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Modern Woodmen of America

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LAST UPDATED: February 10th, 2021

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 TermSM plan and the MyLife FoundationSM plan.

The MyLife TermSM 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 FoundationSM 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 ProtectorSM
  • MaxCL IISM
  • MaxCL Pro IISM

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 ProtectorSM 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 IISM 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 IISM is the second universal life insurance option. Unlike the MaxCL IISM, the Max CL Pro IISM 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.


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 IISM and MaxCL Pro IISM 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.


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.

3 years 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.

4 years ago

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Jay Fort Wayne, IN

Have been with them for 40 years, and the best annuities available

7 years ago