Joseph Cullen Root founded Modern Woodmen of America in 1883, in Lyons, Iowa. Today, the main office is located in Rock Island, Illinois and is a fraternal benefit society. This nonprofit company is based on representative care and serves hundreds of thousands members. Modern Woodmen has helped families and individuals find financial security through life insurance, annuities, and investment options.

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The Good

High Financial Strength Rating
Helpful Representatives
Term Life Insurance Policy Options
Permanent Life Insurance Options
Additional Product Offerings

High Financial Strength Rating

Modern Woodmen of American has earned a high financial strength rating from A.M. Best. This high rating indicates the company's ability to meet claims made by beneficiaries. Coupled with a long company history, Modern Woodmen is a financially responsible and stable life insurance company to work with.

Helpful Representatives

Modern Woodmen's representatives are trained to help you with your financial goals, which means you don't have to worry about dealing with pushy sales tactics.

Term Life Insurance Policy Options

Term Life insurance is ideal for people who want protection for a set amount of time. It's also advantageous because premiums for these policies tend to be much cheaper than permanent life policies. Modern Woodmen offers two insurance policy options in this category: the MyLife Term^SM plan and the MyLife Foundation^SM plan.

The MyLife Term^SM plan offers level premiums for the entire term of the policy and allows you to convert some or all of your policy to a permanent one. Policyholders can also add a return of premium rider to receive their premiums once the policy term is over and the insured is still living.

The MyLife Foundation^SM plan is designed to make life insurance more accessible for people. Premiums are locked until the insured turns 30. This policy can also be purchased with one lump sum payment. In some cases, policyholders can increase coverage at specified ages without medical underwriting. This policy can also be converted to a permanent insurance policy later.

Permanent Life Insurance Options

Permanent life insurance comes in several forms including whole life insurance and universal life insurance. It offers several advantages that term life insurance doesn't. Permanent life insurance lasts your lifetime as long as you meet your premium obligations. It also accrues cash value that you can use as an asset. Modern Woodmen has a wide selection of permanent life insurance options.

My Whole Life^®
MyLife Protector^SM
MaxCL II^SM
MaxCL Pro II^SM

The My Whole Life^® policy is a whole life policy geared for people seeking higher levels of coverage. It has a guaranteed death benefit. It also allows you to set your premium payment schedule, so you can buy the policy in full in a one-time payment or over a set period of time. Once you've chosen your premium schedule, your premiums won't change. The plan accrues tax-deferred cash value and is eligible for dividends.

MyLife Protector^SM policy is Modern Woodmen's other whole life policy option geared for people seeking lower coverage levels or final expense insurance. It also has a guaranteed death benefit, cash value growth, and eligibility for dividends.

MaxCL II^SM is one of two universal life insurance policy options available through Modern Woodmen. It offers greater flexibility when it comes to coverage levels and premium amounts than whole life policies. You can change both of these after you buy the policy as your needs and goals change.

MaxCL Pro II^SM is the second universal life insurance option. Unlike the MaxCL II^SM, the Max CL Pro II^SM offers a Member Protection Guarantee which means that death benefit is guaranteed as long as premium requirements are met even though interest rates may change.

Policyholders can add riders to each of these plans to get additional coverage or protect their policy depending on their needs.

Additional Product Offerings

Modern Woodmen offers additional insurance and financial products and services.

Financial services

Annuities
Retirement plans
College savings plans
Mutual funds
Brokerage services

Insurance products

Group employee benefits
Voluntary benefits
International life and health insurance
Long-term care insurance
Medicare
Dental, vision, and health insurance
Disability insurance

If you're looking for additional kinds of insurance or financial services, Modern Woodmen is worth investigating further.

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The Bad

Insufficient Customer Insight
Policies Not Available Everywhere
Unlisted Rider Options
No Online Quote

Insufficient Customer Insight

Best Company has not received enough Modern Woodmen of America reviews to make conclusions about the customer experience. Although conclusions are not available, it is concerning that a majority of Modern Woodmen of America's reviews are negative.

Policies Not Available Everywhere

Modern Woodmen life insurance may not be available in every state. For example, the MaxCL II^SM and MaxCL Pro II^SM policies are not available in California.

Unlisted Rider Options

It's unclear from the company's website what riders policyholders can add to policies for additional protection. It would be nice to know what options are available before contacting a Modern Woodmen representative so that customers can have a sense of how well a policy would fit their needs.

No Online Quote

While some life insurers or life insurance agencies offer premium quotes online, Modern Woodmen does not. Premium rates are determined through underwriting, which considers factors like your lifestyle and health. Because of the high level of variability, it's difficult to provide accurate quotes. While inconvenient, you'll get the best information by working with a Modern Woodmen representative.

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The Bottom Line

Modern Woodmen of America has been in the insurance business for more than a century. The company has stood the test of time and weathered eras of financial difficulty over the years. Modern Woodmen also has received high financial strength ratings, which further demonstrates the insurance company's financial stability. You can trust that Modern Woodmen manages its money and business practices wisely and responsibly.

Modern Woodmen has a great selection of life insurance policies. It offers term, whole, and universal life insurance. Its permanent policies also allow you to customize your coverage with riders. Whatever kind of policy you're looking for, you'll probably find a good fit from Modern Woodmen.

Modern Woodmen is also a fraternal benefit society. It funds social, educational, and volunteer programs to have a positive effect on communities.

The main criticism about this company is that it does not offer pricing or rider information online. While inconvenient to reach out to a representative for more details, you can be confident that you'll get good information and won't have to deal with pushy sales tactics.

However, despite some of the drawbacks, Modern Woodmen of America is a good choice if its products are available in your area.

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Anonymous Atlanta, GA

I started my annuity at 19 with Modern Woodman of America. At 23, I ran into some tough times due to college. I knew it wasn't good to take money from my annuity, but I needed it. Modern Woodman sent me 7K without any hassle, and it arrived pretty quickly. I had zero issues depositing the check, and it cleared the same as any other deposit. Modern Woodman was there when I needed them! I'm now 45, and I still have my annuity. I'm locked in at 4% interest, and I contribute to the annuity monthly. I have other retirement vehicles as well, but I've had my annuity the longest.

5 years ago

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Kathy Roehl Pepin, WI

Tried to transfer 3 annuities, 1-qualified, 2- non qualified. Filled out their paperwork and the paperwork for where the money was to be transferred to. First ofhad all takes forever to get a human to talk to, then when all paperwork was done they supposedly sent all 3 out on different days and stopped paying me interest when they supposedly sent money out. The first check arrived at new annuity place a week later, the second arrived at the new place about 2 weeks later and the third had not arrived after 5 weeks and repeatedly checking on both ends while I got no interest on my money. I finally got a hold of customer relationa at the headquarters of Edward Jones who was the agent for the new annuities and they finally got Modernwoodmen to issue a new check and a few days later it was received. Noone accepted blame and I was out a few hundred dollars in interest. They would not do direct deposit or overnight mail. So the funds were at Modernwoodmen and the longer it took the better for them. Not happy, live and learn, easy putting money into woodmen but crappy getting it back.

9 months ago

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Joe Mitchell, SD

My wife and I have been with MW for 20+ years. We are very satisfied with their products. Our IRA with them has consistently paid better than most and their social benefits have helped our family greatly. Our youngest son was a $10,000 scholarship winner. We are seriously considering them for in retirement investments.

6 years ago

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Babette Fullerton, CA

At least the rep was very nice, tried be helpful. Unfortunately, I have had a less than stellar experience with both the rep and the company and its protocols. It was a matter of communication and logistics. I got up on my days off to meet with rep, sign on for a whole life ins policy and later on a Roth IRA, was asked when I'd like to have deductions, I chose the 15th for the ins only (Roth was separately dealt). They instead deducted on the 1-5th. Over several months, tried to correct twice, in person with rep., told him by text I want the 15th, then one morning mo's later awoke to "insufficient bank funds". I thought we'd had this fixed, now months into the policy. I always prep for funds to leave my account, keep very little in checking with no overdraft, for my protection, and told them this, which was why to prep on a certain date for deduction. Rep kindly discovered it's the company's choice, based on when policy began/put into system. He apologized for lack of attention to account, took responsibility for it. Then I ask: How was he trained/why even ask my choice? Why did he not know? Did he know proper deduction protocol? Poorly trained or not paying attention during? Lack of company communication, hidden in small print? I wanted to pull my funds then, but chose to keep in, try to be wise about this, just logistics. We were both patient, but then the month after that happened, by luck I checked email late at night to find a new much larger deduction not previously taken from my account, on... the 15th! Didn't recognize/not warned about it, so called bank to stop pay. I was puzzled and "very done" now, plus the name taking it out was different, but I had a hunch, related to MW. I let my "insufficient bank funds" just be, which auto corrected two days later since I stopped pay. Asked rep about the deduction, who told me was another portion of my account, apparently. No reminder, warning, etc. I asked in a previous text the mo. previous if I could end policy and transfer my life ins funds to another account to save it (by this time, I've really had it), and this rep really made me question his position, and who they hire. He didn't get that I don't have any fixed portion, because this was the amount I didn't recognize and stopped pay and called him about, it being the first time I'd seen this, didn't recognize it. I had to explain to him the whole deal with my account, esp. the math about what I was asking to have transferred. This made me question them as a whole, and now, the rep. Why was I not given at the start some sort of paper to describe exactly what amount, when, how, would be taken? (This was done, no problems for my Roth IRA, dealt with this rep's mngr, I received clear paperwork. But *nothing*, except for one receipt I got at home, for this whole life insurance.) In addition, they were very late to sign me up/on for personal computer online setup. Wrote corporate, only to have them send me papers I had never seen upon signing up, saying I'd signed on for the 1st. I DID NOT EVER WANT THE 1ST. Why didn't the rep show or confirm w/me? Pull up my acct to correct? No action taken until I thought: No, this is so not right; I have my texts to prove that I wanted the 15th. Organized and printed out my texts/emails, then filed complaint with CA Ins. Commissioner, who were then sent the real push to corporate, who when in writing back, NO APOLOGY FROM ANYONE, said the rep had never changed anything on my acct, and did give a partial refund. Rep makes mistakes, I still lose money. But thank you, CA Ins. Commissioner. Only after the push from them did this company even come a little around. I TOLD THE TRUTH. MY TEXTS DON'T LIE. How sad that their rep didn't take action/correct protocol that needed to be done, I shouldn't have to beg or watch them. So: I really am not happy about this, to conclude that this company and/or rep are less than competent, and my money would be better used elsewhere, so to forfeit this account because these people are out to lunch, and I don't trust them anymore. So I lose money to an organization that gives so much to charity, how much do I have to lose in order to qualify to get my money back? Thankfully, I was in for only a few months, but still, a loss when surrendered. Could have really used that money for Christmas, bank savings, put into next year's Roth, etc. Instead, I receive no tangible benefits. Too many inconsistencies, logistics issues, and lack of attention to my account/little communication. They say, save up. then you're condemned to have not, but this is why. Better for me to have stayed in bed on my day off, saved $ by transferring to my savings account. They lost my future monies across the next 10 years, totaling probably more than $120,000, plus the 2-yr Roth IRA I attempted to transfer out to my bank, but oh, can't because I have to keep it with them for 8yrs unless huge penalties. Don't go with this company. Save yourself the petty grievances and worries. Go to your bank, or Fidelity Federal, or wherever else. MW touts the social benefits, but apparently I'm not part of that social end, and you probably won't be either.

5 years ago