I don't know anything specific about the Modern Woodman product. This page http://www.modern-woodmen.org/Produc...edAnnuity.aspx
looks very typical.
Most fixed flexible premium annuities will accumulate your premium at some interest rate. If your contract guarantees 3%, then you will get that without any additional fees/charges except a charge for "early" surrender. If you cash out early, you'll pay a percentage surrender charge that will be listed on one of the first few pages of the contract.
The wording in the contract may say that it automatically converts to monthly payouts at age 68. There should be language about starting that monthly income sooner or later, at your option.
The great majority of people who buy deferred annuities take their money out as a lump sum, not as a monthly income.
If you are interested in a monthly income, cross-shop against Single Premium Immediate Annuities. You can take the lump sum out of the Woodmen policy and use it to buy and SPIA from a competitor.
If you bought the annuity with non-qualified money, then you're deferring taxes on the interest today. You'll pay tax on the gain when you surrender, unless you roll to another annuity.
That's all pretty generic information, can't say much more without seeing the contract.