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Physicians Mutual Life Insurance Company Review

Physicians Mutual Life Insurance reviews find a reputable company that offers term life, whole life, and other supplemental insurance. Death benefits on some policies can be as high as $10 million, with smaller final expense policies also available.

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Ron Attias, a licensed insurance broker. He had no particular loyalty to any one insurance company, so he was able to shop all major insurance carriers. This means that you always get the BEST plan at the LOWEST price. Each plan can be customized to fit your specific healthcare...

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UPDATED: Jun 30, 2020

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It’s all about you. We want to help you make the right coverage choices.

Advertiser Disclosure: We strive to help you make confident insurance decisions. Comparison shopping should be easy. We partner with top insurance providers. This doesn't influence our content. Our opinions are our own.

Editorial Guidelines: We are a free online resource for anyone interested in learning more about life insurance. Our goal is to be an objective, third-party resource for everything life insurance related. We update our site regularly, and all content is reviewed by life insurance experts.

Physicians Mutual Life Insurance Overview
Physicians Mutual Life Insurance Key InfoDetails
Year Founded1902
Current ExecutivesPresident & CEO – Rob Reed
CFO – Michael J. Wade
Number of Employees1000+
Total Assets$2,290,000,000
HQ Address2600 Dodge St.
Omaha, NE 68131
Phone Number1-800-228-9100
Company Websitewww.physiciansmutual.com/cs/home/home.html
Premiums Written – Individual Life$228,403,106
Financial Standing$1,170,000,000
Best ForWhole Life Insurance
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Trying to find the perfect life insurance company and coverage can be time-consuming and annoying. We understand.

Physicians Mutual life insurance reviews should tell you everything you need to know to help you decide if you’re going to choose this company: the rates, the completion, and deciding which of the different types of life insurance is right for you. This one does just that.

Before reading our Physicians Mutual Life review, start comparison shopping today by using our FREE online tool.

Shopping for Physicians Mutual Life Insurance Quotes

When you are ready to shop around for life insurance quotes and companies, it is not always clear where to start. This review will teach you what you need to know so you can use our life insurance quote tool to get a quick life insurance quote, after learning the life insurance basics.

Average Physicians Mutual Life Insurance Rates by Age

While we don’t have access to rates from Physician’s Mutual, here are some examples of what to expect. The average life insurance rates by age chart below will let you know the top life insurance company rates.

Average Annual Life Insurance Rates by Age & Gender
Policyholder Age & GenderNew York LifePrudential FinancialLincoln NationalMassachusetts MutualAegon / TransamericaJohn HancockState FarmAverage Annual Rates
25-Year-Old Female$158.00$195.00$187.00$132.00$164.00$172.00$143.00$164.50
25-Year-Old Male$152.00$237.00$231.00$147.00$176.00$178.30$164.00$183.61
35-Year-Old Female$164.00$196.00$191.00$137.00$161$178.30$166.00$170.47
35-Year-Old Male$160.00$248.00$238.00$151.00$17.00$189.80$175.00$190.40
45-Year-Old Female$262.00$314.00$239.00$209.00$229.00$241.50$238.00$247.50
45-Year-Old Male$245.00$378.00$283.00$230.00$255.00$292.10$239.00$274.59
55-Year-Old Female$414.00$496.00$435.00$373.00$453.00$407.10$341.00$417.01
55-Year-Old Male$696.00$584.00$615.00$451.00$527.00$533.60$396.00$543.23
65-Year-Old Female$924.00$941.00$903.00$763.00$1,139.00$937.30$684.00$898.76
65-Year-Old Male$1,416.00$1,412.00$1,577.00$1,049.00$1,367.00$1,380.00$955.00$1,308.00
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The average life insurance cost will change at every age bracket. All of the rates in the table are for non-smokers.

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Physicians Mutual Life Insurance Policies

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 as outlined by Medicare, pre-planning burial, annuities, and life insurance products. As with all our reviews, we will touch on its life insurance products and services.

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 aren’t permanent, so term life insurance is a sensible, smart choice for those who need temporary protection. You can convert the policy to whole life, called convertible term life insurance, at the end of the term or get an annual renewal term 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 terms. 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. This policy is good for parents and spouses.

Both of these are life insurance policies for adults and eligible for seniors under 75 or 80. Life insurance can be used to help pay for long term care.

Whole Life Insurance

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

This type of insurance is often purchased by parents.

Physicians Mutual offers three types of whole life coverage.

Physicians Mutual’s Guaranteed modified whole life insurance is unusual because most guaranteed issue life insurance companies offer 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. 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 percent in interest. From year three onward, the full death benefit would be paid.

The high benefit whole life plan 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.

The company’s juvenile whole life insurance is 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.

Burial & Final Expense Insurance

It is always smart to have burial and final expense insurance since the end of life costs can be so expensive. Did you know the average casket cost is over $2,000? Physicians Mutual Term life for final expenses coverage may be an option for you since it is designed to help with final or burial expenses.

Other Life Insurance Products

A Physicians Mutual annuity can also be purchased. The company offers two types of annuity. The intermediate annuity allows you to start receiving a steady income within one year of purchase, and the deferred annuity gives you time to build interest and grow your nest egg before you begin receiving payments several years down the road.

How to Get a Quote Online With Physicians Mutual Life Insurance

Now, let’s talk about how to get life insurance quotes online. There is no best way to get life insurance quotes. While it takes time and effort, you can go to the website of each life insurance company that you are interested in.

Physicians Mutual has a life insurance section on its website and it conveniently has a life insurance quote for the company. If you are wanting to know how to get multiple life insurance quotes at once then you are at the right place. This is why we offer our life insurance quote tool.

Canceling Your Life Insurance Policy

If you are wondering whether you can cancel your life insurance policy or can cancel your Physicians Mutual Life Insurance, the answer to both is yes.

How to Cancel

If you want to cancel your life insurance policy from Physicians Mutual, the website says that you must do it in writing. You can cancel your online account by choosing the Cancel My Account option under My Profile/Account Information.

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How to Make a Claim With Physicians Mutual Life Insurance

If you are wondering, the insurance company website is usually the best place to start making Physicians Mutual life insurance claims. It is often the faster way, too.

Go to the Physicians Mutual website and click on the header that is named Customer Center. Find the link on the left side of the page called How To and click. Then, find Claims and click. This page will give you directions on how to file a claim. You can also print out forms by clicking on the download and claim your form link on the Physicians Mutual page.

You will then be directed to the life claims form that you can fill out and send back. If you are wondering how long you have to make a life insurance claim, then contact the company because the website does not disclose the information

The website has access to more than just the company’s life insurance information. If you are looking for its supplemental insurance information, then you would be able to sign in to your Physicians Mutual supplemental insurance provider portal from the website as well.

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Physicians Mutual Life Insurance Customer Experience

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.

Many companies offer their best customer experience reviews on their website. Physicians Mutual does not offer any on its website. If you are looking for the worst customer experience reviews, look at the BBB, and see complaints customers have written about the company. This company has 67 complaints.

Design of Website/App

The design of the website is very simple. Sometimes, you have to search through the website to find what you are looking for. The traditional products are easy to find using the headers. If you are looking for something a little more obscure, use the search bar at the top of the company page for the fastest results.

About Physicians Mutual Life Insurance

The history of Physicians Mutual began in 1902 in Omaha, Nebraska, where the Physicians Mutual headquarters is still located, by Edwin E. Elliott and his family. He worked from his home to provide health insurance to medical professionals. By 1962, they started selling health insurance to everyday Americans, who loved the idea of a mutual company because they were part owners, not just consumers.

In 1967, Physicians Mutual started using agents, and by 1970, it added life insurance products. Today, Physicians Mutual offers health, Medicare, dental, annuities, and life insurance.

Physicians Mutual Life Insurance Ratings

Checking the rating given to the life insurance company from credit-rating companies is a good way to assess if the company you are interested in is stable and reputable. Physicians Mutual life insurance ratings, 2019, are as follows:

The A.M. Best insurance company ratings are very comprehensive and called Financial Strength Ratings. They rated Physicians Mutual an FSR of A, which stands for Excellent. The Weiss Ratings awarded the company with an A+ and that also stands for excellent. The Better Business Bureau, or the BBB, rated Physicians Mutual with an A+.

Physicians Mutual Life Insurance Market Share

Let’s check out Physicians Mutual market share compared to the competition.

Top 10 Life Insurance Companies by Market Share
RankCompaniesMarket ShareDirect Written Premiums
1Northwestern
Mutual
6.48%$11,278,801,822
2New York Life6.35%$11,053,776,227
3Metlife6.19%$10,767,180,668
4Lincoln National5.54%$9,651,117,072
5Prudential5.54%$9,642,360,389
6MassMutual4.59%$7,984,470,423
7Aegon/Transamerica2.80%$4,868,457,551
8John Hancock2.77%$4,817,849,577
9State Farm2.76%$4,797,872,970
10Minnesota Mutual2.71%$4,724,702,591
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Physicians Mutual Insurance Company has $2.29 billion in assets and $295.9 million in total claims paid annually. Physicians Mutual market share was .14 percent in 2018. Physicians Mutual stock investments include preferred stock at 2.3 percent and common stock at 4.5 percent.

This is in comparison to the total market share of life insurance for 2019. The life insurance industry had $160,761,616,161 direct premiums written for the year according to the NAIC.

See how other company rates compare to our Physicians Mutual Life review and start comparison shopping today by using our FREE online tool.

Physicians Mutual Life Insurance Online Presence

Physicians Mutual is one of many life insurance companies using social media. The Facebook page only has 16,747 followers, which is low in comparison to many other companies. The company tries to add at least one post per day. The insurance company strategy does include a strong relationship with the media. The company even has a section of its site dedicated to the press.

Physicians Mutual Life Insurance Commercials

Physicians Mutual Insurance Company TV commercials aren’t as recognizable as many other companies, but they do have popular faces in them.

Physicians Mutual Life Insurance TV commercials also include profiles of its customers.

The company Youtube channel only offers very few life insurance company TV ads.

Physicians Mutual Life Insurance Employees

Here are some Physicians Mutual Life Insurance company employee reviews:

  • They have great pay and great hours for families
  • It is 100 percent commission, which can be a big downside if you find yourself struggling or distracted by other things
  • No room to move up the ladder

There is a mixture of positive and negative reviews of the company.

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Pros & Cons of Physicians Mutual Life Insurance

Like any company, Physicians Mutual has pros and cons. Let’s look at some of them:

Pros of Physicians Mutual Life Insurance

As far as pros go, Physicians Mutual Life Insurance offers a lot of different policy options. The company offers life insurance, dental insurance, and health insurance so you can possibly get all of your insurance plans in one place. The company ratings are also good.

Cons of Physicians Mutual Life Insurance

Physicians Mutual Life Insurance cons include that it is not the cheapest option, and it doesn’t offer no-exam life insurance or universal life policies.

Physicians Mutual Life Insurance: The Bottom Line

If you were looking for traditional term life insurance, you can find much better prices. Additionally, the company does not offer no-exam life insurance or universal life insurance, and it only provides the basic term and whole life policies.

Now that you are done reading the Physicians Mutual Life Insurance review, let’s start comparing companies and rates by clicking our FREE quote tool now.

Frequently Asked Questions: Physicians Mutual Life Insurance

Hopefully, we answered all of your questions, but if not, below are some commonly asked questions:

#1 – Does Physicians Mutual offer seminars?

Yes, there are Physicians Mutual seminars that you can log-in and watch online.

#2 – Is Physicians Mutual a good Medicare supplement choice?

Yes, the company is credited with being a good company to use for a medicare supplement.

#3 – Is Physicians Mutual Life Insurance the same as Mutual of Omaha?

No, but the headquarters is in Omaha.

#4 – Does Physicians Mutual have health insurance?

Yes, it offers life, health, and dental insurance.

#5 – Is Physicians Mutual dental insurance any good?

The dental insurance is set up non-traditionally. You are not capped on the amount of benefit you get for dental work, but the company pays the money directly to you.

The dental insurance is not bad, but you will want to price check because it may be cheaper to find insurance elsewhere. You can check the Physicians Mutual dental provider search to find which dentists are covered by Physicians Mutual. Vision insurance and dental insurance can be bundled together.

#6 – How do I get a hold of Physicians Mutual Life Insurance?

1-800-228-9100 is the Physicians life insurance company phone number. Omaha, Nebraska, is where the company is located and the address for the company is 2600 Dodge St, Omaha, NE 68131.

The company has many locations so you may need to contact your local branch. For example, you may need an agent but live in Lafayette, LA. Just head over to your search engine and type in: Physicians Mutual Lafayette, LA, and you should be able to find your location

References:

  1. https://www.consumer.ftc.gov/articles/0301-funeral-costs-and-pricing-checklist
  2. https://www.medicare.gov/supplements-other-insurance/whats-medicare-supplement-insurance-medigap
  3. https://content.naic.org/article/news_release_naic_releases_2019_market_share_data.htm

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