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Woodmen Variable AnnuityProspectus
May 1, 2014WFS VA 24002 R-5/14
Life and health insurance and annuity products are issued by Woodmen of theWorld Life Insurance Society and/or Omaha Woodmen Life Insurance Society, a
Nebraska corporation that is licensed as Woodmen of the World LifeInsurance Society (Woodmen of the World) in all states and the District of
Columbia, except CA, CO, ID, MT, NV, OR, UT, WA and WY. In those states,Woodmen of the World is licensed as Omaha Woodmen Life Insurance Society
(Woodmen). Not all products are available in all states. Not allrepresentatives are licensed to sell all products.
Securities are offered through Woodmen Financial Services, Inc., 1700 Farnam Street, Omaha, NE 68102, 1-877-664-3332, member
FINRA/SIPC, a wholly owned subsidiary of Woodmen of the World Life Insurance Society and/or Omaha Woodmen Life Insurance Society. Securities other than the
Woodmen Variable Annuity are issued by companies that are not affiliated with Woodmen of the World Life Insurance Society and/or Omaha Woodmen
Life Insurance Society. Not all products are available in all states.
You should consider the investment objectives, risks, and charges and expenses of the Woodmen Variable Annuity carefully before investing. Call Woodmen Financial Services at 1-877-664-3332 for a copy of the prospectus that contains this and other information about the annuity.
You should read the prospectus carefully before investing.
WOODMEN VARIABLE ANNUITY ACCOUNT
INDIVIDUAL FLEXIBLE PREMIUM DEFERRED VARIABLE ANNUITY CERTIFICATE
WOODMEN VARIABLE ANNUITY
PROSPECTUSMay 1, 2014
For The Individual Flexible Premium Deferred Variable Annuity Certificate issued by Woodmenof the World and/or Omaha Woodmen Life Insurance Society, a fraternal benefit society.
The Variable Annuity Certificate is intended for long-term investment purposes. You bearinvestment risk that could include loss of principal, and investment returns are not guaranteed.The Certificate provides a free look period of at least ten (10) days during which you maycancel the Certificate without penalty or surrender charges.
The Certificate owner ("you" or "your") may allocate investments to a fixed account, an accountthat provides a specified rate of interest, and/or to subaccounts of the Woodmen VariableAnnuity Account, each of which invests in one of the following funds:
WHY YOU SHOULD READ AND KEEP THIS PROSPECTUS. This prospectus describes the variableaccount and the Certificate and contains information you should know before you purchase aCertificate. Please read this prospectus carefully and keep it for future reference. Moreinformation about Woodmen of the World and/or Omaha Woodmen Life Insurance Society, thevariable account and this Certificate is available in the Statement of Additional Information (SAI)dated May 1, 2014. The SAI was filed with the Securities and Exchange Commission (SEC) andis incorporated by reference into this prospectus. The SEC maintains a web site(http://www.sec.gov) that contains the SAI, material incorporated by reference and otherinformation regarding registrants that file electronically with the SEC. A copy of the SAI mayalso be obtained without charge by calling 1-877-664-3332 or by writing Woodmen at its homeoffice at 1700 Farnam Street, Omaha, NE 68102. A table of contents for the SAI appears at theend of this prospectus. For each investment selection, you also should receive separateprospectuses. Please read them carefully and keep them for future reference.
THESE SECURITIES HAVE NOT BEEN APPROVED OR DISAPPROVED BY THE SECURITIES ANDEXCHANGE COMMISSION NOR HAS THE COMMISSION PASSED UPON THE ACCURACY OR ADEQUACYOF THIS PROSPECTUS. ANY REPRESENTATION TO THE CONTRARY IS A CRIMINAL OFFENSE.
This prospectus does not constitute an offering in any state in which such offering may not lawfullybe made. You should rely only on the information contained in this document or that we havereferred you to. We have not authorized anyone to provide you with information that is different.
FIDELITY VARIABLE INSURANCE PRODUCTS
Portfolio, Service Class
VIP Equity-Income Portfolio, Service Class
VIP Growth Portfolio, Service Class
VIP Growth & Income Portfolio, Service Class
VIP Money Market Portfolio, Service Class
VIP Overseas Portfolio, Service Class
CALVERT VARIABLE PRODUCTS, INC.
Calvert VP S&P 500 Index PortfolioCalvert VP S&P MidCap 400 Index PortfolioCalvert VP Russell 2000 Small Cap Index PortfolioCalvert VP Nasdaq-100 Index PortfolioCalvert VP Investment Grade Bond Index PortfolioCalvert VP EAFE International Index Portfolio
FRANKLIN TEMPLETON VARIABLE INSURANCE
Franklin Income VIP Fund, Class 2
Franklin Mutual Global Discovery VIP Fund, Class 2
Franklin Rising Dividends VIP Fund, Class 2
Franklin Strategic Income VIP Fund, Class 2
Templeton Global Bond VIP Fund, Class 2
PIMCO VARIABLE INSURANCE TRUST
PIMCO Real Return Portfolio Administrative ClassPIMCO Low Duration Portfolio Administrative Class
The accompanying prospectuses for each of the above describe their investment objectives and risks.
TABLE OF CONTENTS
5 Fee and Expense Tables5 Certificate Owner Transaction Expenses
5 Periodic Charges Other Than Fund Expenses
6 Range of Annual Fund Operating Expenses
7 Woodmen Variable Annuity Summary
9 Investment Options10 Fidelity Variable Insurance Products
11 Calvert Variable Products, Inc.
12 Franklin Templeton Variable Insurance Products Trust
13 PIMCO Variable Insurance Trust
14 Selection of Fund Shares
14 Your Right to Vote Fund Shares
14 Addition, Deletion or Substitution of Investments
15 Your Certificate15 Purchasing a Certificate 15 Free Look Period 16 Allocating Your Initial Premium16 Automatic Premium Payments16 Owner, Annuitant and/or Payee16 Beneficiaries17 Youth Certificates17 Transferring Ownership18 Certificates Issued for Certain Retirement Plans18 Accumulation Period18 Valuing Your Certificate18 Variable Account Valuation19 Fixed Account Valuation19 Dollar Cost Averaging Plan19 Transfers Among Subaccounts and/or the Fixed
Account 20 Asset Rebalancing Program20 Telephone Transactions21 Market Timing22 Internet Transactions22 Access to Your Money Before Your Annuity
Starting Date 23 Systematic Withdrawals23 Death of an Owner (Not the Annuitant) Before the
Annuity Starting Date 23 Death of Annuitant Before the Annuity Starting
Date 23 Minimum Death Benefit24 Calculation and Distribution of Death Proceeds24 Annuity Period24 Annuity Starting Date25 Settlement Option Contracts25 Annuity Payment Options26 Death of Owner/Payee After the Annuity
26 Certificate Fees and Charges26 Sales Charge26 Certificate Fee
Woodmen Variable Annuity Account
26 Surrender Charge27 10% Free Withdrawal27 Tax Penalties27 Premium Tax Charge28 Other Taxes28 Transfer Charge28 Fund Expenses28 Mortality & Expense Risk Charge and Our Risks
29 General Information About the Certificates 29 The Entire Contract29 Gender Neutral Benefits29 Voting Rights30 State Variations30 Surplus Refunds and Assessments30 Our Reports to You31 Date of Receipt 31 Payment by Check 31 Postponement of Payments and Transactions 31 Questions About Your Certificate
32 Federal Tax Matters32 Income Taxation of Woodmen of the World and/or
Omaha Woodmen Life Insurance Society33 Status of Certificates as Annuities33 Certificates Held by Non-Natural Persons33 Diversification Requirements34 Ownership Treatment34 Delayed Annuity Starting Date 34 Income Taxation of Annuities34 Tax Deferral During Accumulation Period34 Medicare Hospital Insurance Tax on Certain
Distributions35 Taxation of Withdrawals, Assignments and
Pledges 35 Gratuitous Transfers35 Complete Surrender, Redemption or Maturity35 Penalty Tax on Premature Distributions36 Aggregation of Contracts36 Taxation of Annuity Payments36 Taxation of Certificate Benefits at Death37 Loss of Interest Deduction Where Certificates Are Held
By or For the Benefit of Certain Non-Natural Persons37 Policy Exchanges38 Qualified Plans39 Qualified Plan Types42 Rollover Distributions43 Federal Income Tax Withholding 43 Federal Defense of Marriage Act
43 Other Information43 Rights Reserved by Woodmen of the World and/or
Omaha Woodmen Life Insurance Society
44 Distribution Arrangements
44 Contract Owner Mailings
44 Effect of State Laws
45 Legal Proceedings
45 Financial Statements
45 Statement of Additional Information Table of Contents
FOR PURPOSES OF THIS PROSPECTUS, WOODMEN, WE, US OR OUR MEANS WOODMEN OFTHE WORLD AND/OR OMAHA WOODMEN LIFE INSURANCE SOCIETY, A FRATERNAL BENEFITSOCIETY. YOU AND YOUR REFER TO THE OWNER(S) OF THE CERTIFICATE.
Account: Woodmen Variable Annuity Account, a separate investment account established underNebraska law. The account is registered with the SEC as a unit investment trust pursuant to theInvestment Company Act of 1940, as amended. This is also called the variable account.
Accumulated Value: The accumulated value at any time before the annuity starting date isequal to the sum of the variable account value and the fixed account value.
Annuitant: The person whose life determines the annuity benefits payable under theCertificate and whose death will result in payment of the Death Benefit. The annuitant is thebenefit member of the fraternal benefit