Modern Woodmen Insurance Review & Ratings (2024)

Welcome to our comprehensive guide on Modern Woodmen Insurance and the key topics it covers. In this article, we delve into the various aspects of Modern Woodmen Insurance, including its coverage options, benefits, and how it stands out among other insurance providers.

• Modern Woodmen of America has over 750,000 members in the United States
• Modern Woodmen reviews are positive but are more difficult to find because the company is a fraternal organization
• It is hard to judge whether Modern Woodmen is worth its value because you have to contact them to get rates

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What services does Modern Woodmen offer?

Membership with Modern Woodmen gives you access to life insurance, annuity plans, and investment programs. Modern Woodmen partners with various companies to offer additional services and products. There is no underwriting for these services and products from Modern Woodmen affiliates.

Life Insurance Plans

Modern Woodmen offers three different life insurance plans: whole life insurance, universal life insurance, and term life insurance.

Whole Life Insurance

Whole life insurance plans come in two options: My Whole Life and MyLife Protector. My Whole Life and MyLife Protector also offer optional riders — paid benefits to your policy with Modern Woodmen.

Whole life insurance gives family members direct, tax-free cash whenever the policyholder passes away. The money invested in the policy also accumulates and grows over time.

Universal Life Insurance

The universal life insurance plans offered by Modern Woodmen are called MaxCL II and MaxCL Pro II.

Universal life insurance is the most flexible and affordable plan. The value of premiums and the time you need to pay your premiums can be adjusted, along with the death benefit, while the policy is still active. You can also adjust your future benefits at any time.

Depending on the stipulations of your plan, your investment will grow tax-free at a low interest rate. Plans may also guarantee the full expected death benefit, even if interest rates are lower than expected when you signed the policy.

Term Life Insurance

The third option from Modern Woodmen is term life insurance. They offer two term life insurance plans: MyLife Term and MyLife Foundation.

After paying a premium, term life insurance activates. This covers the policyholder for 10, 15, 20, or 30 years. After the end of your term period, you can choose to have your premium returned or pay more into term life insurance.

You can also transition into a universal or whole life insurance plan while you have term life insurance active without revealing any medical history or information.

Annuity Plans

Modern Woodmen offers four different annuity plans for individuals planning for retirement.

MaxProvider Flexible Premium Deferred Annuity

The MaxProvider plan is the most versatile retirement option offered by Modern Woodmen.

Modern Woodman offers its most competitive interest rates through this plan. These rates are updated quarterly and are never below your annuity certificate.

The money also grows tax-free until you make a withdrawal. There are flexible payout options and no maintenance or sales fees.

In a case where a policyholder passes away, the entire premium amount bypasses probate and goes directly to their beneficiaries. Additionally, if you surrender your annuity, this plan offers all of your money back.

Multi-Year Guaranteed Annuity

This option is the most conservative plan available. You contribute a single payment of between $10,000 and $1,000,000, which grows steady interest for three, five, or seven years at a guaranteed rate with no sales fees or taxes.

After this period is over, you can extend your plan at current rates for another three, five, or seven years. You can also take out any amount of money you desire free of charge, or let the money sit for an additional year with a new interest rate.

Variable Annuity

A variable annuity plan from Modern Woodmen kicks in once you make an initial investment into your portfolio. Your portfolio derives from a series of investments you choose to pay for your future retirement expenses.

This plan is perfect for retirees looking to take a more active role in maintaining their retirement income through an investment portfolio.

All of the money invested and earned is tax-free until you make a withdrawal. You are only able to take out a maximum of 10% of the amount in the plan on a yearly basis. Additionally, a set amount of withdrawals and transfers are allowed every year without taxes or surcharges.

There is an automatic re-balancing function that re-adjusts allotments and withdrawal rates every year. This function allows investors to balance riskier investments with long-term savings by limiting annual investment allotments to a set percent.

Single Premium Immediate Annuity

This option is popular for individuals who are skeptical about the number of social security benefits they have and for people without a pension plan.

By paying a lump sum of money, you are given a full-fledged retirement plan free from market volatility and maintenance fees. You can opt-in to receive dividends, in addition to your normal monthly allotment.

You can also pay a protection fee to safeguard your investment, in case you pass away prior to the plan starting.

Investment Programs

Modern Woodmen of America Financial Services Inc., a subsidiary of Modern Woodmen of America, provides four different investment services. Each of these services caters to different types of people who are looking to diversify their income at variable levels of risk for a potential long-term benefit.

Modern Woodmen offers mutual funds, brokerage accounts, 529 plans, and 401(k) plans.

Mutual Fund Investments

Mutual funds are safe, liquid investments pooled together by a professional investor. These investments have less risk than individual investments because mutual funds are split amongst multiple mutual fund investors.

Mutual funds through Modern Woodmen are part of a retirement account. Members looking to invest in mutual funds invest through these partnered representatives: Capital Group, BlackRock, Fidelity Investments, Franklin Templeton Investments, Invesco, and PIMCO.

Direct Investment Through Brokerage

Brokerage accounts allow members to choose their investments in securities. Members can invest in stocks, bonds, exchange-traded funds, and mutual funds.

Pershing LLC runs brokerage accounts for Modern Woodmen.

529 Education Savings Planning

529 plans are safe investments designated by the government for your child’s education. Money in 529 plans is transferable between children at no additional fees or taxes.

529 plans through Modern Woodmen can start at as low as $25 a month.

401(k) Retirement Planning

401(k) plans, through shared investments by you and your employer, are another popular investment option for Modern Woodmen members.

For the 2021 tax year, workers under 50 can invest up to $19,500 a year, and workers 50 or older can invest up to $26,000 a year.

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How can you contact Modern Woodmen?

Modern Woodmen does not offer quotes online, so you have to contact them to get more information about life insurance plans and other services.

The Modern Woodmen customer service number for general services is 309-558-3077 or 800-447-9811. They also have a direct phone number for investments, which is 866-790-7092.

Modern Woodmen can be reached by phone Monday through Friday from 7 a.m. to 3:30 p.m. Eastern Time.

Modern Woodmen’s main office is at 1701 1st Ave., Rock Island, Ill. They also have many smaller offices throughout each state in the continental United States.

Final Take on Whether Modern Woodmen is Worth it

Modern Woodmen has a lot of community outreach, including 2,500 local chapters and 800 youth service groups. They also have the COVID-19 relief program, which raises money for nonprofits. Modern Woodmen offers a variety of scholarships, rewards, financial awareness courses, and activity summits for members.

Modern Woodmen does not offer quotes online, so it can be tough to judge where they stack up with other insurance providers. Most reviews are positive, and the company has seen an overall membership increase. There are minimal complaints online, but that may be because of the nature of fraternal financial organizations.

They offer many different services, especially for life insurance. The best way to judge the value of Modern Woodmen is to contact them directly and see how they stack up.

Proactive Modern Woodmen Insurance Claims Management

Ease of Filing a Claim (Online, Over the Phone, Mobile Apps)

Modern Woodmen Insurance strives to make the claims process as convenient as possible for its policyholders. While they do not offer online quotes, they do provide options for filing claims online, over the phone, or through their mobile apps. This flexibility allows policyholders to choose the method that suits them best, ensuring a hassle-free claims experience.

Average Claim Processing Time

One of the crucial factors in evaluating an insurance provider is the speed at which they process claims. Modern Woodmen Insurance is committed to providing efficient service. The average claim processing time may vary depending on the type of claim and its complexity. However, the company’s dedication to swift resolutions helps policyholders receive the support they need when it matters most.

Customer Feedback on Claim Resolutions and Payouts

Customer feedback is a valuable indicator of an insurance company’s performance in claim resolutions and payouts. While Modern Woodmen Insurance generally receives positive reviews, it’s essential to consider policyholders’ experiences with the claims process. Hearing from actual customers can provide insights into the company’s reliability in delivering on its promises.

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Modern Woodmen Insurance Embraces Digital Transformation

Mobile App Features and Functionality

Modern Woodmen Insurance recognizes the importance of digital accessibility for its policyholders. Their mobile app offers a range of features and functionalities that make managing insurance policies and accessing information more convenient. Whether it’s checking policy details, making payments, or filing claims on-the-go, the mobile app aims to enhance the overall customer experience.

Online Account Management Capabilities

In today’s digital age, having a robust online account management system is crucial. Modern Woodmen Insurance provides policyholders with the tools they need to manage their accounts online efficiently. This includes viewing policy documents, updating personal information, and tracking the status of claims.

The user-friendly online portal simplifies the administrative aspects of insurance, empowering customers to take control of their policies.

Digital Tools and Resources

Modern Woodmen Insurance goes beyond traditional insurance offerings by providing a suite of digital tools and resources. These resources are designed to educate policyholders about their insurance options, financial planning, and retirement strategies. By leveraging technology, Modern Woodmen aims to empower its customers with the knowledge and tools needed to make informed decisions about their financial future.

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