Physicians Mutual Life Insurance Company Review
Physicians Mutual Life Insurance company reviews find that this reputable organization offers term life, whole life, and final expense life insurance, as well as annuities, and supplemental health insurance. Physicians Mutual Life insurance rating from A.M. Best is an A, but we don't have access to rates from Physicians Mutual.
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Laura D. Adams
Insurance & Finance Analyst
Laura Adams is one of the nation’s leading finance, insurance, and small business authorities. As an award-winning author, spokesperson, and host of the top-rated Money Girl podcast since 2008, millions of readers and listeners benefit from her practical advice. Her mission is to empower consumers to live healthy and rich lives by planning for the future and making smart money decisions. She rec...
Insurance & Finance Analyst
UPDATED: Feb 6, 2024
It’s all about you. We want to help you make the right coverage choices.
Advertiser Disclosure: We strive to help you make confident life insurance decisions. Comparison shopping should be easy. We are not affiliated with any one life insurance provider and cannot guarantee quotes from any single provider. Our life insurance industry partnerships don’t influence our content. Our opinions are our own. To compare quotes from many different companies please enter your ZIP code on this page to use the free quote tool. The more quotes you compare, the more chances to save.
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.
UPDATED: Feb 6, 2024
It’s all about you. We want to help you make the right coverage choices.
Advertiser Disclosure: We strive to help you make confident life insurance decisions. Comparison shopping should be easy. We are not affiliated with any one life insurance provider and cannot guarantee quotes from any single provider. Our life insurance industry partnerships don’t influence our content. Our opinions are our own. To compare quotes from many different companies please enter your ZIP code on this page to use the free quote tool. The more quotes you compare, the more chances to save.
On This Page
Physicians Mutual Life Insurance Overview
| Physicians Mutual Life Insurance Key Info | Details |
|---|---|
| Year Founded | 1902 |
| Current Executives | President & CEO – Rob Reed CFO – Michael J. Wade |
| Number of Employees | 1000+ |
| Total Assets | $2,290,000,000 |
| HQ Address | 2600 Dodge St. Omaha, NE 68131 |
| Phone Number | 1-800-228-9100 |
| Company Website | www.physiciansmutual.com/cs/home/home.html |
| Premiums Written – Individual Life | $228,403,106 |
| Financial Standing | $1,170,000,000 |
| Best For | Whole Life Insurance |
Trying to find the perfect life insurance company and coverage can be time-consuming and annoying. We understand.
Reviews of Physicians Mutual Insurance 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 understanding how your life insurance policy even works to decide what works for you. This one does just that.
Before reading our Physicians Mutual Life review, start comparison shopping today by using our FREE online tool.
What do Physicians Life Insurance Company reviews say?
If you choose not to use a broker for your insurance needs, you might want to start your research by reading Physicians Mutual reviews. Many companies offer their best customer experience reviews on their website. Physicians Mutual, strangely, does not offer any on its website.
If you are looking for the worst customer experience reviews, look at the BBB Business Profile for this insurance provider, and see complaints customers have written. This company has 67 complaints.
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Is the Physicians Mutual Life Insurance website easy to use?
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 and major services, such as term and permanent life insurance, 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.
How do you shop for Physicians Mutual health insurance or life insurance quotes?
When you are ready to shop around for the cheapest 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.
What are the 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 and Gender | Average Annual New York Life Rates | Average Annual Prudential Financial Rates | Average Annual Lincoln National Rates | Average Annual Massachusetts Mutual Rates | Average Annual Aegon / Transamerica Rates | Average Annual John Hancock Rates | Average Annual State Farm Rates | Average Annual Overall 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 |
The average life insurance cost will change in every age bracket. All of the rates in the table are for non-smokers.
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What life insurance policies can you get from Physicians Mutual Insurance?
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 supplements 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. There are a variety of plans to choose from, depending on what policy terms and coverages work the best for you.
What is 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:
- 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.
- High benefit term life – This type of term offers a level benefit choice for 10-, 15-, 20- or 30-year plans. 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 seniors under 75 or 80. Life insurance can be used to help pay for long-term care, medical costs, funeral expenses, and more.
What is whole life insurance?
As the name implies, whole life insurance is permanent life insurance 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 plan is a great money tool because of the cash benefits, and it is obviously guaranteed to send a payment to your beneficiaries at the time of your passing.
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 with up to $2 million in life insurance death benefits 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 ages 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. Learn how much whole life insurance costs.
What is 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 that, according to the FTC, 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.
What other life insurance products does Physicians Mutual Insurance sell?
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 do you 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.
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Can you cancel your 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.
What is the Physicians Mutual claims address and process?
If you are wondering, the insurance company website is usually the best place to start when it comes to making claims. It is often the faster way, too, and can save you time when you already have a lot on your plate.
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.
What more should you know 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.
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What do official Physicians Mutual Life Insurance reviews say?
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+ which stands for excellent. The Better Business Bureau, or the BBB, rated Physicians Mutual with an A+.
What is Physicians Mutual Life Insurance’s market share?
Let’s check out Physicians Mutual’s market share compared to the competition.
Top 10 Life Insurance Companies by Market Share
| Rank | Companies | Market Share | Direct Written Premiums |
|---|---|---|---|
| 1 | Northwestern Mutual | 6.48% | $11,278,801,822 |
| 2 | New York Life | 6.35% | $11,053,776,227 |
| 3 | Metlife | 6.19% | $10,767,180,668 |
| 4 | Lincoln National | 5.54% | $9,651,117,072 |
| 5 | Prudential | 5.54% | $9,642,360,389 |
| 6 | MassMutual | 4.59% | $7,984,470,423 |
| 7 | Aegon/Transamerica | 2.80% | $4,868,457,551 |
| 8 | John Hancock | 2.77% | $4,817,849,577 |
| 9 | State Farm | 2.76% | $4,797,872,970 |
| 10 | Minnesota Mutual | 2.71% | $4,724,702,591 |
Physicians Mutual Insurance Company has $2.29 billion in assets and $295.9 million in total claims paid annually. Physicians Mutual’s 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.
Does Physicians Mutual Life Insurance have an 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’s strategy does include a strong relationship with the media. The company even has a section of its site dedicated to the press.
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Does Physicians Mutual Life Insurance air 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’s Youtube channel only offers very few life insurance company TV ads.
Who are Physicians Mutual Life Insurance’s 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.
What are the 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’s cons include that it is not the cheapest option, and it doesn’t offer no-exam life insurance or universal life policies.
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What is 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
What is Physicians Mutual Life Insurance?
Physicians Mutual Life Insurance is a type of life insurance policy provided by Physicians Mutual Insurance Company, a reputable insurance provider with a focus on serving the healthcare community. This life insurance coverage is designed to provide financial protection to individuals and their families in the event of the policyholder’s death.
What types of life insurance does Physicians Mutual offer?
Physicians Mutual offers various types of life insurance coverage, including term life insurance and whole life insurance. Term life insurance provides coverage for a specific period, typically ranging from 10 to 30 years, while whole life insurance provides lifelong coverage as long as premiums are paid.
What are the benefits of Physicians Mutual Life Insurance?
Physicians Mutual Life Insurance offers several benefits, including:
- Financial protection: Life insurance provides a death benefit to the policyholder’s beneficiaries, offering financial support to cover funeral expenses, outstanding debts, mortgage payments, and other financial obligations.
- Flexibility: Physicians Mutual offers different coverage options, allowing individuals to choose a policy that aligns with their specific needs and budget.
- Cash value accumulation: Whole life insurance policies offered by Physicians Mutual accumulate cash value over time, which can be accessed through policy loans or withdrawals.
- Peace of mind: Having life insurance coverage can provide peace of mind, knowing that loved ones will be financially protected in the event of the policyholder’s death.
How much life insurance coverage do I need?
The amount of life insurance coverage you need depends on various factors, including your financial obligations, such as outstanding debts, mortgage, and future expenses like college tuition or retirement savings goals. It’s advisable to evaluate your financial situation and consult with a financial advisor or insurance professional to determine an appropriate coverage amount.
How can I apply for Physicians Mutual Life Insurance?
To apply for Physicians Mutual Life Insurance, you can visit their official website or contact their customer service. The application process typically involves providing personal information, undergoing a medical underwriting process, and choosing the desired coverage amount and policy type.
Can I customize my life insurance policy?
Physicians Mutual offers customizable life insurance policies to some extent. You can generally choose the coverage amount, policy duration (for term life insurance), and add optional riders or endorsements to enhance your policy’s benefits. However, the extent of customization may vary based on the specific policies and options available in your state or region.
How are premiums determined for Physicians Mutual Life Insurance?
Premiums for Physicians Mutual Life Insurance are determined based on several factors, including the policyholder’s age, health condition, coverage amount, policy type, and any additional riders or endorsements selected. Generally, younger and healthier individuals may qualify for lower premiums
Can I convert my term life insurance policy to a whole life insurance policy?
Physicians Mutual may offer a conversion option that allows you to convert your term life insurance policy to a whole life insurance policy without undergoing additional medical underwriting. The availability and terms of conversion options may vary based on the specific policy and state regulations.
How can I contact Physicians Mutual for more information?
For more information about Physicians Mutual Life Insurance, you can visit their official website, call their customer service hotline, or reach out to a local insurance agent representing Physicians Mutual. Their website and customer service will have the most up-to-date contact information to assist you further.
Does Physicians Mutual offer seminars?
Yes, there are Physicians Mutual seminars that you can log in and watch online.
What do Physicians Mutual Medicare supplement reviews say?
The company is credited with being a good company to use for a Medicare supplement.
Is Physicians Mutual Life Insurance the same as Mutual of Omaha?
No, but the headquarters is in Omaha.
Does Physicians Mutual have health insurance?
Yes, it offers life, health, and dental insurance.
Is Physicians Mutual dental insurance any good?
The dental coverage is set up non-traditionally so the dental insurance plans from this company aren’t going to be like the ones you’ll find at dental insurance companies. You are not capped on the number of benefits you get for dental care, but the company sends the payment directly to you.
What is the Physicians Life Insurance company phone number?
1-800-228-9100 is the Physicians Mutual insurance phone number. Omaha, Nebraska, is where the company is located and the address for the company is 2600 Dodge St, Omaha, NE 68131.
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Laura D. Adams
Insurance & Finance Analyst
Laura Adams is one of the nation’s leading finance, insurance, and small business authorities. As an award-winning author, spokesperson, and host of the top-rated Money Girl podcast since 2008, millions of readers and listeners benefit from her practical advice. Her mission is to empower consumers to live healthy and rich lives by planning for the future and making smart money decisions. She rec...
Insurance & Finance Analyst
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.