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Modern Woodmen of America - Life Insurance

Modern Woodmen Facts

Below are the basics about the nation's fifth largest fraternal life insurance organization, Modern Woodmen.

  • Modern Woodmen of America is a fraternal life insurance organization.
  • Modern Woodmen was founded in 1883 in Lyons, Iowa.
  • Modern Woodmen's current Home Office is in Rock Island, Ill.
  • Main product lines are life insurance and annuity products designed for the family market.
  • Modern Woodmen serves 750,000 members (certificateholders) nationwide.
  • Members are joined by three common bonds: family financial security, positive family life and service to community.
  • Nearly 1,800 agency representatives provide nationwide service.
  • Life insurance in force totals more than $26.6 billion.
  • Total assets are nearly $4.8 billion.
  • Modern Woodmen ranks in the top 10 percent of all life insurers in the United States based on assets and life insurance in force.
  • Ratings from A.M. Best and Fitch independent rating services, verify Modern Woodmen's financial strength and security.
  • Over 2,000 local camps nationwide provide fellowship and community service.
  • Over 750 youth service clubs nationwide teach community service, citizenship, cooperation and respect for self and others.
  • Through numerous fraternal programs, benefits and activities, nearly $16.7 million goes back into the lives of members and their communities annually.
  • Modern Woodmen's creed: "There is a destiny that makes us brothers, none goes his way alone; all that we send into the lives of others comes back into our own."


Modern Woodmen of America - Permanent Life

Permanent life insurance can be purchased in the form of whole life, universal life and interest sensitive life insurance. All provide a death benefit plus a cash value - a sum that usually increases over the years on a tax-deferred basis. The cash value of a certificate is available to the insured on the certificate's maturity date or at any earlier time through surrender, loan or withdrawal. (The withdrawal option is not available on all plans.)
Permanent life insurance is most often used to pay for final expenses, other debts or mortgage or to provide a monthly income for a surviving spouse. Many people also use permanent life insurance's cash value to supplement retirement income, help pay for a child's college education or for emergency funds.

Modern Woodmen offers these permanent life insurance products:

  • CustomLife II Insurance
    This flexible universal life insurance product accumulates cash values at competitive interest rates. This product can be tailored to meet your needs throughout your life - simply adjust the premiums and death benefits as your life situation changes.
  • Interest Sensitive Life Insurance
    This product provides a guaranteed death benefit until age 65 or 15 years after purchase, after which the death benefit may decrease. Premiums on interest sensitive life insurance are very competitive.
  • Interest Sensitive Whole Life Insurance
    Certificateholders pay the same premium throughout their life in return for a guaranteed level death benefit. This product's strength is its cash value accumulation.
  • Single Premium Whole Life Insurance
    Certificateholders make one premium payment at the time of purchase in return for a guaranteed death benefit.
  • LP98 Whole Life Insurance
    This guaranteed whole life insurance product places emphasis on maximizing death benefit protection for the life insurance premium dollar you pay. It also earns dividends and accumulates cash value. Premiums remain level throughout the certificateholder's lifetime.
  • E96 Whole Life Insurance
    In addition to death benefit protection, this guaranteed whole life insurance product stresses cash accumulations. The product earns dividends and builds a cash value. Premiums remain level throughout the certificateholder's lifetime.


Modern Woodmen of America - Term Life Insurance

Term life insurance offers coverage for a fixed period of time. Should the insured die during the specified period of time, the term certificate provides payment for the face amount of the certificate.
Premiums for term life insurance are based on your age - the younger you are, the lower the premium. As you grow older, the premium will increase. Term life insurance is particularly popular with young families - as their financial situation improves, they can convert term life insurance to permanent life insurance without providing evidence of insurability.

Choose from a number of plans:

  • Annual Renewable Term to Age 95
    Certificates or riders are renewable annually until age 95. You may choose between a level death benefit with premiums increasing yearly or a level premium with a decreasing death benefit.
  • Annual Renewable Term for 10 Years
    Certificates or riders are renewable annually for 10 years. Premiums increase each year.
  • 15-year Level Term
    Certificates or riders are renewable annually for 15 years. Premiums remain level.
  • Term-95
    Certificates are renewable annually until age 95. Various premium options are available.
  • Junior Protector
    Certificates issued to children ages 0 to 15 for coverage to age 16. The certificate holder can convert the insurance to permanent or term life insurance for up to five times the face amount.
  • Junior Protector Plus®
    Certificates issued to children age 0 to 19 for coverage to age 25. At age 25 the insured can convert the term life insurance to permanent life insurance for up to two and a half times the face amount.
  • Decreasing Term
    Certificates or riders issued for 15, 20, 25 or 30 years. The death benefit decreases over the length of the term, making it ideal for protecting a mortgage or another loan.


Modern Woodmen of America - Additional Services

These additional services are also available to Modern Woodmen members:

  • Preferred Benefits Account
    This service eases the strain of making long-term financial decisions at the stressful time of settlement. The account is automatically established when proceeds from life insurance, matured endowments or annuities equal $10,000 or more. Two important features of this service include competitive interest rates and check-writing capabilities.
  • Accelerated Benefits
    An accelerated death benefit rider (on specified insurance contracts) allows members diagnosed with a terminal illness to receive 75 percent of their death benefit while they are alive. (Specific eligibility requirements must be met.)

 

 

 


1701 1st Avenue,
P.O. Box 2005,
Rock Island,
IL 61204-2005

http://www.modern-woodmen.org

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