Physicians Mutual Insurance Company Review

Doctor and patient using digital tablet in office.
••• Getty Images/LWA/Dann Tardif

Physicians Mutual was started in 1902 by Edwin E. Elliott as a provider of health insurance to medical professionals. Since that time, it has expanded to become a national provider of life, dental, and supplemental health insurance as well as annuities and funeral pre-planning services. It provides coverage to customers in 50 states through a network of over 850 agents and through its online website. In 2012, Physicians Mutual began offering funeral pre-planning products.

The Physicians Mutual family of insurance companies includes Physicians Mutual Insurance Company ($2.29 billion in assets and $295.9 million in total claims paid in 2017) and Physicians Life Insurance Company ($1.63 billion in assets and $143.5 million in total claims paid in 2017). The company headquarters is located in Omaha, Nebraska. Rob Reed is the current President and CEO of the company.

Ratings & Awards

Physicians Mutual has consistently high financial strength ratings from these insurance rating organizations:

  • AM Best: “A” Excellent ratings for both Physicians Mutual Insurance Company and Physicians Life Insurance Company
  • Weiss Ratings: “A+” Excellent rating for Physicians Mutual Insurance Company; “A-“ Excellent rating for Physicians Life Insurance Company

Physicians Mutual has been a BBB accredited company since 1940. It has an “A+” rating with the Better Business Bureau. Over a three-year period (ending Dec. 29, 2020), there were a total of 62 closed complaints. This is a relatively small number of complaints about such a large company. In 2014, Weiss Research Associates published a study which measured overall customer satisfaction through customer responses. Physicians Mutual received a 97 percent satisfaction rating from customers who purchased a health or life insurance policy.

In 2014, Physicians Mutual received the Arbor Day Award presented by the Arbor Day Foundation. The company has helped plant more than 250,000 trees and has a “Trees in Memory” program which plants a tree in honor of customers at the time of their death. The company has also received awards for workplace wellness as well as innovation in Medicare Supplemental Insurance options.

Insurance and Financial Products

  • Life Insurance: Three types of life insurance are available from Physician Mutual including Term Life Insurance, Whole Life Insurance, and Juvenile Life Insurance.
  • Medicare Supplement Insurance: A Medicare Supplement insurance policy can help you pay for services not covered by Medicare, filling your gap in coverage. A representative can help you choose an option right for you based on your unique medical situation and needs.
  • Dental Insurance: The dental coverage through Physicians Mutual pays for over 300 covered procedures including routine exams, fillings, crown, and dentures. There is no deductible and you can choose your own provider.
  • Supplemental Health Insurance: This policy pays cash benefits directly to you to help cover medical bills where your primary health insurance policy leaves off. A cancer insurance policy is also available to help pay for cancer treatments, drugs, therapies, and cancer specialists. The cancer policy also covers preventive care screenings.
  • Annuities: Annuity plans are available through Physicians Mutual to help you with retirement savings and generate a retirement income. Immediate annuity and deferred annuity plans are available.
  • Funeral Pre-Planning: The funeral pre-planning program allows you to pre-pay for a funeral with a death benefit that grows over time and also allows you to leave other insurance benefits to a beneficiary. The funeral policy is similar to a life insurance policy but the policy is specifically for the funeral home to pay for funeral expenses.

Policyholder Services

The company website provides a 24/7 customer service center to policyholders where they have instant access to view insurance policy information, forms to update personal information, pay your bill online, sign up for automatic bank withdrawal for policy payments and access to frequently asked policy questions. Claims forms are available and downloadable from the company website. You can also check on a claims status online.

The Bottom Line

In business since 1902, Physicians Mutual has stood the test of time. It has excellent financial strength and customer service ratings. As a national provider, the company offers a comprehensive line of life insurance, supplemental health insurance, annuities and funeral pre-planning services to customers nationwide. It is a good option to consider for customers shopping for the best value on an insurance policy. Not all coverage options are available in every state.

Contact Information

To learn more about what insurance products are available, to find an agent, or to receive an insurance quote, you can visit the Physicians Mutual website or call 1-800-228-9100, 8 a.m. to 5 p.m. Central Standard Time.