Physicians Mutual Life Insurance has been around since 1902, but how do their services measure up? Is it worth purchasing a policy from Physicians Mutual? We will detail the pros and cons, share customer reviews, and discuss the financial standing of Physicians Mutual Life Insurance.
Final Expense Benefits is dedicated to providing you with the answers you need so that you can make the best choice on your life insurance plan.
Continue reading to find out more about Physicians Mutual Life, or call Final Expense Benefits at (866) 786-0725, Monday through Friday, 9 a.m. to 5 p.m. ET to speak with an expert agent to find a plan that works for you. Our free online quoting tool is available 24/7 for you to receive a free estimate at any time.
If you are looking for a plan for you and your loved ones, call our expert agents at (866) 786-0725, Monday through Friday, 9 A.M. – 5 P.M. E.T. Get started now with our free quoting tool.
The Origin of Physicians Mutual Life Insurance
In 1902, Physicians Mutual Insurance Company was founded by Edwin E. Elliott and the company began by selling health insurance to medical professionals. In 1962, policies were made available to the general public. Eight years later in 1970, the company expanded into life insurance when it founded Physicians Life Insurance Company. Fast forward to 2012, the company joined the funeral pre-planning business to expand services and address the increasing demands of funeral home owners and the families they represent.
Today, Physicians Mutual Insurance Company is located in Omaha, Nebraska, and is a privately held company. The company offers a variety of insurance products such as Physicians Mutual dental insurance, Medicare, Medigap, Medicare Supplement, term life insurance, whole life insurance, pet insurance, and cancer and funeral pre-planning services.
Physicians Life and Physicians Select Insurance have more than $4 billion in assets and pay over $170 million in claims every year.
Physicians Life Insurance Company Life Insurance Policies
There are a variety of policies offered by Physicians Mutual Life Insurance including:
Physicians Mutual Term Life Insurance
Physicians Mutual term life insurance policy is for adults 18 to 70. If you are age 60 or under, you can get 20 years of term coverage. Seniors between 61 and 70 can get 10 years of term life insurance.
You can get between $25,000 to $50,000 in coverage. However, you can apply for up to $250,000 with the high-benefit term life insurance to help replace income or to help with high-cost financial obligations, such as tuition or mortgage payments.
The term life policy can be renewed up to age 95, but the cost will increase every time you renew it. This policy becomes more expensive than expected due to the increase in premiums each year after the term expires.
If you are over the age of 80 and looking for burial insurance, we work with a variety of providers that can provide you with the coverage you need.
Physicians Mutual Whole Life Insurance
Physicians Mutual whole life insurance is available for adults from age 45 to 85 and has no health questions or medical exams required. This policy is very similar to a guaranteed acceptance final expense policy.
If you pass away within the first two years, your beneficiary will receive the premiums back plus interest, but they will not receive the full death benefit. Healthier individuals can get a better premium with a different plan. If you are in good health and complete a health exam, the insurance provider is more likely to give you a better rate since they assess risk when issuing policies.
Physicians Mutual Children’s Life Insurance
The Physicians Mutual Children’s Life Insurance policy doubles in coverage once the insured child turns 21. While the coverage doubles, the premium stays the same. The insured individual can get as much as $100,000 in additional coverage once they turn 22 and again when they turn 27. If they decide to get supplemental coverage as they age, they will have to pay the going rate for their age for the coverage to continue. This is very similar to the Gerber Life Insurance Grow-Up Plan.
You can only buy coverage between $5,000 to $10,000 in children’s whole life insurance from Physicians Mutual. For the first month you will only be required to pay $1, but premiums will increase after and can range in cost depending on your plan. This is a very similar model to Globe Life Insurance. It seems like a great deal, but it is important to check the premiums to be aware of the price increase.
If you are looking for life insurance for your child, we work with only the top carriers and can help you find a plan that works for your budget.
Pros and Cons of Physicians Mutual Insurance
Pros
- You cannot be denied coverage if you have any pre-existing conditions
- They have competitive prices
- You can use their website to get a quote without having to speak to an agent
Cons
- The coverage amount is low compared to other companies
- Final expense insurance coverage is capped at $20,000
- None of the policies offer immediate coverage
- Two-year waiting period for any death that is nonaccidental
Physicians Life Insurance Ratings For Credit and Customer Service Satisfaction
A.M. Best Rating
A.M. Best’s ranking system is meant to help people understand the overall quality of a company. The score a company receives is based on management, performance, financial flexibility, and shareholder safety. A.M. Best rates businesses on a scale of A++ through D.
Physicians Mutual was rated A in 2024, implying near-perfect financial health.
Better Business Bureau
Better Business Bureau gives companies ratings based on how likely a business is to operate in good faith and address customer complaints. The BBB rates businesses on a scale of A+ to F.
Physicians Mutual has received an A from the Better Business Bureau.
NAIC Complaint Index
The NAIC, or The National Association of Insurance Commissioners, is a regulation standard support organization meant to add credibility to insurance companies. The NAIC Complaint Index’s goal is to protect customers and mandate that insurers deliver on their promises. The standard of complaints on the NAIC Index is 1.0.
Physicians Mutual is listed at 8.16 on the NAIC Complaint Index, which is over 8x the industry standard.
Physicians Mutual Life Insurance Reviews
Danny G.
USA
1/5
I and my spouse have had a Qualified LONG-TERM
CARE INSURANCE CONTRACT UNDER SECTION 7702B OF THE IRS CODE for over 20 years.
My wife is chronic ill individual drawing under this policy. My problem with this company is their claims people. The communication is one sided, they want redundant paperwork from you, but ask them a question, don’t call us, don’t write us, just send us everything that shows the patient is still chronically ill from a Certifed Licenced Health Care Practitioner with a Long Tern Treatment Of Care every 3 months and we may extend this time period to 6 months.
Then they send you a 1099 that is 30% higher than the amount received by you, Don’t ask where the other money went, that is not your business. 3rd party got that.
They will send a letter stating you will get a 5% increase this year. Then when you receive 1% over last year, their final answer is oh, it’s 5% above your 1999 distribution. But your increase in premium is 12% of your 2022 premium.
Do you get my frustration, I will not buy anything from company.
William G.
USA
1/5
I had Physicians Mutual Top tier plan (they say they have 3)… this may help cover expensive procedures like a bridge or a crown but it covers almost nothing for routine cleanings. First, I called them and asked them why they didn’t cover more for preventive procedures and I was told they would if I had the Top Tier plan. I told them I did.. but the representative then told me I had the “Old” Top tier plan… and they had New level plans.. Then I asked why I wasn’t on that New Plan? Their response was they couldn’t just move me to that plan without my consent because it cost more. They never notified me and they only advertise that they have Three plan levels. I asked if they could upgrade me.. they said Yes.. But if they did that, I would be subject to the one year waiting period for major procedures… this company does it’s best to deny paying what they should. You are better off putting the monthly amount they charge into a saving account and paying your dentist in cash as this company pays almost nothing for “covered” procedures!
Patricia W.
USA
1/5
I applied for dental insurance. 7 days later my bank was drafted 1st month premium. After a couple more weeks I still had not received policy to be reviewed. I sent a message to cancel the policy (in trial phase) of which I still had not received. Before trial period was complete my bank was again drafted for next month’s premium! Several days later I received the policy of which I returned the same day with instructions to cancel as previously requested and refund both premiums that was drafted!
As to date; even tho I’ve contacted them numerous times. I did everything they said was required to get my refund and I still have not received my refund! This tells me this is not a company I want to do business with! BBB NOW INVESTIGATING
Conclusion
Physicians Mutual is a legitimate insurance company with over $4 billion in assets, but customer reviews are poor and prices are much higher than our top providers.
We’d argue that you have plenty of other insurance options that have better reviews and pricing.
Physicians Mutual is a good deal with your first month of coverage being only $1, but premiums for the next month will dramatically increase. The insurance provider scored 2.5/5 on Trustpilot and is categorized as “poor.”
Final Expense Benefits works with only the best carriers to ensure you and your loved ones have the coverage you need.
Final Expense Benefits partners with over 20 carriers, including:
Call our expert agents Monday through Friday, 9 A.M. – 5 P.M. ET at (866) 786-0725. Our free quoting tool is available 24/7 so you can find the best insurance policy for you and your loved ones.
Frequently Asked Questions
Is Physicians Mutual Legit?
Yes. Physicians Mutual is a legitimate provider with over $4 billion in assets.
How Are Physicians Mutual Reviews?
Physicians Mutual has received poor reviews from customers. The company has a score of 2.5/5 on TrustPilot and a score of 8.16 on the NAIC Complaint Index.
Is Physicians Mutual Good?
While Physicians Mutual may have a policy that fits your needs, you can find a similar policy that is less expensive and has the same amount of coverage. Not only is Physicians Mutual more expensive than other providers, but they also have poor customer reviews.
