Physicians Life Insurance Review- Honest and Full Guide

Physicians Mutual Insurance Review

Needing some honest feedback and some Physician Mutual Life Insurance Reviews? You have come to the right place because that’s what we are here to deliver.  We always want to ensure you have the most up to date reviews about all life insurance companies.  Life Insurance was designed to help us sleep better knowing our family and loved ones are protected if something ever went wrong.  How are we supposed to do that if we don’t know about the company we are working with?

The easy and quick answer?  You won’t know it all.


You found us, and it sounds like we are a match made in heaven because we aren’t only going to provide you with complete Physician Mutual life insurance reviews, but we always try to bring you hundreds of other reviews hot and ready for you to read as well.

All you must do is navigate our blog, and you can learn as much as you’d like about any life insurance company.  It will always be an honest, unbiased review that you know you can trust.

We always recommend that if you are trying to save time that you should stick to comparing rates and quotes with all life insurance companies.

You can do this easily below using our instant life insurance quotes rate engine to compare rates with 50 of the top rated life insurance companies. Physicians Mutual Life will even be one of the options for the rates displayed that you can view depending on the parameters and coverage amount you are searching for.

You can do this easily by using our rate engine directly below.

Anyways, enough about us.  Let’s start breaking down Physicians Mutual Life Insurance Company to help give you a more in-depth understanding of what you’re working with here.

All About Physicians Mutual Life Insurance Company

Physicians Mutual is a privately held insurance company headquartered in Omaha Nebraska.  It has two arms of insurance companies: Physicians Mutual Insurance Company and Physicians Life Insurance Company.

Edwin Elliot founded Physician’s Mutual in 1902, and it was founded as an insurance company selling health insurance to Doctors only at the time.

Hints the name Physicians Mutual.

It took all the way until 1970 before physicians Mutual branched off into selling life insurance to the general public.

Today, they are a pretty diverse insurance company selling all the following products and services.

  • Life Insurance
  • Annuities
  • Medicare and Medigap
  • Medicare Supplements
  • Term Life Insurance

Whole Life Insurance, Cancer Insurance, and Funeral planning services.

Over time Physicians Mutual has grown to over 3 billion dollars in total assets and had a workforce of more than 1,000 workers.  It’s currently run by CEO (Chief Executive Officer Robert A Reed.)

A Mutual Company

The first key point to take away from this beginning part of this review Is to understand that Physicians Mutual is a Mutual Company.  A Mutual company simply means that the company is owned by the policyholders and not outsider stockholders and investors.

Also, Mutual Companies often pay dividends to policyholders, but it’s never guaranteed.  Although some consumers would claim that mutual companies are better when it comes to life insurance and where to purchase it, that’s not true.

Being a mutual company makes the company different from a publicly traded life insurance company.

Different doesn’t necessarily mean better.

Physicians Mutual Financial Strength Ratings

A.M. BestStandard & Poor’sMoody’sComdex

Physicians Mutual is currently sitting on an A rating from A.M Best.  A.M. Best is known as one of the top rating agencies in the country and has been for a long time.  An A rating means Physicians Mutual is a stable company with a long positive outlook into the future.

A can also be considered “Excellent.”  That’s how it would be described by all the private rating agencies that make a living going around and virtually providing credit reports for large companies for the public to know.

Let’s recap again on the Products Offered by Physicians Mutual Life Insurance Company

We won’t relist them all out but let’s touch on the life insurance products again. Physicians mutual currently offers term life insurance and permanent life insurance. Physician Mutual is currently focused on final expense type term policies which are also known as burial insurance.

Here’s a look at the term life insurance that physician mutual offers

  • 10-20 years
  • Up t0 50,000 in coverage
  • Ages 18-70
  • Fixed term lengths
  • Term life insurance products are convertible
  • Renewable to age 95

Then you have the high benefit term life insurance product

This is designed to help replace income and take care of a mortgage in case you ultimately meet your maker.  This coverage is good up to face amounts of 10 million

  • Coverage durations- 10.15-20-25-30
  • Available for ages 18-75
  • Convertible life insurance
  • Renewable to age 95
  • Level premium rates for the duration of the term

Here’s a quick breakdown of the ages and what length of term you can purchase with Physician Mutual

  • 18 — 75 for 10-year term
  • 18 — 65 for 15-year term
  • 18 — 60 for 20-year term
  • 18 — 50 for 30-year term (45 years old for tobacco)

Physicians Mutual also likes to stamp a few guarantees on these term life insurance products. Here’s a few of them and what they look like.

31-day refund period and receive a full refund if you choose to cancel your policy

Renew your coverage at the end of each term until you reach age 95- doesn’t mean at the same price.

Convert your coverage to a whole life insurance policy at any time during the length of your original term policy.

Guaranteed Modified whole plan

The guaranteed modified whole plan with physicians mutual provides lifetime protection, and cash value accumulation for coverage amounts up to 50,000.00

This is designed for

  • Age 45-80
  • It has fixed premiums and
  • Fixed death benefits
  • 2-year grade death benefit

High benefit whole life plan.

With physicians mutual, you can also opt for the cash value life insurance that’s focused on replacing income or in a way acting just like the term product we discussed earlier. At Good Life Protection, we typically advise against whole life products unless it makes sense, but that doesn’t necessarily mean that you can’t consider it.  It just depends on your unique circumstances.

This Product with Physicians Mutual Breaks down like this- High Benefit Whole Life with Physicians Mutual

  • Length of Coverage- Lifetime
  • Ages Available- 22-80
  • Coverage Amounts- Up to 2,000,000.00

Straight off the Physicians Mutual website they state that the high benefit whole life is designed for

  • Paying burial and final expenses
  • Pay final medical bills
  • Cover remaining credit card debt
  • Replace lost income and cover household expenses
  • Pay off your mortgage
  • Pay college tuition
  • Provide funds for charitable giving or legacy leaving purposes.

The other products physicians’ mutual offers we thought deserved to be discussed briefly.

The Physicians mutual cancer insurance plan.

While we aren’t necessarily saying a plan like this is a waste of money, we want to make sure you understand that plenty of life insurance companies are available that offer cancer to be covered while living.  Also known as living benefits.  The point we are trying to make is that you could kill 2 birds with one stone and potentially save yourself a lot of money.

Physicians mutual allows for captive and independent agents.  This can be good and bad.  An independent agent working in your corner is the way to go so if that’s whom you have than your off on the right foot, but if you currently stuck with the captive agent that keeps forcing just one company’s products down your throat, then you need to run for the hills or give us a call.  We would be more than happy to help!

Physicians Mutual Juvenile Whole Life Plan.

This is simply a life insurance policy that physicians mutual also offers for juveniles or minors to provide them with coverage.

Here’s a look at some of the options and features of this plan

Coverage Amounts from 5-10,000.00

Coverage Age’s available- 14 Days old to 12 years old

Additional Benefits of Physician Mutual Juvenile Whole Life Insurance

  • Amount of coverage automatically double when child reaches age 21- No extra cost
  • At ages 22 and 27 the child is guaranteed the option to purchase more life insurance coverage up to 100 K
  • Coverage does build cash value
  • Guaranteed Level Premiums- The rates will never increase on these policies due to age or health
  • 30-day free look period where you can return the policy with no questions asked.

Physician Mutual Insurance also offers accident insurance.  This coverage typically only makes sense when you can’t qualify for traditional life insurance due to pre-existing medical conditions or other outside factors limiting your ability to purchase traditional term life insurance.

It can however help with thing such as medical expenses including deductible, coinsurance and out of network expenses.  These are always easy policies to qualify for as well so at the end of the day, it doesn’t hurt to consider them.

Physical Dental and Vision

This is where we begin thinking that Physician Mutual is trying to do a little too much.  We have discussed in other articles how being a “jack of all trades” is never good and how you always want to look for a company specializing in life insurance coverage and financial products.

You don’t want to use a company that offers every line of insurance imaginable.  It usually results in 30 subpar products instead of products in just a few areas that are superior to the competition.

The dental insurance that they offer is to help cover over 350 dental procedures according to physician mutual website.  It can help with items such as routine exams or filling.  Besides that, we didn’t really dive deep into the coverage so that we could stay focused on the task at hand.  Life insurance coverage with physicians mutual.

Don’t forget that all life insurance products outside of the guaranteed issue whole life’s or the juvenile whole life products will still require an exam with physicians mutual.  These are not no exam life insurance products so will still entail the life insurance drug test and nurse physically stopping by your home to evaluate you to see if you qualify for the coverages.

What’s your overall thoughts? Do we Like Physicians Mutual? Dislike?

We hope our physician mutual life insurance review was enough to get you kickstarted looking for coverage and looking in the places.

As always, work with an independent agent who can help guide you and show you rates and options with over 60 of the top-rated life insurance carriers this country has to offer.  Don’t get tunnel vision into working and looking at only one company.

Ultimately this will cost you more money and leave you with subpar product selections.

If you haven’t done so already, you can check your rates with the form on your right.  You will see all of the top 60 companies display their rates for and you can always give us a call as well.  We are always more than happy to help.

If we have left anything out or if you have other questions regarding this review or your life insurance coverage, please be sure to leave a comment below.  We would love to hear from you.

Till Next time and thanks for reading.

We appreciate you.