Product Details



  Return to Compare Products


Flexible Premium Annuity
Product ID: 57

Vendor:
Modern Woodmen of America
Type:
Fixed Annuity 


1%
AM Best:
A+
9 Years / 9.00%
Yes



Enrollment and Questions

Use the following contact information to enroll or ask questions.

Website:
Visit Website
Phone:
800447981
 E-mail:
Mailing Information  Address:
Modern Woodmen of America
1701 1st Avenue
Rock Island, IL 61201
  In-person:
Questions about enrollment?
View the Contact Information tab on the Vendor Details page for a list of office locations.


This is a deferred fixed annuity that accepts flexible periodic premium payments done with transfers and rollovers from existing plans. The contract will earn a competitive current rate of interest that is guaranteed to be no less than 1 percent. Please contact your local representative for current rates. The plan provides flexible distribution options to accomodate life cycle changes. A plan participant is guaranteed to receive an amount equaling 100% of all principal contributions minus any withdrawals taken if the annuity is ever surrendered

Select the topics below to expand and view additional product details


Hardship withdrawals are available per IRS guidelines.

Required Minimum Distributions will be calculated and distributed as per IRS guidelines.

Riders are amendments to the annuity contract that typically add to your costs. make sure you inquire about any additional costs. The following riders exist for this product:

Surrender charges are waived in the event of terminal illness (death is expected within 12 months or less). This waiver applies only aftre the first certificate anniversary.
Guaranteed Return of Principal:
In the event of a total surrender, a plan participant is guaranteed to receive an amount that is not less than the total of all contributions made minus any withdrawals received.
Equal monthly income payments may be made jointly to two payees. Either full or two-thirds of the original income payment will be paid to the survivor during his remaining lifetime. The amount of each payment will depend on the age and the sex of the payees.
Equal monthly payments made for the life of the annuitant. Payments will stop when the annuitant dies.
Equal monthly income payments will be made for a guaranteed period, and will continue thereafter during the lifetime of the payee. The guaranteed period may be 10 or 20 years
Equal monthly income payments will be made during the lifetime of the payee. The guaranteed period will equal the period required for the total payments to equal the proceeds applied (installment refund).
A lump sum withdrawal (surrender) is available.
Equal monthly income payments will be made for a specified period.
Deposit at Interest, Fixed Amount and Fixed Period:
Interest income will be paid on proceeds left with the Society. The rate of interest will be not less than 1.25% per year. Fixed Amount - Payments will be received in equal monthly, quarterly, semiannual or annual installments of specified amounts for a period not exceeding 30 years. Fixed Period - Payments will be received in equal monthly, quarterly, semiannual or annual installments for a fixed period of from one to thirty years.
These rates may change without notice. Contact your provider for the most current rates.



All 403(b) products contain fees. The amount of fees varies greatly depending on the product. A slight increase in fees can substantially reduce the growth in your account which will reduce your income in retirement. To learn more about the impact of fees, and the different types of fees please refer to the Explanation of Fees piece located in the Help & Resources.

Surrender Charges

Surrender Period* Surrender Percentage
1 9.00%
2 8.00%
3 7.00%
4 6.00%
5 5.00%
6 4.00%
7 3.00%
8 2.00%
9 0.00%

*Expressed in contract years


Surrender Penalty Charge assessed on a "rolling" basis: Surrender charges only apply for the first eight contract years. They are not assessed on a "rolling" basis and are non-reoccuring.
Exceptions to the Surrender Charge:
Percent of contract value:
10.00%
Death:
Yes
Nursing Home or Other Medical Expenses:
Yes
Other Restrictions:
Terminal Illness - yes, if life expectancy of 12 months or less. Admission to a qualified nursing care center. See information under Nursing Home Rider.

add to Compare Compare

Compare up to 3 products
Compare up to 3 products
Product Name
Type

()
  Add to Favorites In Favorites Remove from List


add to Favorites Favorites

There are currently no favorites
10 maximum per product type
Product Name
Type

()
  Add to Favorites In Favorites Remove from List