Jeffrey Wade
Modern Woodmen of America is a fraternal benefit society that offers life insurance, annuities, and investment options to its members. The company was founded in 1883 by Joseph Cullen Root with the goal of protecting families after the death of their primary breadwinner. Modern Woodmen offers a range of life insurance products, including permanent, term, children's, and young adult life insurance. In addition to life insurance, they also provide other financial services such as college savings plans, group employee benefits, international life and health insurance, long-term care insurance, and dental, vision, and health insurance. While they offer a diverse range of products, there have been some complaints about their customer service, communication, and issues with transferring funds. Overall, Modern Woodmen of America is a well-established company that has been in the insurance business for over a century and is committed to helping families and individuals find financial security.
| Characteristics | Values |
|---|---|
| Year founded | 1883 |
| Founder | Joseph Cullen Root |
| Headquarters | Rock Island, Illinois |
| Type of company | Fraternal benefit society |
| Number of members | Over 700,000 |
| Main products | Life insurance, annuities, and investment products |
| Structure | Local organizations called "camps" |
| Number of camps | Over 2,300 |
| Number of youth clubs | Over 700 |
| Discounts offered | Multi-policy, safe driver, home safety, good student, pay-in-full, loyalty |
What You'll Learn
Modern Woodmen of America's auto insurance coverage options
Modern Woodmen of America offers a range of auto insurance coverage options to meet the diverse needs of its members. Here is an overview of the key auto insurance offerings provided by the company:
Liability Coverage
This type of coverage protects you from the financial consequences of an accident where you are at fault. It covers the other party's medical expenses and property damage, helping you avoid costly out-of-pocket expenses.
Collision Coverage
Collision coverage is designed to repair or replace your vehicle if it is damaged or totaled in a collision with another object, such as another vehicle or a stationary structure.
Comprehensive Coverage
This coverage option goes beyond collision and offers protection against damages caused by incidents other than collisions. This includes events like theft, vandalism, fire, falling objects, and natural disasters.
Roadside Assistance
Modern Woodmen of America offers optional roadside assistance as part of its auto insurance package. This service provides assistance in situations like flat tires, battery issues, lockouts, and towing, giving you peace of mind on the road.
Rental Car Reimbursement
If your vehicle is being repaired due to a covered loss, rental car reimbursement can help cover the cost of a rental car during that period, ensuring you remain mobile and minimize disruptions to your daily life.
Auto Insurance Payments: Tax Deductible?
You may want to see also
Discounts offered by Modern Woodmen of America
Modern Woodmen of America Insurance offers a range of discounts to its members to make its insurance products more affordable. Here are the key discounts offered:
Multi-Policy Discount
Members who bundle multiple insurance policies, such as life and home insurance, are eligible for savings. This discount is ideal for those seeking a comprehensive approach to their insurance needs.
Safe Driver Discount
Members with a good driving record can benefit from reduced auto insurance premiums. This discount rewards safe driving practices and encourages members to maintain a clean driving history.
Home Safety Discount
This discount is applicable to members who have safety features in their homes, such as security systems or smoke detectors. By investing in these safety measures, members may qualify for lower homeowners insurance premiums.
Good Student Discount
Students who maintain good academic grades may be eligible for reduced auto insurance premiums. This discount recognizes the importance of academic achievement and encourages young drivers to prioritize their education.
Pay in Full Discount
Members who opt to pay their insurance premiums in full, rather than in installments, can take advantage of additional savings. This discount rewards members for their timely and efficient payment methods.
Loyalty Discount
Modern Woodmen of America Insurance values its long-standing members. Those who have been with the company for an extended duration may qualify for a loyalty discount on their insurance premiums. This discount reflects the company's appreciation for member loyalty and longevity.
These discounts demonstrate Modern Woodmen of America Insurance's commitment to enhancing the financial well-being of its members. By providing a range of cost-effective insurance solutions, the company ensures that members can access the protection they need without compromising coverage.
Full Coverage Auto Insurance: Understanding Vandalism Protection
You may want to see also
Customer reviews of Modern Woodmen of America
On the Better Business Bureau (BBB) website, Modern Woodmen of America has an average rating of 4.56 out of 5 stars, with seven complaints filed in the past three years. One customer praised the company for its helpful representatives, stating that they didn't have to deal with pushy sales tactics. Another reviewer commended Modern Woodmen of America for its high financial strength rating, indicating the company's ability to meet claims.
However, several customers have expressed dissatisfaction with the company's customer service and communication. One reviewer on the BBB website warned others to "beware" as the company would "hold your money hostage." Another reviewer on Indeed.com, a former employee, described the company's leadership as "stuck in 1995", providing "no support and low pay".
Reviews from employees on Indeed.com are also mixed, with some praising the company for its benefits, culture, and work-life balance, while others criticise the lack of training, poor management, and a push to sell life insurance over other financial products. One former employee mentioned that they were "bamboozled from the start", highlighting the lack of training and outdated leadership.
Overall, while some customers and employees have had positive experiences with Modern Woodmen of America, there are also several negative reviews highlighting issues with customer service, communication, and transparency.
Update Vehicle Insurance: DMV Guide
You may want to see also
Modern Woodmen of America's other insurance products
Modern Woodmen of America offers a range of insurance products to its members. The company was founded in 1883 by Joseph Cullen Root, with the goal of creating an organization that would protect families following the death of their primary breadwinner. The company is now the third-largest fraternal benefit society in the US, with over 740,000 members.
Modern Woodmen of America offers the following insurance products:
Life Insurance
The company offers a variety of life insurance products, including permanent life, term life, and children's and younger adult's life insurance. Permanent life insurance is the most popular form, providing lifetime coverage and a cash value that accumulates over time. Term life insurance provides coverage for a fixed number of years at a fixed rate and is typically more affordable.
Modern Woodmen of America offers two term life insurance policy options: MyLife TermSM and MyLife FoundationSM. The MyLife TermSM plan offers level premiums for the entire term and allows for conversion to a permanent policy. The MyLife FoundationSM plan makes life insurance more accessible by locking in premiums until the insured turns 30 and offering the option to purchase the policy with a lump-sum payment.
For permanent life insurance, Modern Woodmen of America offers whole life and universal life insurance options. The My Whole Life® policy is geared towards individuals seeking higher levels of coverage, while the MyLife ProtectorSM policy is designed for those seeking lower coverage levels or final expense insurance.
Annuities
Modern Woodmen of America provides fixed and variable annuities to secure guaranteed income streams for retirees and pre-retirees.
Health Insurance
The company offers individual health insurance plans and group/employer benefits.
Long-Term Care Insurance
Long-term care insurance is available to provide financial protection for individuals who require extended care due to a chronic illness, injury, or cognitive disorder.
Dental, Vision, and More
Modern Woodmen of America also offers dental, vision, and health insurance to meet the diverse needs of its members.
In addition to these insurance products, Modern Woodmen of America provides financial planning services, retirement planning, and investment options to help individuals and families achieve their financial goals.
Mercury Auto Insurance: Good Option?
You may want to see also
Modern Woodmen of America's history and values
Modern Woodmen of America (MWA) was founded in 1883 by Joseph Cullen Root in Lyons, Iowa. Root was a businessman and member of several fraternal organisations. He wanted to create an organisation that would protect families after the death of a breadwinner, having witnessed the hardship faced when this occurred.
The name of the organisation came from a pastor's parable about pioneer woodmen clearing away forests to build homes, communities, and security for their families. Root added "modern" to reflect the need to stay current and change with the times, and "America" to symbolise patriotism.
Originally, the MWA was only open to men who lived in rural areas and worked low-risk jobs. Religiously, the group was quite open, but until the mid-1900s, membership was restricted to white males between the ages of 18 and 45 from the 12 "healthiest" states. Residents of large cities and those employed in certain professions were disqualified from membership.
In 1884, the head office was organised in Fulton, Illinois. The first death claim of $698.58 was paid to Henrietta Mayer of Davenport, Iowa, the same year. In 1897, the MWA moved to its final home in Rock Island, Illinois, where its headquarters remain today.
The MWA engaged in charitable activities, including sponsoring local civic programs, scholarships for youth, and a tuberculosis sanatorium in Colorado Springs, Colorado, from 1909 to 1947. The society also participated in secret rituals, described as a "strange mixture of Roman dignity and forest freedom." Members wore military-style uniforms with visored hats and carried ceremonial axes or swords at events.
By 1910, the Modern Woodmen numbered one million members. Today, the Modern Woodmen of America continues to exist as a fraternal benefit society, offering insurance and investment products to its nearly 740,000 members.
Gainsco Auto Insurance: Good or Bad?
You may want to see also
Frequently asked questions
Yes, Modern Woodmen of America offers auto insurance, along with other insurance products such as life insurance, annuities, and health insurance.
Modern Woodmen of America is a fraternal life insurance company that has been in business since 1883. It offers a range of insurance and financial products to its members.
Members of Modern Woodmen of America can access a diverse range of insurance and financial products, including auto, home, life, and health insurance, as well as annuities and retirement planning services. The company also has a strong commitment to member satisfaction and offers competitive pricing.
Modern Woodmen of America's auto insurance includes comprehensive coverage for cars, trucks, and SUVs, with optional add-ons like roadside assistance and rental car reimbursement. The company also offers various discounts, such as the multi-policy discount, safe driver discount, and good student discount, to help members save money.
To get a quote for Modern Woodmen of America's auto insurance, you can visit their website or contact a local representative.
