Modern Woodmen of America, made the list of The World’s Best Life Insurance Companies 2024, according to Forbes. The Rock Island-based fraternal benefits society ranked 23rd on the list of 145 qualifying companies.

“We’re honored to have made this list for the second year in a row,” Modern Woodmen President and CEO Jerry Lyphout said in a news release. “It shows our commitment to providing the best service and products for our members. We’re extremely grateful and humbled by our member’s faith in our organization and the value they associate with it.” 

The list was compiled by Forbes with the help of market research firm Statista. More than 45,000 people in 15 different countries were surveyed about their insurance company. 

The survey assessed customers’ overall recommendations, general satisfaction and loyalty. 

To qualify as one of the World’s Best Insurance Companies, an insurance provider had to achieve a minimum score of 70 out of 100. It had to receive a designated number of evaluations. And the insurer also had to rank among the top performers in its respective country. 

Forbes methodology

According to Forbes, respondents who said they’ve held a life insurance policy within the last three years were asked how satisfied they were with their insurer and if they would recommend it to others. Participants also were asked to rate insurers. The survey was based on such criteria as advice employees offered, customer service and transparency. Survey responses were analyzed, each insurance company was given a score. The 145 companies with the highest scores landed on the final list, the global media company said.

Of the more than 700 U.S. life insurers who were evaluated, only 40 made Forbes list including Modern Woodmen at No. 23. 

“This achievement would not have been possible without Modern Woodmen’s financial representatives and the members and communities they serve across the nation,” Modern Woodmen said in its release.

Modern Woodmen was founded in 1883. It supports members, families and communities with a blend of financial services, fraternal programs and local-impact opportunities.