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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.

    NOTPARTOFTHEPROSPECTUS

  • 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

    Fidelity

    VIP Contrafund

    Portfolio, Service Class

    Fidelity

    VIP Equity-Income Portfolio, Service Class

    Fidelity

    VIP Growth Portfolio, Service Class

    Fidelity

    VIP Growth & Income Portfolio, Service Class

    Fidelity

    VIP Money Market Portfolio, Service Class

    Fidelity

    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

    PRODUCTS TRUST

    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

    3 Definitions

    5 Fee and Expense Tables5 Certificate Owner Transaction Expenses

    5 Periodic Charges Other Than Fund Expenses

    6 Range of Annual Fund Operating Expenses

    6 Example

    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

    Starting Date

    26 Certificate Fees and Charges26 Sales Charge26 Certificate Fee

    Woodmen Variable Annuity Account

    2

    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.

  • DEFINITIONS

    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