GADSDEN CHAMBER OF COMMERCE: Modern Woodmen of America shares 2018 results


The exterior is rustic yet modern   BHGRE Gary Greene

Gadsden Chamber of Commerce issued the following announcement on April 01.

When Modern Woodmen of America was founded in 1883, it developed a member-first philosophy. Thanks to careful financial management and an ongoing fraternal focus, Modern Woodmen continues to stand strong for member families and their communities.

Local Modern Woodmen representative Morgan A. Lavender, whose office is in Gadsden, AL, supports the organization’s member-focused mission.

“Simply put, we’re here for our members through life,” says Lavender. “We support them, their families and their communities through our financial services and fraternal member benefits.

Increase of in-force life insurance

Life insurance in force, the total amount of life insurance owned by members to protect their families financially after a death, increased to $40.75 billion in 2018.

“Protecting your family with life insurance can make a world of difference at a difficult time,” says Lavender. “We believe protection is the foundation of financial planning.”

As a fraternal benefit society, Modern Woodmen was founded on the belief that families should be protected from potential financial burdens. Modern Woodmen representatives can help members with their financial planning and protection needs as they evolve.

Assets increase to $16.48 billion

Modern Woodmen’s assets increased 1.9 percent over the previous year, reaching $16.48 billion. The organization’s assets are invested primarily in high-quality, low-risk corporate and government bonds.

Total life insurance, annuity and other certificate reserves, which are funds held to guarantee future benefits to members, increased 1.4 percent to $12.7 billion.

Modern Woodmen has a solvency ratio of 112.87 percent. This means that for every $100 of liabilities (promises made to members), Modern Woodmen has $112.87 of assets to protect those promises. The industry average is 106.18 percent, as calculated from the 25 leading life insurance companies by assets. (Standard Analytical Service, Inc., 2018)

Fraternal programs support communities nationwide

Modern Woodmen’s national membership totals more than 750,000 members. In 2018, Modern Woodmen contributed $19.9 million to support family-oriented member benefits and programs, including disaster relief assistance, college scholarships, and social and volunteer service events coordinated by adult chapters and youth service clubs nationwide.

Some fraternal highlights from 2018:

Modern Woodmen members were part of 2,495 adult chapters, 285 Summit chapters (for members age 55 and over) and 820 youth service clubs. 728,304 people attended social, educational and volunteer events coordinated by these groups throughout the year.

Members helped raise a total of $52.8 million for community causes supported through Modern Woodmen’s Matching Fund Program.

Members recorded more than 470,000 hours of volunteer service in their local communities

More than 500,000 children participated in Modern Woodmen’s free youth educational programs.

About Modern Woodmen:

Modern Woodmen was founded in 1883 as a fraternal benefit society. The organization supports members, families and communities with a unique blend of financial services, fraternal benefits and local-impact opportunities. In 2018, Modern Woodmen and its members provided $19.9 million and 470,000 volunteer hours to support fraternal activities and programs. Learn more at www.modernwoodmen.org.

Original source can be found here.

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