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Physicians Mutual Life Insurance Company Review

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One of the hallmarks of great life insurance brokers their ability to place potential clients with the appropriate life insurance carrier, based on the client’s goals, lifestyle, and health history.

Today, I will review the Physicians Mutual Life Insurance Company so that you, the reader, can determine if they are a good choice for you. If you choose not to use a broker for your insurance needs, you might want to start your research by reading life insurance company reviews.

Physicians Mutual Life Insurance History

Physicians Mutual Insurance Company began in 1902 in Omaha, Nebraska by Edwin E. Elliott and his family. He worked day and night from his home to provide health insurance to medical professionals. By 1962, they started selling health insurance to everyday Americans from all walks of life, who loved the idea of a mutual company because they were part owners, not just consumers.

In 1967, Physicians Mutual started using agents to market its insurance products, and by 1970, they added life insurance products to their portfolio. Today, Physicians Mutual offers an array of products such as health, Medicare, dental, annuities, and life insurance. They overcame many challenges along the way—the flu epidemic of 1918, the Great Depression, and the complex health care law in 2010—but stayed true to their clients by being there when most needed.

Physicians Mutual Life Insurance Financial Ratings

  • A.M. Best: A (Excellent)
  • Weiss Ratings: A+ (Excellent)

Products Offered by Physicians Mutual Life Insurance

Physicians Mutual Life Insurance provides supplemental health insurance products such as a hospital, cancer, dental, and accident plans. They are also in the senior market which offers Medicare supplement, pre-planning burial, annuities, and life insurance products. As with all our reviews, we will touch on its life insurance products and services. Let get to it!

Term Life Insurance

Term life insurance is the most economical coverage you can choose because it offers coverage for a specific period instead of a lifetime. For most, financial obligations such as mortgage and childbearing years aren’t permanent, so term life insurance is a sensible, smart choice for those who need temporary protection.

Not only do they get the best possible price, but they can get the greatest amount of coverage to safeguard their families in the most critical years should they pass away unexpectedly. You can convert the policy to whole life at the end of the term or renew it annually until you turn 95.

Physicians Mutual offers two types of term life insurance:

  1. Term life for final expenses: This type of coverage is designed to help with final or burial expenses. The choices of coverage are 10- or 20-year term. The issue ages are 18–70 and the maximum face value is $50,000.
  2. High benefit term life: This type of term offers a level benefit choice for 10-, 15-, 20- or 30-year plan. The amount of coverage is up to $10 million, and the issue ages are 18–75. Those who buy higher coverage are seeking to protect mortgage loans, replace lost income, or support young children.

Whole Life Insurance

As the name implies, whole life is permanent coverage that lasts a lifetime. With whole life, your premium and death benefit remain level, and it has a cash value component built into the policy.

Hence, each time you pay your premium, a portion goes to a savings account which builds cash and grows on a tax-deferred basis. You can access this account if you wish to take a loan or when you surrender (cancel) your policy.

Physicians Mutual offers three types of whole life coverage:

  1. Guaranteed modified whole life insurance: This is a guaranteed issue life insurance with no exam, health questions, or an underwriting process. If you are between the ages of 45 and 80, you can apply for up to $10,000 of coverage. Keep in mind that this is a graded benefit plan, which means if you die within the first two years after buying the policy (not accident related), your beneficiaries will only collect the paid premium plus an extra 10% in interest. From year three onward, the full death benefit would be paid.
  2. High benefit whole life: This is a traditional whole life policy up to $2 million in death benefit for ages 22 to 80. It is for those who are seeking lifetime protection for estate planning, charitable giving, or leaving a legacy. You will need to answer health questions and undergo an exam as part of the approval process.
  3. Juvenile whole life insurance: A whole life insurance policy for children between the ages of 14 days through 12 years old. The coverage amounts are $5,000 to $10,000, and it automatically doubles once the child reaches 21 with no rate increase. At age 22 and 27, the child can buy up to $100,000 in coverage without proof of insurability or answering health questions. The coverage is guaranteed.

Physicians Mutual vs. Other Carriers’ Sample Monthly Rates

Male Guaranteed Issue $10,000

 CompanyAge 50Age 60Age 70Age 80
 Vantis Life $40.66 $53.56 $78.98 $132.79
 Physicians Mutual $42.00 $57.00 $92.00 $187.50
 Gerber Life $44.09 $63.89 $99.18 $247.32
 AIG $51.92 $63.17 $98.18 $246.44
 Great Western $59.58 $75.42 $119.58 $227.92
 United Home Life $66.63 $91.42 $137.50 NA
 Americo $94.77 $131.82 $220.83 $312.16

Female Guaranteed Issue $10,000

 CompanyAge 50Age 60Age 70Age 80
 Physicians Mutual $30.50 $47.00 $72.00 $133.00
 Vantis Life $36.33 $47.27 $66.04 $110.58
 Gerber Life $34.47 $51.05 $75.53 $176.37
 AIG $35.83 $50.02 $74.52 $175.42
 Great Western $49.58 $66.25 $102.08 $190.42
 United Home Life $60.47 $80.05 $113.23 NA
 Americo $73.55 $101.95 $157.39 $224.81

Male 20-year Term $250,000

 CompanyAge 30Age 40Age 50Age 60
 Protective $13.12 $17.85 $41.50 $111.59
 Banner $13.33 $19.26 $40.85 $111.13
 AIG $13.54 $19.38 $42.73 $114.74
 Foresters $13.56 $18.81 $42.66 $114.84
 Lincoln$13.56 $18.38 $46.55 $190.53
 Mutual of Omaha $13.56 $20.08 $46.55 $134.05
 Principal $14.66 $19.03 $42.61 $110.03
 SBLI $14.79 $21.67 $51.68 $147.70
 Physicians Mutual $17.49 $24.37 $56.87 $139.58
 Prudential $20.34 $24.50 $45.50 $128.84

Female 20-year Term $250,000

 CompanyAge 30Age 40Age 50Age 60
 Protective $11.83 $15.27 $31.18 $77.61
 Banner $11.74 $15.67 $31.17 $78.83
 AIG $11.81 $18.51 $35.59 $89.66
 Foresters $12.47 $16.63 $31.94 $85.97
 Lincoln$12.08 $16.14 $32.77 $160.13
 Mutual of Omaha $12.64 $19.21 $36.05 $94.02
 Principal $13.13 $16.63 $32.90 $77.92
 SBLI $13.31 $18.99 $36.46 $90.37
 Transamerica $13.98 $21.72 $40.64 $110.51
 Physicians Mutual $15.83 $21.66 $40.83 $90.62

Male 20-year Term $500,000

 CompanyAge 30Age 40Age 50Age 60
 Protective $20.21 $28.38 $75.68 $205.97
 Banner $20.12 $32.68 $74.39 $205.97
 AIG $20.24 $30.62 $77.76 $213.57
 Foresters $21.00 $31.50 $79.19 $223.56
 Lincoln$21.00 $30.28 $78.71 $214.33
 Mutual of Omaha $21.61 $33.42 $85.05 $249.55
 Principal $22.75 $31.50 $78.66 $213.50
 SBLI $21.32 $36.92 $96.06 $286.85
 Transamerica $23.65 $43.00 $95.46 $253.70
 Physicians Mutual $28.74 $41.24 $99.99 $259.16

Female 20-year Term $500,000

 CompanyAge 30Age 40Age 50Age 60
 Protective $17.63 $24.94 $55.47 $139.32
 Banner $17.11 $25.49 $55.47 $145.00
 AIG $17.21 $27.16 $63.06 $163.40
 Foresters $18.81 $27.13 $57.75 $165.81
 Lincoln$18.16 $26.16 $58.41 $148.05
 Mutual of Omaha $18.99 $28.61 $64.05 $169.93
 Principal $19.69 $26.69 $59.24 $149.27
 SBLI $19.14 $29.67 $65.87 $173.03
 Transamerica $19.78 $34.83 $73.10 $204.68
 Physicians Mutual $24.99 $35.41 $70.41 $167.08

*All rates quoted on this page are for a super-preferred healthy individual who does not use tobacco. Monthly rates are updated as of Oct 2018 and are subject to underwriting approval.*

Bottom Line

Choosing the right life insurance product and company is not as easy as buying a new iPhone every year. Since you, the consumer, have limited knowledge of the way insurance companies determine your rates and because there are hundreds of companies out there, shopping yourself will not help you. Let’s take this Physicians Mutual Life Insurance review as an example.

If you were looking for traditional term life insurance, their rates are uncompetitive, and you can find much better prices with companies such as Banner or AIG. Additionally, they don’t offer no-exam coverage and don’t provide an accelerated death benefit rider which almost any other company offers at no additional cost.

If you just bought the final expense plan they have, you bought guaranteed issue coverage which not only costs more but has a two-year graded benefit provision, although I must say that their pricing is pretty competitive for this type of product.

Furthermore, Physicians Mutual doesn’t offer any universal life policies, and they only provide the basic term and whole life policies.

We represent more than 50 insurers and will pair you with the right company for your health and lifestyle. You can also use our form on this page to run the quotes yourself and get an idea of the rates.

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