Physicians Mutual Insurance Review

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Premium Price
Claims Process
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OVERALL

Products | Rates | Complaints | Financial Strength | Overall


Physicians Mutual Insurance Overview

Physicians Mutual Insurance was founded in Omaha, Nebraska in 1902, and the company still keeps its headquarters there. Originally, the company was conceived as a way to provide health insurance to doctors and all medical professionals. In 1962, the company expanded to offer health insurance products to all its customers.

Today, its health insurance products are augmented by life insurance, funeral planning, dental insurance and Medicare supplement insurance. In addition to its insurance products, Physicians Mutual also provides financial products such as annuities and other investments.

As a mutual firm, Physicians Mutual is owned by its policyholders rather than being traded publicly or held privately. The policies are sold through agencies and the company’s website, with most policies being marketed directly to the consumer. Members can enroll online and manage their accounts through the company’s website.

 
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Physicians Mutual Insurance Products

Physicians Mutual offers a wide range of insurance and financial services to its customers. In addition to basic health insurance, the company offers Medicare supplements, extended benefits coverage, long-term care insurance and hospital insurance. It also provides term and whole life insurance policies as well as funeral planning services .

Policy availability varies from one state to the next, so it’s important to check with a local agent to confirm what coverages can be purchased on an individual basis. For example, Medicare supplements are limited in certain states, and Physicians Mutual may not offer every product in every state. The company’s website provides contact information for potential customers to locate local agencies for any coverage-related questions.

Physicians Mutual Insurance Rates

Physicians Mutual sells term policies with face values up to $10,000. 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.

[Click here to see how we do rate quote tests]

Physicians Mutual Consumer Complaints

The Better Business Bureau rates Physicians Mutual with an A+ rating. The company has been BBB accredited since 1940. In the past three years, the BBB website lists 36 complaints with the company; of these, 14 have been closed in the last year. The majority of these complaints have been about the product or service rendered by the company, with a smaller number of complaints about billing issues.

Most complaints found online about the company relate to the life insurance product, with a few complaints about policy cancellations and denied claims. There are few complaints about other products offered by the insurance company.

Physicians Mutual Financial Rating

A.M. Best Rating – A

Fitch Rating – N/A

S & P Rating – N/A

Physicians Mutual Overall Rating

Positive
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.

Negative
Their term life insurance policies are extremely expensive.

Recommendation
Physicians Mutual is very expensive and offers a minimal amount of term life insurance coverage. Most individuals will find suitable coverage from other firms for a better price. Even those people who need insurance without a medical exam may be able to find a better price with other companies.

Physicians Mutual Contact Information

Website
www.physiciansmutual.com
Phone Number
800-228-9100


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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.


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