Modern Woodmen of America has announced the introduction of two new universal life insurance products, MaxCL and MaxCL Pro. Both are permanent plans designed to provide members with greater flexibility to meet their financial needs. MaxCL provides death benefit protection for life and accumulates a tax-deferred cash value. MaxCL Pro provides lifetime benefit protection at an economical price.
Both new products offer the option to adjust the premium and/or how often the premium is paid within certain limits as a person’s income and budget change. A cost of living increase rider is also available, which automatically adjusts the coverage to keep up with inflation based on the Consumer Price Index every three years until the age of 80.
Highlights of MaxCL Universal Life Insurance include:
- Lifetime coverage – The permanent plan provides death benefit protection for a person’s lifetime (provided sufficient premiums are paid).
- Cash value – This plan accumulates extra funds tax-deferred at a guaranteed minimum 3 percent interest rate.
- Coverage – Insurance amounts start as low as $25,000 and can be increased or decreased without purchasing a new certificate.
Highlights of MaxCL Pro Universal Life Insurance include:
- Guaranteed period – The insurance can be guaranteed to age 121 and beyond. Premiums are reduced by selecting a shorter guarantee period.
- Coverage – Insurance amounts start as low as $50,000 and can be increased or decreased without purchasing a new certificate.
MaxCL and MaxCL Pro are part of Modern Woodmen’s new Maximizer Series of life insurance products. The portfolio also includes Junior Max, a low-cost term life insurance product for children, Modern Woodmen of America Maximizer, an adult term life insurance product, and Step One, a term life insurance product for young adults to age 30.
Founded in 1883 as a fraternal benefit society, Modern Woodmen celebrates 125 years of serving members and their communities. The organization offers financial services and fraternal member benefits to individuals and families throughout the United States.