Modern Woodmen of America Insurance Company Review
Written by
Christine Lacagnina has written thousands of insurance-based articles for TrustedChoice.com by authoring consumable, understandable content.
Trusted Choice's Modern Woodmen of America Insurance Score
2.5 Stars
We award Modern Woodmen of America a final rating of 2.5 out of 5 stars. The carrier has been in the industry for well over a century and has high ratings through AM Best and the BBB. They offer multiple forms of life insurance coverage, annuities, and other financial services.
Though Modern Woodmen has a wide reach and strong financial stability, the only customer reviews we could find about the carrier were extremely negative. With that, we're forced to recommend looking into your other options for life insurance with the help of an independent insurance agent.
Modern Woodmen of America Insurance Company Pros and Cons:
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What Type of Insurance Does Modern Woodmen Offer?
Here's a look at the insurance products offered by Modern Woodmen.
- Whole life insurance
- Term life insurance
- Universal life insurance
- Annuities
- Mutual funds
- Brokerage accounts
- Retirement funds
Your independent insurance agent can help you find more information about the coverages offered by Modern Woodmen and help you decide if this insurance company is right for you.
What to Know about Modern Woodmen of America
Founded in 1883, Modern Woodmen of America has been in the insurance industry for well over a century. Modern Woodmen is a fraternal financial services company that doesn't have stockholders. Their headquarters is in Rock Island, Illinois.
Modern Woodmen has a network of more than 1,000 representatives in 46 states. They have more than 740,000 members, or policyholders. The insurance company claims to have issued $14.4 million to support their members' communities through their fraternal programs and other benefits and activities.
Thanks to wide reach and extensive history in the insurance industry, Modern Woodmen of America has earned a reputation over time as a financially sound insurance company. AM Best gives Modern Woodmen an overall “A” rating, indicating the carrier is an excellent choice.
Established in 1899, AM Best is one of the oldest rating companies in the world. Reviews from AM Best indicate an insurance company’s financial strength and creditworthiness and are based on comprehensive evaluations of the company’s operating performance, business profile, and annual report.
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What Discounts Does Modern Woodmen Offer?
Modern Woodmen does not make information about its specific coverage discounts readily available. However, an independent insurance agent can fill you in on these details when shopping for your coverage. Your independent insurance agent will find you any and all discounts you may qualify for to save you the most money possible on your coverage.
Modern Woodmen Customer Service
Here's a breakdown of Modern Woodmen's customer service options and availability.
- Phone contact option
- Fax contact option
- Snail mail contact option
- Contact form on website
- Phone department has the following hours:
| Days | Hours (CST) | ||
| Monday-Friday | 8 am - 4:30 pm | ||
| Saturday | CLOSED | ||
| Sunday | CLOSED |
To ensure a great customer service experience, work together with an independent insurance agent. Independent insurance agents can help handle claims and other matters for you, so you can relax and enjoy your coverage.
Modern Woodmen Customer Reviews
| Better Business Bureau |
We were with Modern Woodmen for over 8 years. Our premiums were auto debit and we never missed a payment. Problem with these people is they never service your account. I made over 78 calls in 8 years for service, to add coverage, make changes and buy additional products. NO CALL WAS EVER RETURNED---NEVER. But every month that payment came out. I finally got tired of the disservice and cancelled with them, not 24 hours went buy and I received 3 phone calls and 4 premium notices in the mail. Imagine that!!! When the money stopped all of a sudden I became the priority customer. When I received the check for the value of my policy, I could not cash the check and had to make several phone calls to find out why. The reason you ask? They like to hold the money from you until you absolutely exhaust every effort to get YOUR MONEY back from them. These people are UNCARING and ONLY want your money. [ . . . ] DO NOT INSURE WITH THEM!!!! You will regret it!!! |
| Better Business Bureau |
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After filing a death claim, I received a check from Modern Woodmen, for my portion of the payout on my Dad's annuity. I deposited the check the day after I received it, then proceeded to invest the funds with another organization. Four days after I deposited the check, my bank account is overdrawn by $174.78 because they placed a stop pay on the death claim check. I called Modern Woodmen and was told that they overpaid me by $5.15 so placed a stop pay and will be issuing a new check for $5.15 less than the original check. Meanwhile, I expect to be paying overdraft and return fees due to this issue. Modern Woodmen made no attempt to contact me either by phone or email regarding this issue. |
Modern Woodmen of America FAQs
Modern Woodmen does not provide a claims response time frame.
Modern Woodmen is available by phone at typical hours during the week. Customers can also contact the carrier via fax, snail mail, or through the website.
Modern Woodmen allows customers to file claims via the website, fax, or email. Their website states the following about their claims process:
"Most claims process within 5-7 business days after we receive all the required documents. Beneficiaries usually receive payment shortly thereafter. Some claims may take longer."
Modern Woodmen has an easy-to-use website and a comprehensive social media presence. Overall, the carrier does provide a good, user-friendly experience for customers.
Modern Woodmen offers three major types of life insurance, whole, universal, and term. Some of their coverage benefits include:
- Coverage for funeral and other final expenses
- Flexible premiums
- Extra funds accumulation, guaranteed minimum interest rates, and tax-deferred funds
- Option to keep the death benefit in force regardless if interest rates increase during the life of the policy
- Locked in premiums for set terms of 10, 15, 20, or 30 years
- Coverage with no medical exam
An independent insurance agent can help you decide if any of Modern Woodmen's life insurance products are right for your needs.
Modern Woodmen has been in the industry for more than century and has a high rating through AM Best and the BBB. However, the only customer reviews we can find about the carrier are negative.
There have been a couple of complaints filed against them through the BBB in recent years as well. So, we're hesitant to call Modern Woodmen a good insurance company at this time.
http://www.modernwoodmen.org
http://www.bbb.org/us/il/rock-island/profile/insurance-companies/modern-woodmen-of-america-0664-102121/complaints