Form 497VPU THRIVENT VARIABLE LIFE

April 29, 2026 2:19 PM EDT
 
 
Thrivent Variable Universal Life Insurance II
Thrivent Variable Life Account I
 
Updating Summary Prospectus
April 30, 2026
This updating summary prospectus summarizes key features of the Thrivent Financial Variable Universal Life II Contract, a flexible premium individual variable adjustable life insurance contract (the “Contract”) previously offered by Thrivent Financial for Lutherans ("Thrivent") between 2008 and 2019.
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/VariableLifeII. 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 Decrease Charge (early withdrawal charge) may be assessed upon
surrender, lapse or any decrease in the Face Amount. A Decrease Charge will
be assessed if the Contract issued is in the first 10 Contract Years after the
Date of Issue and for 10 years after each increase in Face Amount. The
Decrease Charge will vary depending on the number of years since the Date
of Issue, or the last increase in Face Amount. The maximum amount that may
be charged is $51.00 per $1,000 of decrease in Face Amount. For example, if
you make an early withdrawal, you could pay a Decrease Charge of up to
$5,100 on a $100,000 decrease.
Charges
Fee Table
Transaction
Charges
In addition to Decrease Charges (early withdrawal charges), you also may be
charged for other transactions such as when you pay a premium, transfer
accumulated value between investment options, make more than one partial
surrender in a Contract Year or exercise your Accelerated Death Benefit Rider.
If the Face Amount is $250,000 or more, a premium charge of 4% on each
premium payment is deducted. If the Face Amount is less than $250,000, a
premium charge of 5% on each premium payment is deducted.
A partial surrender charge applies upon each partial surrender in excess of
one per Contract Year. The maximum amount deducted is $25 per partial
surrender.
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.
An accelerated death benefit charge will be deducted upon the exercise of the
benefit. The maximum amount deducted is $150. The charge may vary by
state.
An illustration charge of $25 applies upon each request in excess of one per
Charges
Fee Table
Ongoing Fees and
Expenses (annual
charges)
In addition to Decrease 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,
monthly unit charges, basic monthly charges, asset 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
Appendix
 
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 Surrender Value, Death Proceeds and
the amount of premiums considered to meet the No-Lapse 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 Portfolios’ 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
If your monthly deductions exceed your Cash Surrender Value, then unless
your Contract has an active No-Lapse Guarantee in effect your Contract will
enter a 61-day grace period. We will notify you that your Contract will lapse
(that is, terminate without value) if you do not send us a sufficient payment by
a specified date. No Death Benefit will be paid if the Contract is lapsed. 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 reserve the right to not accept any premiums when the Death Benefit is
based on the Table of Factors in your Contract.
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
Accumulated 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 total value of the Contract. Accumulated Value equals the sum of the
Subaccounts, the Fixed Accounts, and the Loan Account.
The form completed by the applicant(s) for the Contract or requesting a change
to the Contract. The completed Application includes information needed by
Thrivent in order to evaluate and classify risk. The Application includes the
original application and all amendments and supplements to the application.
The person(s) named by the Contract Owner to receive the Death Proceeds
under the Contract. A Beneficiary need not be a natural person.
The Accumulated Value of the Contract less any applicable Decrease Charges;
outstanding Debt; and any unpaid monthly deductions.
The flexible premium variable adjustable life insurance contract (Thrivent
Variable Universal Life II) offered by us (Thrivent) and described in this
prospectus. The entire Contract consists of the Contract, any Additional
Benefits, amendments, endorsements, Application and our Articles of
Incorporation and Bylaws.
The same month and day of each year after issue as in the Date of Issue.
The latest of the (1) Date of Issue; (2) the date we receive in Good Order the
first premium payment at our Service Center; or (3) the date we approve this
Contract to be issued.
The 12-month period following the Date of Issue or a Contract Anniversary. The
Contract Year is always based upon the time elapsed since the Date of Issue.
The date when we issue the Contract. This date will be specified in the Contract
and may be different from the Contract Date. The Date of Issue is the date as of
which we begin to apply deductions from your Accumulated Value.
The amount of the benefit that provides the basis for the Death Proceeds
calculation. The Death Benefit on any day depends upon the Death Benefit
Option in effect on that day.
Either of the two methods used to determine the Death Benefit. The option is
selected in the Application and may be changed any time prior to Attained Age
121.
The amount paid upon the death of the Insured. The amount is paid to a
Beneficiary designated by the Contract Owner.
All unpaid Contract loans plus accrued interest.
A Decrease Charge compensates us for expenses associated with
underwriting, issuing and distributing the Contract. The charge applies to
decreases in the Face Amount or partial surrenders that result in a decrease in
Face Amount during the first 10 Contract Years (or first 10 years following an
increase in Face Amount on the increased amount). We calculate the amount of
the Decrease Charge at the time of the reduction in Face Amount or surrender.
We do not deduct this amount until the next Monthly Anniversary or upon
surrender or lapse, if earlier.
The amount of life insurance provided by the Contract exclusive of any
Additional Benefits. The Face Amount of your Contract may change, as
described in your Contract.
Thrivent Series Fund, Inc., an open-end management investment company, that
consists of several Portfolios that underlie Subaccounts of the Variable Account.
The person on whose life the Contract is issued.
The date each month on which we deduct charges from Accumulated Value.
These monthly deductions occur once each month on the Valuation Date, on or
next following the day of the month which corresponds to the day of the month
that we issued the Contract.
 
6
A Contract provision that guarantees that insurance coverage will not lapse in
the event your Cash Surrender Value is not adequate to cover the current
monthly deductions. There are two levels of No-Lapse Guarantees
available: 10-year and extended. You must meet the premium requirements of a
No-Lapse Guarantee for the Contract to remain in force in the event your Cash
Surrender Value is not adequate.
The minimum monthly premium required to keep the No-Lapse Guarantees in
effect. Different combinations of age, sex, risk class, Face Amount, Death
Benefit Option and additional benefits will result in different No-Lapse
Guarantee Premiums.
A person or entity who owns the Contract.
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. Email: [email protected].
Your available investment options within the Variable Account. Each
Subaccount invests exclusively in the shares of a corresponding Portfolio of the
Fund.
Table of Factors
The table found in your Contract and used to help qualify your Contract as a life
insurance contract under federal tax law.
Valuation Date
Any day that the New York Stock Exchange is open for regular trading.
Variable Account
Thrivent Variable Life Account I, which is a separate account of Thrivent.
we, us, our
Thrivent.
you, your
The Owner(s) of the Contract.
 
7
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/VariableLifeII. 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%
 
8
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.
 
9
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[This Page Intentionally Left Blank]
 
 
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/VariableLifeII. 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 Form ICC07 V-VM-VUL and state variations.
EDGAR Contract No. C000061281 32015SPRU 4-26

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