Physicians Mutual Life Insurance Review

Smaller plans with limited customization

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Physician’s Mutual

Physician’s Mutual

Our Take 

Physicians Life Insurance is a long-standing life insurance company offering small whole life policies as well as term and child life insurance. The company offers a $15,000 modified whole life insurance policy for people age 45-85 that doesn’t require medical questions or exams, but it’s not available in every state. It’s a good option for those looking for smaller policies that are easier to obtain, but those looking for more customization or options will have to look elsewhere. 

  • Pros & Cons
  • Key Takeaways
  • Specifications
Pros & Cons
Pros
  • 24/7 customer service available

  • Comprehensive online system, including automatic bill pay

  • High AM Best and Weiss Ratings

  • High benefit term insurance available through agent

  • Discounts on premiums when paying automatically

Cons
  • Not available nationwide

  • Modified whole life limited to $15,000

  • Term life limited to $50,000

  • Children’s whole life limited to $10,000

  • Term only available up to age 70, and children’s up to age 12

Key Takeaways
  • Physicians Mutual Life Insurance offers several types of life insurance policies without a medical exam. 
  • An online application process and quotes are available.
  • Physicians Mutual Life Insurance is offered through the Physicians Mutual Insurance company as well as Physicians Life Insurance company. 
  • Physicians Mutual offers other services besides life insurance such as supplemental health insurance, dental insurance, and annuities. 
Specifications
  • Year Founded 1902
  • Kinds of Plans Whole, term, children’s term
  • Number of Plans 4
  • Payment Options 2
  • Official Website https://www.physiciansmutual.com/

Introduction

Physicians Mutual Life Insurance offers whole, term, and children’s life insurance policies. Their policies range from $10,000 to $50,000 in coverage and can cover an individual anywhere from 10 years to the length of the individual’s lifetime. 

We researched Physicians Mutual Life Insurance’s ratings, online availability, customer service, and plan options to help you compare the best life insurance options for you and your family. See our full findings below. 

Company Overview

Physicians Mutual was founded in 1902 and is headquartered in Omaha, Nebraska. The Physicians Mutual company includes both the Physicians Mutual Insurance Company as well as the Physicians Life Insurance Company. Physicians Mutual Insurance Company has an A rating from AM Best and an A+ rating from Weiss, another insurance company ratings agency, while the Physicians Life Insurance Company has an A rating from AM Best as well an A- rating from Weiss. Together they hold more than $4 billion in assets and pay close to $433 million in claims annually. 

Plans are not available in every state, but you can easily find out if your state is covered by going to their website and entering your location. You can obtain a quote online or call their customer service line for more information. 

Available Plans 

Physicians Mutual Life Insurance offers four different types of life insurance policies including Modified Whole Life, Term, Children’s, and High Benefit Term. 

The High Benefit Term policy only has a benefit maximum amount of $250,000, which is still much lower than most companies offering term insurance.

Modified Whole Life

Physician’s Mutual Whole Life policy is $15,000 of guaranteed coverage to individuals age 45-85. There is no medical exam required, making it an easier option for those looking to obtain coverage with pre-existing conditions or poor health. This plan builds cash value you can borrow against if needed, and covers you for your lifetime. 

There is a $60 per year discount if you sign up to pay your premiums automatically.

Term

The Physician’s Term life policy can be purchased in $25,000 to $50,000 benefit amounts for either a 10- or 20-year term length. There are only two health questions to answer and no medical exam is necessary. It is available to those ages 18-70 but the 20-year term policy is only available up to age 60. 

At the end of the term, the policy can be renewed (up to age 95) or converted to whole life. 

Children’s Whole Life 

The Children’s Whole Life Policy offered is available in $5,000 or $10,000 benefit amounts. The coverage will double at age 21 without an increase in premiums and also allows for guaranteed additional coverage at ages 22 and 27, up to $100,000. Coverage is offered to those ages 14 days to 12 years of age and builds cash value the insured can borrow against. 

A 5% monthly discount is given if signed up for automatic bill pay. 

High Benefit Term

Physicians Mutual also offers High Benefit Term insurance. Policy coverage for the High Benefit Term policy is up to $250,000. More information, including state availability, can be obtained by contacting customer service or an agent representative. 

Available Riders

A rider is an optional feature that you can choose to add to an insurance policy. It gives greater benefits, but at a higher price. Not all riders are available for each type of insurance plan. 

Accidental Death Rider

The Accidental Death Rider is the only rider available through Physicians Mutual. It is available for the Term policy (up to a $50,000 benefit) and the Modified Whole Life policy (up to a $20,000 benefit). The Accidental Death Rider will pay out the additional amount chosen to the beneficiaries if the insured’s death is ruled an accident. 

Adding on this rider typically only costs a few dollars more per month in premiums. 

Customer Service: Limited Online

If you have a question and can’t find the answer on Physicians Mutual’s website, you can contact their customer service line at 1-800-228-9100. The line is open Monday-Friday from 8:00 a.m. to 5:00 p.m. CST.  There is also an FAQs section to look up answers before you call. You can find their fax numbers and mail options on their website but there is no email or live chat support function. 

If you are a current customer, you can log in and obtain information on your policy, including policy information, forms, and pay a bill or set up automatic bill pay.

Customer Satisfaction: Above Average


According to the National Association of Insurance Commissioners (NAIC)’s complaint index, Physicians Mutual is rated a 0 on their complaint scale, which means it receives below the number of complaints expected in the market (the average score is 1).  

Physicians Mutual had only one complaint in 2020, three in 2019, and one in 2018. 

Financial Strength: A from AM Best

Physician’s Mutual is rated A (Excellent) with AM Best for financial strength and ability to meet obligations to customers. An excellent rating with AM Best means that Physicians Mutual is financially sound and has the ability to pay out the claims due to beneficiaries.

Physicians Mutual Insurance Company was given an A+ (Excellent) and Physicians Life Insurance Company was given an A- (Excellent) rating from Weiss for financial security, investment strategies, business operations, and underwriting commitments. 

Cancellation Policy: Standard Practice

To cancel a life insurance policy at Physicians Mutual you must make your request in writing. The owner of the insurance policy can cancel their policy at any time. 

If you’re unsure about whether the policy is a right fit or if you can afford the premiums, take advantage of the 31-free look period Physicians Mutual offers. Once you apply they will send your policy details over and you have 31 days to decide risk-free if it’s the right policy for you. If you decide to cancel within 31 days you will receive a full refund of any premiums paid.

Before the 31 days is up, review all policy details and make sure it has the coverage amount and length you need and also fits into your monthly budget. Make sure you can afford your policy to prevent having to cancel it down the line. 

Price of Physician Mutual Life Insurance: Easily obtainable

Physicians Mutual’s website makes it easy to obtain quotes online for Modified Whole Life, Term, and Children’s Whole Life policies. Here are some sample quotes we obtained:

A 20-year term policy through Physicians for a 35-year-old female with a $50,000 term was $13/month. With a $50,000 Accidental Rider, the price increased to $20/month. The same policy for a 35-year-old male costs $17.50/month. With a $50,000 Accidental Rider, the price increased to $24.50/month. 

A Modified Whole policy for a 45-year old female with a $15,000 benefit costs $45.55 per month or $49.15 per month with the $20,000 Accidental Death Rider. For a 45-year-old male, the same policy costs $54.55 per month or $58.15 per month with the $20,000 Accidental Death Rider. 

A Children’s Whole Life policy for a four-year-old at a $10,000 benefit costs $6.80/month. A 2-year old child with a $10,000 benefit costs $6.40/month. 

Receiving a policy quote online doesn’t mean that the policy itself will cost that exact amount. Your policy may cost more, or even less, than the quote received. 

How Physicians Mutual Compares to Other Life Insurance

While Physicians Mutual is long-standing and has excellent customer service and financial strength ratings, it has limited options and availability. You might be better off going with a different life insurance company.

Physicians Mutual vs. Mutual of Omaha Review

Physicians Mutual and Mutual of Omaha are both based in Omaha, Nebraska, and were founded in the early 1900s. Mutual of Omaha and Physicians Mutual both offer term and whole life but Mutual of Omaha also offers universal life as well as accidental death insurance. 

There are a few other notable differences as well: 

  • Mutual of Omaha’s term policy without a medical exam offers coverage up to $300,000, while Physicians Mutual’s no medical exam term policy only extends coverage up to $50,000. 
  • Mutual of Omaha has six rider options, while Physicians Mutual only offers two.
  • Physicians Mutual only offers term insurance up to age 70, while Mutual of Omaha can issue up to age 80. 
  • Physicians Mutual is rated A by AM Best while Mutual of Omaha has an A+ rating. 
  • Both Physicians Mutual and Mutual of Omaha offer online quotes. 

While Physicians Mutual can give basic coverage that’s easy to obtain, Mutual of Omaha has more options for coverage for older individuals, as well as benefit amount and rider options. For these reasons, Mutual of Omaha is a stronger choice than Physicians Mutual. 

Read our full Mutual of Omaha review.

Final Verdict

Physicians Mutual provides a few insurance coverage options for those looking to get basic coverage. Online quotes and applications are available online for Modified Whole Life, Term, and Children’s insurance policies, but those interested in a High Term policy must speak to an agent. 

Options for coverage amounts and riders are very limited, but all plans are available without a medical exam. They have strong financial strength ratings, as well as an easy-to-understand website. With no online support via email or chat, the customer service options are also limited. Physicians Mutual may be the right option for those looking for smaller benefit amounts and no medical exam, but for more customization or coverage, one will have to look elsewhere.

Methodology 

All of our reviews of life insurance companies are based on extensive research and analysis of each company’s offerings, customer service, financial stability, cost, and more. For each company, we compared the life insurance products offered, as well as available features, and reported customer experiences. Visit our life insurance review methodology for the full breakdown of what we evaluated for over two dozen companies.