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1 User Review
LAST UPDATED: February 16th, 2021

Founded in 1890, WoodmenLife started as a fraternal benefits society. The life insurance company is built upon integrity, care, and respect, and aims to help families through times of financial devastation. 

Since its founding in Omaha, Nebraska, WoodmenLife has grown to serve clients throughout the UnitedStates. Its commitment to community building and supporting its members has also followed the company through its growth.

You can choose from a selection of policies, including whole life insurance, term life insurance, family term life insurance, and universal life insurance. If you're looking for an insurer with good policy options and that cares for its members and their communities, WoodmenLife is a great company to choose.

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The Good

  • High Financial Strength Ratings
  • Term Life Insurance
  • Family Term Life Insurance
  • Permanent Coverage Options
  • Membership Perks
  • Wide Availability
  • Charitable donations

High Financial Strength Ratings

WoodmenLife has earned high financial strength ratings from A.M. Best. These financial strength ratings indicate a company's ability to meet its claims obligations. High ratings mean that you can rely on WoodmenLife.

These high ratings coupled with its many years of industry experience make WoodmenLife a trusted life insurer.

Term Life Insurance

WoodmenLife offers a good selection of life insurance policies. Whether you are looking for term life insurance or permanent life insurance, you'll find good options from WoodmenLife.

Through WoodmenLife you can purchase a term length of 10, 15, 20, or 30 years. Some term policies can't be issued to applicants of all ages. However, WoodmenLife offers several term policy options to applicants ages 0 to 80. At almost any age you can find a good term policy from WoodmenLife.

You can also customize your term policy by adding these riders: accidental death benefit, disability waiver of premium, and applicant waiver of premium. The accidental death benefit provides additional protection in case the insured passes away in an accident.

The other riders protect your policy if you become disabled and can't make premium payments. With these riders you can keep your insurance policy without making premium payments. The applicant waiver of premium is designed for clients who are the policyholder on a policy that insures a child, spouse, or former spouse.

Family Term Life Insurance Policy

WoodmenLife stands out from other insurers for its offering of Family Term Life Insurance. For details on what's available in you're area, you'll need to work with WoodmenLife directly. While it would be nice to have more general information on this unique policy offering, regional variability makes this difficult.

In California, for example, this policy offers up to $500,000 in coverage for two adults and their children for 10 or 20 years. You'll benefit from set premiums for the length of the policy's term. Children can be on this policy until they turn 25 years old. You can also add children to the policy as your family grows without increasing costs.

If one of the adults on the policy passes away, the policy will remain in force without additional premiums. This feature allows you to maintain your coverage and peace of mind without the financial stress of paying premiums.

You can convert your family term coverage to a permanent policy before your coverage ends without additional health underwriting. This ability to convert your policy allows you to buy the coverage you need now at more affordable rates and switch to permanent insurance coverage later as your financial situation changes.

To protect your policy, you can add a disability waiver of premium that waives premiums and keeps your policy intact if you become disabled according to the terms.

WoodmenLife's Family Term policies set it apart from other insurers. This policy allows you to get the coverage your family needs in one policy and includes features that protect your family's needs like its convertability to a permanent policy, waived premiums when one adult dies, and the option to add a disability waiver of premium rider.

Permanent Coverage Options

WoodmenLife offers two kinds of permanent life insurance: whole and universal. These policies offer lifelong coverage as long as you make your premium payments. You'll also benefit from the cash value accumulation that can be accessed while living. Remember that if you access the cash value and don't pay it back, the death benefit will be reduced by the amount you used.

Whole life insurance has level premiums, which makes it a more predictable expense to add to your budget. The cash value also typically accrues at guaranteed interest rates.

WoodmenLife offers three policy options, which allows you flexibility when choosing a pay structure. You can choose a policy that's paid up at age 100, paid up at age 65, paid up in 10 years, or paid up in 20 years. Some policy options may not be available to all ages. However, you can find a whole life insurance option from WoodmenLife if you are ages 0 to 85.

You can add an accelerated death benefit rider or a chronic and terminal illness accelerated death benefit rider to your policy without an additional premium. This feature allows you to receive part of the death benefit in advance to help you pay for medical costs.

Additional riders include the followng: accidental death benefit, applicant waiver of premium, disability waiver of premium, and guaranteed insurability rider. These riders allow you to protect your policy and add coverage. These riders are common among life insurers, though not all insurance carriers offer them.

Unlike whole life insurance, universal life insurance has more flexibility with premiums and policyholders assume more risk when investing their policy for cash value growth.

WoodmenLife offers indexed universal life insurance and no-lapse guarantee universal life insurance. The no-lapse guarantee universal policy offers guaranteed coverage through age 121.

Like Woodmen's whole life policies, you can include an accelerated death benefit or chronic and terminal illness accelerated benefit rider with your policy without an increased premium.

For an additional cost, you can add an accidental death benefit rider or a waiver of monthly deduction rider. These riders protect your policy and offer additional coverage. The waiver of monthly deduction rider ends your monthly premium payment deductions if you become totally disabled.

Membership Perks

When you purchase a product from WoodmenLife, you become a WoodmenLife member. With membership, you benefit from the company's Life's Perks® program. This program offers discounts on products and services on local and national brands, including cell phones, restaurants, club memberships, homes, cars, and more. This discount program allows you to save money on everyday expenses.

It's hard to find similar programs from other insurers, so participation in the Life's Perks® program is a distinctive benefit of choosing WoodmenLife.

Wide Availability

The insurance company offers policies throughout the United States. While Family Term Insurance may vary by state in the services offered, WoodmenLife does provide services to every state. Some life insurance companies only operate in some states, so WoodmenLife's wide availability makes its policies accessible to more people.

Charitable Donations

WoodmenLife is non-profit and patriotic. In fact, it donated more than 2.5 million American flags to schools, police departments, firehouses and more. When purchasing a WoodmenLife policy, people get money-saving benefits that can be used as access to community events, or toward special rates on products.

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The Bad

  • Limited Customer Insight
  • Inconvenient Quotes

Limited Customer Insight

Best Company has only received a small number of WoodmenLife reviews. Since reviews are limited, conclusions about customer satisfaction are not available.

Inconvenient Quotes

You cannot get an online quote or have a quote emailed to you. Instead, you'll have to schedule a call with one of WoodmenLife's representatives. If you're in the research phase or just starting to compare options, this is especially inconvenient.

However, the personalized service and the ability to have your questions answered by a knowledgeable person are great benefits of working directly with a representative.

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The Bottom Line

While you'll have to schedule a call with a representative to learn more about pricing and recommended coverage levels, WoodmenLife is a recommended life insurance company. Its many years of experience combined with high financial strength ratings means you can rely on WoodmenLife to meet its claims obligations.

Whatever kind of life insurance you're looking for, you'll find a good option from WoodmenLife. It offers term, whole, and universal life policies. Its distinctive offering is its family term policy. If you're looking to cover your entire family, learning additional details about what this policy offering looks like in your area is worthwhile.

When you choose WoodmenLife, you become a member and can use member benefits like the company's Life's Perks® discount program. You'll benefit from local and national discounts on everyday expenses.

We recommend considering Woodmen Life because it has a strong reputation, good selection of life insurance products, and stands out with a discount program.

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June Watson McDonough, GA

Don't return phone calls /can't discuss after you give them all necessary information

11 months ago

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