WoodmenLife Insurance Review & Complaints: Life Insurance & Annuities (2024)
WoodmenLife offers life insurance, annuities, group benefits, and financial planning services, although Woodmen life insurance policies are the only products underwritten by the company. Our WoodmenLife review finds that WoodmenLife quotes are not offered online, but the Better Business Bureau has an A+ WoodmenLife rating listed.
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Angie Watts
Licensed Real Estate Agent
Angie Watts is a licensed real estate agent with Florida Executive Realty. Specializing in residential properties since 2015, Angie is a real estate writer who published a book educating homeowners on how to make the most money when they sell their homes. Her goal is to educate and empower both home buyers and sellers so they can have a stress-free shopping and/or selling process. She has studi...
Licensed Real Estate Agent
UPDATED: Dec 4, 2023
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Editorial Guidelines: We are a free online resource for anyone interested in learning more about insurance. Our goal is to be an objective, third-party resource for everything insurance related. We update our site regularly, and all content is reviewed by insurance experts.
UPDATED: Dec 4, 2023
It’s all about you. We want to help you make the right coverage choices.
Advertiser Disclosure: We strive to help you make confident insurance decisions. Comparison shopping should be easy. We are not affiliated with any one insurance provider and cannot guarantee quotes from any single provider.
Our insurance industry partnerships don’t influence our content. Our opinions are our own. To compare quotes from many different insurance companies please enter your ZIP code on this page to use the free quote tool. The more quotes you compare, the more chances to save.
On This Page
With a history of more than 125 years, WoodmenLife is a homegrown insurance society out of Omaha, Nebraska. They write life insurance as well as offering annuities and other retirement and financial planning products.
What is WoodmenLife?
This life insurance company was founded as a fraternal organization on Farnam Street in Omaha, Nebraska on June 6, 1890. Within a decade, they had grown to serve chapters across the country. By the 1960s the company had more than $1 billion of life insurance in force — that number would reach more than $35 billion by 2010.
Over time, they added a number of financial products such as annuities, children‘s college savings, and other financial planning options to the company’s offerings, helping their clients do more to protect their financial future. Over the years they also merged with several other fraternal societies, and are still operating under the name Woodmen of the World Life Insurance Society. The company is better known simply as WoodmenLife.
There are local chapters across the United States, and its policies are sold to those communities by representatives. As a fraternal society, Woodmen is a membership organization, but the only eligibility requirements to become a member is to purchase a policy. There are no additional membership requirements, but extra benefits include discounts at many retailers, scholarships, and benefits for natural disasters, newborns, and orphans. The company also gives back profits to members in the form of refunds.
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What products are offered?
While the company offers a wide range of insurance products on their website, only their life insurance products are underwritten directly. Other insurance policies are offered through a partnership with Alliance, a separate company. The website offers only basic overviews of the offerings without any additional details. While they do not offer standard health insurance, they do have options for hospital confinement indemnity insurance, Medicare Supplements and Medicare Part D coverages. Additional insurance options may be available through the company.
WoodmenLife’s primary coverage options include:
Life Insurance
It writes both permanent and term life insurance, including a variety of whole life insurance and universal life insurance options.
The Whole Life programs offer permanent life insurance coverage and are available with four different options for paying your premiums. The Paid at 100 plan has the cheapest premiums, but payments continue up until the age of 100. There is also a Paid at 65 option, which has a higher premium but is paid up in time for retirement age. Also offered are a 10 or 20 pay, and a single premium option. A number of riders can be added to these policies, including an accidental death benefit, which allow you to customize the permanent life insurance coverage you receive so you don’t have to worry about your family’s financial security when you’re gone.
Term insurance policies are available ranging from 10 up to 30 years, with a variety of riders as well. These policies are renewable up to age 95 and convertible at the end of the term period as well. The provider also appears to offer a youth term policy as well as a family term insurance product that covers multiple family members on one policy.
There are two Universal Life policies available. Accumulation Universal Life is a policy designed to focus on building cash value while still offering a steady death benefit. The other policy, No Lapse Guaranteed Universal Life, is a policy that is designed to ensure coverage stays in force as long as basic policy terms are met. You are also able to add riders to your universal life policy, for an additional premium.
Annuities
The company offers several types of annuities to provide steady retirement income on a tax-deferred basis. Deferred fixed annuities provide the opportunity to plan for the future, while immediate annuities start paying out more quickly. It also offers variable annuities, which have a higher risk but can also provide a higher return.
Group Benefits
The company writes voluntary group benefits packages to small businesses across the country. Life insurance and annuities are among the options employers can offer to their employees and a pre-tax rate. This type of insurance is purchased by a business and then offered as benefits packages to employees of that business. If you have any questions about the benefits you’re eligible for, you may want to talk to your employer.
Financial Planning
The financial services side of the business offers a range of retirement plans, including IRAs and non-qualified annuities. They also offer other financial planning services, such as college savings and mutual funds, to help customers reach their goals.
Does the company have positive financial strength ratings and consumer reviews?
The company has an A+ objective reporting rating with the Better Business Bureau (BBB), an independent rating company that focusing on many businesses, including the rating of insurers. WoodmenLife’s BBB Business Profile lists only four customer complaints on file against the business in the past three years, two of which were closed recently.
Customer reviews on Facebook are mixed, some superior and glowing, and some very negative. A few of the reviews are from employees or agents who sell the policies, but the majority appear to be customers. Most of the comments aren’t particularly detailed, but one outlines what appears to be a bait and switch experience with rates.
A review posted on Complaints Board is followed up with multiple comments that again seem to show a mixed opinion of the company. Much of the issue appears to be related to the customer’s lack of understanding regarding how some policies work.
Overall, there are not a lot of complaints or additional rating details about this company given its size. The complaints that are available are common to most insurance companies, and there are no red flags.
Simplified Assurance: Unpacking WoodmenLife Insurance Claims Process
Ease of Filing a Claim
WoodmenLife offers multiple options for filing insurance claims, ensuring convenience for their policyholders. You can initiate the claims process through various channels, including online, over the phone, or through their mobile app. This flexibility allows you to choose the method that suits you best, making it easy to report a claim promptly.
Average Claim Processing Time
One crucial aspect of any insurance company’s performance is the speed at which they process claims. While specific processing times may vary depending on the complexity of the claim, WoodmenLife aims to provide efficient claim processing.
However, it’s essential to consult with the company or your local representative for precise information on the average claim processing time for your specific case.
Customer Feedback on Claim Resolutions and Payouts
Customer feedback plays a pivotal role in assessing an insurance company’s claim resolution process. WoodmenLife’s commitment to its policyholders’ satisfaction is reflected in its Better Business Bureau (BBB) rating of A+.
This high rating is indicative of positive customer experiences with the company’s claim resolutions and payouts. It’s advisable to explore customer reviews and testimonials to gain insights into real-life claim experiences with WoodmenLife.
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Empowering Your Coverage: WoodmenLife’s Innovative Digital Features
Mobile App Features and Functionality
WoodmenLife offers a mobile app designed to enhance your insurance experience. The app provides various features and functionalities that empower you to manage your insurance policies conveniently from your mobile device. Whether you need to access policy information, make payments, or submit claims, the mobile app aims to streamline these processes and provide a user-friendly interface.
Online Account Management Capabilities
In addition to their mobile app, WoodmenLife offers robust online account management capabilities. Through their website, policyholders can access their accounts, view policy details, make payments, and perform other essential tasks with ease. This online platform simplifies policy management, allowing you to stay in control of your insurance policies 24/7.
Digital Tools and Resources
WoodmenLife is committed to providing policyholders with valuable digital tools and resources to make informed insurance decisions. These resources may include calculators, educational materials, and informational content designed to help you understand your coverage options better. By leveraging these digital tools, you can make well-informed choices about your insurance needs.
WoodmenLife’s combination of efficient claims processing and a range of digital and technological features demonstrates their dedication to delivering a seamless and user-friendly insurance experience for their policyholders. Whether you’re filing a claim or managing your policies online, WoodmenLife strives to provide the tools and support you need.
What’s the bottom line?
WoodmenLife may be a good choice for those who prefer to work with an agent and like the idea of a membership with perks with a business that advertises its commitment to family. Without further information on the company’s policies and rates, however, it’s difficult to form a clear opinion. Certainly, they have longevity and a solid foundation, but some insurance shoppers may prefer to find a low rate at a well-known company.
Frequently Asked Questions
What are the eligibility requirements to become a WoodmenLife member?
The only eligibility requirement to become a WoodmenLife member is to purchase a policy. There are no additional membership requirements, but members can enjoy extra benefits such as discounts at retailers, scholarships, and benefits for natural disasters, newborns, and orphans.
Are there any additional insurance options available through WoodmenLife?
While WoodmenLife primarily underwrites life insurance policies, they also offer other insurance options through a partnership with Alliance, a separate company. These options may include hospital confinement indemnity insurance, Medicare Supplements, and Medicare Part D coverages.
Are WoodmenLife policies customizable with riders?
Yes, WoodmenLife offers the option to add riders to their life insurance policies. Riders allow you to customize your coverage and add additional benefits, such as accidental death benefits, to suit your specific needs.
Does WoodmenLife offer health insurance?
WoodmenLife does not offer standard health insurance policies. However, they provide options for hospital confinement indemnity insurance, Medicare Supplements, and Medicare Part D coverages.
Are WoodmenLife annuities guaranteed?
WoodmenLife offers different types of annuities, including deferred fixed annuities, immediate annuities, and variable annuities. While annuities provide a steady retirement income, the guarantees associated with each type of annuity may vary. It’s important to carefully review the terms and conditions of the specific annuity product to understand the guarantees and features it offers.
Can I purchase WoodmenLife insurance policies online?
WoodmenLife does not offer the option to purchase insurance policies directly online. To obtain a policy, you will need to work with a local representative who can guide you through the process and provide personalized assistance.
Are you looking for free insurance quotes?
Your one-stop online insurance guide. Get free quotes now!
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Angie Watts
Licensed Real Estate Agent
Angie Watts is a licensed real estate agent with Florida Executive Realty. Specializing in residential properties since 2015, Angie is a real estate writer who published a book educating homeowners on how to make the most money when they sell their homes. Her goal is to educate and empower both home buyers and sellers so they can have a stress-free shopping and/or selling process. She has studi...
Licensed Real Estate Agent
Editorial Guidelines: We are a free online resource for anyone interested in learning more about insurance. Our goal is to be an objective, third-party resource for everything insurance related. We update our site regularly, and all content is reviewed by insurance experts.