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Modern Woodmen offers new Return of Premium rider

New option fills the gap between term and permanent life insurance
Many Americans grapple with the decision of choosing life insurance. Term life insurance is less expensive, but if you outlive the term, you receive nothing from the premiums paid. Permanent life insurance can be more expensive, but ensures a valuable death benefit.

Modern Woodmen of America introduced the Return of Premium rider to meet the needs of those searching for lower-cost life insurance protection with a return of premiums paid. The ROP rider is used in conjunction with Modern Woodmen’s Maximizer Term Life Insurance.

“This is unique,” says Patrick J. Barnes, chief marketing officer at Modern Woodmen. “The rider will return the premiums either way – in addition to the basic death benefit or at the end of the term.” Most similar plans pay either the death benefit or return the premiums. Modern Woodmen’s ROP rider does both.

Highlights of the new Maximizer ROP rider include:
• Living benefits – At the end of the 20- or 30-year term, the returned premiums can be used to purchase a single premium whole life plan, offset family expenses, purchase long-term care insurance or whatever else is desired.
• Death benefit – The beneficiary will receive both the death benefit and the eligible premiums paid.
• Level premiums – During the selected period, premiums paid are guaranteed to remain the same.

The Return of Premium rider is 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, Maximizer, an adult term life insurance product, and Step One, a term life insurance product for young adults to age 30.

“The ROP rider is a great way to protect your family and have the ability to get your premiums back,” says Barnes. “This gives a family more options.”

Founded in 1883 as a fraternal benefit society, Modern Woodmen celebrates its 125th year of serving members and their communities. The organization offers financial services and fraternal member benefits to individuals and families throughout the United States.