Physicians Mutual Insurance Review

RATINGS BY CATEGORY
Premium Price
Claims Process
Consumer Feedback
Financial Strength
OVERALL
Products | Price | Claims | Complaints | Financials | Bottom Line

Physicians Mutual Summary

Founded in 1902 to provide health insurance to medical professionals, Physicians Mutual expanded in 1962 to offer health insurance products to the general public. In 1967, the company expanded its products to include life insurance through its Physicians Life Insurance Company subsidiary. Since then the company has also added dental insurance, Medicare supplement insurance, annuities, funeral planning, and other investments.

As a mutual insurance company, Physicians Mutual is privately owned by policyholders and not traded publicly. By 2013, the company employed more than 1,000 people and held more than $3 billion in assets.

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Insurance Products

Physicians Mutual’s primary products are now supplemental health insurance, including Medicare supplements; term, whole, and juvenile life insurance; dental insurance, and accident insurance. As part of its planning services, annuities and funeral pre-planning services have also become a substantial part of their offerings.

Hospital, medical, and surgical health insurance products are designed as additional coverage for the most likely services, and it can be tailored to work with current health coverage or by itself if major medical health insurance isn’t affordable. The company also offers cancer insurance and accident insurance.

Physicians Mutual Insurance Rates

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Physicians Mutual sells term policies with face values up to $20,000. These polices are offered to just about anyone without a medical exam. We tested the price out for a 30-year-old male living in California, and we were quoted over $36 a month for $10,000 worth of coverage. This is one of the highest rates for term insurance we have ever received. To put this into context, the average price for the same individual for a 20-year, $1,000,000 policy is $50 a month.

It is worth mentioning that this is not entirely and apples-to-apples comparison because Physicians Mutual does not require a medical exam. The majority of insurance companies that write policies for $1 million do require medical exams, and the price listed above is generally for people in excellent health.

Physicians Mutual maintains a career sales force, but also offers quotations online. Although the company is national, not all of the Physicians Mutual health or life products are offered in each state. The company has more than 850 agents nationwide and offers a convenient online search to find the customer’s closest agent.

Claims

Physicians Mutual allows claims to be filed online by logging into an individual account that is set up on their website.

Consumer Research and Complaints

Physicians Mutual Insurance Company has been accredited by the Better Business Bureau since 1940 and holds an A+ rating. It has received just 45 complaints in the last three years, 17 complaints were closed in the last 12 months. Two-thirds of the complaints concerned product/service issues; ten complaints involved billing/collection issues, four complaints addressed advertising/sales issues, and just one complaint detailed a guarantee/warranty issue.

Financial Strength

Rating CompanyGradeFinancial Outlook
AM BestAStable
FitchN/AN/A
S&PN/AN/A

Bottom Line

When founded in 1902 Physicians Mutual provided insurance solutions for medical professionals only. Since Physicians Mutual began offering insurance to the public some 50 years ago, not only has their overall asset pool grown and strengthened but their insurance offerings increased as well. Supplemental Health insurance is one product Physicians Mutual added to their line and since its addition supplemental health has become one of Physicians Mutual’s primary insurance offerings.

Physicians Mutual offers life insurance coverage to individuals without requiring a medical exam. This is very beneficial for people looking to get a small amount of coverage, but are having trouble with other companies due to health reasons. However, their term life insurance policies are extremely expensive.

Most individuals will find suitable coverage from other firms for a better price. Even those who need insurance without a medical exam may be able to find a better price with other companies.

For a list of companies that we recommend, visit our Best Insurance Companies page.

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Summary
Reviewer
Eric Stauffer
Review Date
Reviewed
Physicians Mutual
Author Rating
2

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About the Author

Eric Stauffer

I am a former insurance agent turned consumer advocate. My priority is to help educate individuals and families about the different types of insurance they need, and assist them in finding the best place to get it.


Comments

  1. Norma Smith says

    My 89 year old Mother has a 5000 dollar policy that she has been paying on since 2002. She approximately, at this time has put 10.000 into this policy.
    The problem i have with this is,she has paid for this policy almost twice.
    I tried twice to cash in this policy back in 2011 and they told me that they would only give her 3000 of the 7000 at that time, that she had already put into the policy.. I was so upset that i just didn’t do anything because i want to figure out what other options we had.
    Now once again i called them to cash in the policy, and now they tell me that she would only get 2000 of the almost 10.000 they’ve collected. THIS IS SO WRONG! When the Lord calls my mother home, we will not have enough money to honor her wishes. She lives in Dallas Texas but she want to go back home to New Orleans to be laid to rest where the family plot is. MY MOTHER IS ON A FIXED INCOME. THERE SHOULD A LAW TO BAND THIS TYPE OF POLICY.

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