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Modern Woodmen of America
About the Company
Modern Woodmen of America is based in Rock Island, Illinois. The company serves more than 750,000 members with life insurance products, annuities, investment products, and banking products nationwide.
Modern Woodmen was founded in 1883 by a man named Joseph Cullen Root. Root wanted to create a company that would help protect the financial futures of families who suffer from the death of the breadwinner in the family.
Modern Woodmen's vision statement is as follows:"Modern Woodmen of America will be one of the largest, best-known and most respected fraternals in the United States. As a leading fraternal organization, we help members take pride in themselves, in each other, in their families, in their communities and in their nation. We will be a family resource for all America with a special emphasis on bringing families together, and keeping them financially independent, emotionally secure, and physically involved in their communities."
Term Life Insurance Products
Modern Woodmen of America offers the following Term Life products:
Select V
- Allows you to choose the following:
- A policy that has premiums that increase annually.
- A policy that has level premiums for five years, increases, is level for another five years, and then increase annually.
- A policy that has level premiums for ten years, then increase annually.
- A policy that has level premiums for fifteen years, then increase annually.
- A policy that has level premiums for twenty years, then increase annually.
- You can convert your plan into a permanent policy before the age of 70 and/or before the policy's twentieth year.
- This policy offers a death benefit, but no cash accumulation value.
Decreasing Term Life Insurance
- Available for periods of fifteen, twenty, twenty-five, or thirty years
- Deathbenefit decreases over time
- Works well as a mortgage protection product because the benefit decreases as you pay your mortgage off
- Can be converted to a Permanent Life policy at any time prior to the final three years of your policy.
Modern Woodmen of America Financial Ratings
A.M. Best: A+ (Superior)
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