Written by Kim Wilhelm
Last Updated 26 Mar 2023
Physicians Mutual, a division of Physicians Life Insurance Company, has been around for over 100 years. This mutual insurance company is owned by policyholders rather than shareholders, like many other insurance companies.
As a mutual insurer, it’s in the company’s best interest to do right by the policyholders because without them, the company would no longer exist. Is Physicians Mutual Insurance Company the right choice for you?
Consider this Physicians Life Insurance Company review to help you decide.
What Does Physicians Mutual Insurance Company Offer?
Physicians Mutual Insurance Company offers dental, pet, and life insurance coverage. While it doesn’t offer health insurance, it does have a Medicare supplement plan for seniors. You can also get cancer insurance from Physicians Mutual, which is a benefit product, not health insurance.
Physicians Mutual can sometimes be confused with Physicians Life, which is an insurance service specific to medical professionals and physicians. While they are similar names, Physicians Life is not the same as Physicians Mutual Insurance.
Does Physicians Mutual Insurance Offer Health Insurance?
No, Physicians Mutual does not offer health insurance. It has a Medicare supplement plan that may be useful for some seniors.
With multiple plan options, you don’t always make the right choice on the first try. If you decide another plan fits better, you can use Physicians Mutual second-chance guarantee and switch to another plan with no health questions, as long as you do it within the first two years.
Physicians Life Insurance Company Life Insurance Policies
Physicians Mutual Company offers several life insurance policies to choose from. The right policy depends on your age, coverage needs, and health status.
Physicians Mutual Term Life Insurance
The Physicians Mutual term life insurance policy is for adults from ages 18 to 70. If you’re 60 or under, you can get 20 years of term coverage. Those between 61 and 70 can get 10 years of term life insurance.
The policy is one of the smallest available for term life insurance. You can only get between $25,000 to $50,000 in coverage.
You can apply for up to $250,000 in high benefit term life insurance, but you have to speak directly with a Physicians Mutual agent to get a quote and see if you qualify.
You can renew this policy up to age 95, but you’ll pay higher premiums each year after the term expires, making this policy way more expensive than most people can afford.
Although there are no medical exams required, there are probably better options available with better rates for term life insurance. However, we’ve found that most seniors are better off with whole life insurance.
Physicians Mutual Whole Life Insurance
Physicians Mutual whole life insurance is a modified death benefit product, which can pay for end-of-life expenses. It’s for adults from 45 to 85 and has no health questions or medical exams required.
This policy is just like guaranteed acceptance final expense policies. Since your acceptance is guaranteed, your beneficiary will only receive premiums back plus interest if you die in the first two years, rather than the full death benefit.
If you’re healthy or don’t have any serious health issues, you can get a better premium with simplified issue final expense policies. With these policies, you have to answer a few health questions, but there is no medical exam.
Since the insurance company uses your health to assess risk, you can get a better rate. We recommend these companies for whole life insurance:
- Liberty Bankers Life
- The Baltimore Life Companies
- Prosperity Life Group
- Pioneer American
- American Home Life
- Mutual of Omaha
If you’re in poor health or just don’t want to answer health questions, consider these guaranteed issue life companies:
Each life policy comes with a fixed benefit amount, cash value, and fixed premiums. Your beneficiary, which can be a family member or someone else of your choosing, can use the death benefit to pay your funeral costs, end of life expenses, or for any other reason.
Physicians Mutual Children’s Life Insurance
The Physicians Mutual Insurance Company children’s life insurance policy is like the Gerber Life Grow-up Plan. Coverage doubles when the insured child reaches age 21, but the premium stays the same.
When the child turns 22 and 27, they can get up to $100,000 in additional coverage. But they will have to pay the going rate for their age to get this coverage.
You can only buy a coverage amount between $5,000 to $10,000 in juvenile whole life insurance from Physicians Mutual. Similar to Globe Life, you only have to pay $1 for the first month, but be prepared to pay higher premiums after that.
Compare and buy
Physicians Life Insurance Company Review
Most people who buy life insurance products plan to have them for years to come. With such a long commitment, it makes sense to check company reviews to see how they handle claims processes, policy and billing issues, and for overall customer satisfaction.
Physicians Life Insurance Company Review - NAIC
The National Association of Insurance Commissioners maintains a complaint index for insurance companies. Every time a customer makes a complaint, it factors into the company’s complaint index.
The industry average NAIC index is always 1.00. Physicians Life Insurance Company has a 0.73 index, with 11 complaints filed in 2021. This shows the company has fewer complaints than the industry average.
Physicians Life Insurance Company Review - Ripoff Report
Another place to check is the Ripoff Report. Physicians Life Insurance Company has two ripoff reports filed against it. One is for an advanced premium that an adult daughter paid for her mother, who passed away. While she did get the death benefit payment, she did not receive her advanced payment refund, even after months of trying. There is no resolution from the company.
The second ripoff report is for a wife who suspects her husband was sold an accident insurance policy instead of life insurance when he called to increase his coverage. There has been no response or resolution from the company, and no update from the wife.
While anyone can file these reports and their issue may not be valid, they are still worth looking at to see what potential scams or issues you could run into from an insurance company.
Physicians Life Insurance Company Review - BBB
Physicians Life Insurance Company has an A+ rating with the Better Business Bureau, which means it's responsive to complaints filed. While it’s the highest rating they can get, they still only earn 1.6 out of 5 stars after 25 customer reviews.
There have been 56 complaints closed in the last 3 years ,with 18 closed in the last year. Many complaints are about billing issues, customer service not providing return calls, copies of policies, and other requests, despite deducting automatic payments each month.
Although it seems like claims are paid, it seems Physicians Mutual struggles with handling customer concerns effectively, providing copies of policies, and canceling policies when requested.
Physicians Life Insurance Company Financial Strength
An insurance company’s financial strength shows their ability to pay claims, an important factor when buying thousands of dollars in life insurance. Physicians Life has an A or better financial strength score with AM Best and Weiss Ratings.
The company has almost $2 billion in assets and pays over $170 million in claims per year. Although there are some concerns with Physicians Mutual, it seems it honors its claims process and has enough assets to pay them.
Other Final Expense Company Reviews:
- Nationwide Insurance Review
- Amica Insurance Review
- Bestow Life Insurance Review
- Aetna Insurance Review
- American Amicable Life Insurance
- Haven Life Insurance Review
- Royal Neighbors of America Insurance Review
- Mutual of Omaha Life Insurance Review
- AIG Life Insurance Review
- Fidelity Life Insurance Review
- Globe Life Insurance Review
- AARP Life Insurance Review
- Metlife Life Insurance Review
- Colonial Penn Life Insurance Review
- Lifeinsurancesavings.com Life Insurance Review
- National Family Life Insurance Review
- Great Western Insurance Company Review
- The Baltimore Companies Insurance Review
- Liberty Bankers Life Insurance Review
- Prosperity Life Group Review
- American Home Life Insurance Review
- Pioneer American Life Insurance Review
- AAA Burial Insurance Review
- State Farm Burial Insurance Review
- Americo Life Insurance
- Gerber Life Insurance Review
- United Freedom Benefits Review
- Trustage Life Insurance Review
- USA Family Protection
- ReliaStar Life Insurance
- Physicians Life Insurance
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