Physicians Mutual Life Insurance Company Review

Straightforward term and whole life insurance with basic coverage

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Physicians Mutual

Physicians Mutual

Our Take

When you are looking for whole life or term life insurance for your family, Physicians Mutual Insurance Company offers a few basic plans with available coverage of up to $250,000 for your policy.

  • Pros and Cons
  • Key Takeaways
  • Company Overview
Pros and Cons
Pros
  • Guaranteed approval

  • 31-day satisfaction guarantee

  • Coverage is never canceled

Cons
  • Low coverage amounts

  • Small number of plans

  • Limited number of products

Key Takeaways
  • Physicians Mutual covers two companies, Physicians Mutual Insurance Company and Physicians Life Insurance Company.
  • With Physicians Mutual life insurance, you have the option of whole life, term, and children’s life insurance policies.
  • Coverage maxes out at $50,000 for term insurance unless you opt for High Benefit Term Life Insurance, which increases coverage to $250,000 overall.
Company Overview

Physicians Mutual is a mutual insurance company that was established in 1902 by Edwin E. Elliott. It was originally formed to serve as an insurance company for medical professionals but then expanded to serve a greater audience. Physicians Mutual is actually two companies, the Physicians Mutual Insurance Company and Physicians Life Insurance Company. 

In addition to life insurance, Physicians Mutual offers dental insurance and Medicare supplement products. 

Geographical Restrictions

Physicians Mutual is available in all 50 states, but product availability may vary by state. To determine which products are available in your area, you can contact Physicians Mutual directly at 1-800-228-9100 to talk to an agent. 

  • Year Founded 1902
  • Kinds of Plans Whole life, term, high benefit term, children
  • Number of Plans 4
  • Payment Plan Options One-time, quarterly, semiannual, annual
  • Customer Service 1-800-228-9100
  • Official Website www.physiciansmutual.com

Physicians Mutual is not one of our top-rated life insurance companies. You can review our list of the best life insurance companies for what we think are better options.

Pros Explained

  • Guaranteed approval: Physicians Mutual guarantees acceptance for your first life insurance policy with the company.
  • 31-day satisfaction guarantee: There is a 100% satisfaction guarantee that will give a refund of money paid if you cancel your policy within 31 days of issue.
  • Coverage is never canceled: Your Physicians Mutual coverage will never be canceled as long as your premiums remain paid. 

Cons Explained

  • Limited coverage: With Physician Mutual’s life insurance products, coverage is limited. For example, whole life insurance is only available with up to $15,000 in coverage.
  • Small number of plans: Physicians Mutual offers basic whole life and term life insurance but lacks the multiple plans available with some other competitors.
  • Limited number of products: Physicians Mutual only offers whole life, term, and children’s life insurance with no universal, indexed, or variable insurance products. 

Available Plans

Physicians Mutual offers whole life, term, and juvenile life insurance. 

Physicians Mutual does not offer universal, indexed, or variable life insurance.

Whole Life

With Physicians Mutual, whole life insurance means a guaranteed renewable policy that will never be canceled due to health changes or changes in age. It is available for individuals between the ages of 45 and 85. It can carry a benefit of up to $15,000 with an accidental death benefit amount that ranges from $3,000 to $20,000. Your policy builds cash value that you can access in an emergency to pay for medical or final expenses or other debts. There is guaranteed lifetime protection and an easy application process that requires no medical questionnaire or medical exam. 

Term Life

A term life policy from Physicians Mutual can be used for a number of purposes, including final and burial expenses, medical expenses, and credit card debt. It can also be used to supplement an existing insurance policy. 

Physicians Mutual term life insurance is available from $25,000 up to $50,000 in coverage with terms of either 10 or 20 years. The length of coverage is dependent on your age and the term you choose.

Age of policyholder  Term life insurance
Ages 18 to 70 10-year term
Ages 18 to 60  20-year term 

You will have to answer two health questions before you can purchase a policy, but there is no medical exam required. When your policy expires, you have the option to either purchase a new policy or convert your policy to a whole life insurance policy, which can be done through age 95. 

To help you save money, there is a $1 discount per month on your term life insurance policy when you sign up for automatic bank withdrawal for your monthly premium payments.

High Benefit Term Life Insurance

High Benefit Term Life Insurance is a type of term life insurance product from Physicians Mutual to provide greater coverage than the standard term life policy. While term life is typically intended to cover emergency expenses, this high benefit policy can be a solution for a variety of issues, serving as temporary income replacement or helping with extensive bills, such as mortgage payments or tuition obligations. 

With a High Benefit policy, you can receive term life insurance coverage of up to $250,000. Coverage may not be available in all states, so be sure to ask your agent about availability for your area.

Life Insurance for Children

Physicians Mutual also offers life insurance for children. Parents and caregivers can purchase policies for children as young as 14 days up to the age of 12 years old with a benefit amount of $5,000 or $10,000.  At age 21, the coverage doubles without any additional rate increase. At ages 22 and 27, policyholders also receive guaranteed additional coverage of up to $100,000. Your policy also provides guaranteed coverage even if the child becomes uninsurable later in life.

Coverage is permanent and builds cash value over time. It is a policy that is intended to serve as a financial lifeline for your children when they need a helping hand throughout life. Whether it is college tuition or even unexpected final expenses, this policy can help satisfy some of the more expensive bills you face as a parent. There is only one health question that is necessary to qualify with no medical exam required. 

Physicians Mutual life insurance for children also includes a $5-per-month discount when you sign up for automatic bank withdrawal, plus coverage for just $1 for your first month.

Funeral Pre-Planning

To ease the burden of an already difficult time, consider purchasing funeral pre-planning coverage. This is a type of prepaid coverage that is paid directly to the funeral home to be used for the insured's funeral, so the burden does not fall upon their family after they are gone.  

Available Riders

Most life insurance companies also offer the option of riders, an additional type of protection that can be purchased and added to your policy to better customize your coverage. 

Physicians Mutual offers the Accidental Death Benefit Rider. This death benefit applies if the named party on the policy dies from a covered accident. Limits and exclusions do apply, so be sure to talk to your agent before finalizing your policy.

Customer Service

Getting in touch with Physicians Mutual is simple. There is 24/7 customer support available via phone, email, and online chat. There are also more than 850 agents nationwide if you prefer in-person support.

Type of support Contact 
Mailing address Physicians Mutual Insurance Company
Physicians Life Insurance Company
2600 Dodge Street, Omaha, NE 68131
Payment mailing address  Life Customer Service
PO Box 2018
Omaha, NE 68103-2018 
Phone support  Main line: 1-800-228-9100
Payments: 1-888-492-6760 

There is a full gallery of documents and forms readily accessible online, along with an online portal to manage your account and track claims. 

Complaint Index

One way to evaluate a company’s customer service is by looking at the number of customer complaints it has. The National Association of Insurance Commissioners (NAIC) tracks these complaints and assigns an average score based on a baseline score of 1.00.  

Physicians Mutual receives poor scores in comparison to other life insurance companies, like New York Life and John Hancock, whose scores were 0.16 and 0.63, respectively. In 2020, Physicians Mutual had an average score of 1.51 with a total of 21 complaints. It is worse than its 2019 and 2018 scores, which were 1.42 and 0.99, respectively. It shows that the company still has more work to do when it comes to overall customer satisfaction and complaints.

Third-Party Ratings

Another important rating worthy of consideration is the AM Best score. This evaluates a company’s financial strength, which can also show how reliable and efficient a company will be when it comes to claims processing. Physicians Mutual shines here, with an A (Excellent) score that denotes strong financial strength and reliability. However, Physicians Mutual is not rated by J.D. Power for customer satisfaction, instead leaving customers to rely upon NAIC and AM Best ratings instead.

Cancellation Policy

Physicians Mutual guarantees its life insurance policies with a 31-day, 100% satisfaction guarantee. That means after you purchase your policy, you can return it within 31 days to receive a refund of money paid. To cancel your policy, all cancellation requests must be made in writing.

Price

Pricing for Physicians Mutual Life Insurance is based on the plan that you choose and your benefit amounts. There are also specific rate factors that impact how you pay for your policy, including your age, health, and the type of coverage that you choose. Gender is another factor that can impact the cost of your policy, with many insurance providers using your sex at birth instead of current gender identity to calculate life insurance rates.

You can also save money when you sign up for automatic bank withdrawal to pay your Physicians Mutual premiums. You can receive a discount of $5 per month or up to $60 per year with automated bank payments. Physicians Mutual accepts payments via its online portal, over the phone, or via a customer service representative. 

Competition

To best understand how Physicians Mutual stacks up against the competition, we compared it to industry leader and one of our best life insurance companies, New York Life. Physicians Mutual is much smaller than New York Life in market share, maintaining just a small fraction of New York Life’s total share. There are just a few plans compared to the 10 offered by New York Life. New York Life also earns higher third-party ratings with a greater score for AM Best and fewer complaints registered with the NAIC.

  Physicians Mutual New York Life 
Market Share 0.04% Third-largest in U.S., 5.7%
Number of Plans 10 
Dividends for 2020  $2.6 billion  $1.9 billion 
Wellness Program Discounts/Quit Smoking Incentives  Not applicable  Not applicable 
Service Method  Agents  Agents 
AM Best Rating  A (Excellent)  A++ (Superior) 
Price Rank  Varies  Better than most 
Complaints Trend  1.51 Poor  0.15 Excellent 
Final Verdict

Physicians Mutual is not the right pick when you are looking for extended life insurance products, like universal or variable life insurance. However, if you are looking for basic, straightforward term or whole life insurance coverage for you and your family, Physicians Mutual could fit the bill.

Our Methodology: How We Review Life Insurance Carriers

To evaluate today’s best life insurance carriers, we use our exclusive Investopedia life insurance methodology. We take a multi-layered approach, analyzing the coverage options, available riders, pricing, and third-party ratings from respected industry leaders such as J.D. Power for customer satisfaction and AM Best for financial stability. We also evaluate each company’s claims process and support options to ensure that we present the most up-to-date, accurate portrayal of each life insurance company for you and your family.

Article Sources

Investopedia requires writers to use primary sources to support their work. These include white papers, government data, original reporting, and interviews with industry experts. We also reference original research from other reputable publishers where appropriate. You can learn more about the standards we follow in producing accurate, unbiased content in our editorial policy .
  1. NAIC. "CIS Refined Results." Accessed July 24, 2021. 

  2. AM Best. "Search Results." Accessed July 24, 2021.