Would this be the only criteria for contacting inactive members?

I'd probably narrow it down a little more to this (why follows). 

If you click the little 'i' by the criteria, you see it looks at a view VXS_CUST_MEMBERSHIP, and just looks at the current_status column there. 

That view is just TX_CUST_MEMBERSHIP joined to membership orgs you (your user group) has access to review.  A given patron could have dozens of rows in that table, including ones with almost any imaginable status at the current point in time (one row per membership). 

 So what I think you really want is that they have inactive (past memberships the current status of which is, inactive) , but also 'does not have' some other membership (row), the current status of which is active, pending or lapsed.  However, you might actually want to include lapsed status in your list of "not currently," depending on the exact purpose, of this list.  Hopefully if lapesed they would have another row with a pending membership now or soon.  Also, if you have multiple overlapping memberships, you might also want to include something like membership orgs or levels to make sure you're comparing orange memberships to orange memberships and apple memberships to apple memberships. 

.  

I'd probably narrow it down a little more to this (why follows). 

If you click the little 'i' by the criteria, you see it looks at a view VXS_CUST_MEMBERSHIP, and just looks at the current_status column there. 

That view is just TX_CUST_MEMBERSHIP joined to membership orgs you (your user group) has access to review.  A given patron could have dozens of rows in that table, including ones with almost any imaginable status at the current point in time (one row per membership). 

 So what I think you really want is that they have inactive (past memberships the current status of which is, inactive) , but also 'does not have' some other membership (row), the current status of which is active, pending or lapsed.  However, you might actually want to include lapsed status in your list of "not currently," depending on the exact purpose, of this list.  Hopefully if lapesed they would have another row with a pending membership now or soon.  Also, if you have multiple overlapping memberships, you might also want to include something like membership orgs or levels to make sure you're comparing orange memberships to orange memberships and apple memberships to apple memberships. 

.