivent.com/disclosures.
Insurance products, securities and investment advisory services are provided by appropriately appointed and licensed financial advisors and professionals. Only individuals who are financial advisors are credentialed to provide investment advisory services. Visit Thrivent.com or FINRA’s Broker Check for more information about our financial advisors.
Contract Forms 4213 and 4214 and state variations.
EDGAR Contract No. C000007343 20316SPRU R4-26

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