Physicians Mutual Insurance Review

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Founded as an insurance company for medical professionals, Physician’s Mutual now offers coverage to everyone. Today, their focus is on health, accident, life insurance, and assistance with planning for the future.

Physicians Mutual Summary

Physician’s Mutual was founded in 1902 in Omaha, Nebraska. In 1962 the company opened its doors to the general public, and in 1970 they founded the Physician’s Mutual Life Insurance Company, expanding into the life insurance market. In 2012 they expanded further, adding funeral pre-planning to their lineup.

Physician’s Mutual sells its products through career agents, with more than 850 such agents across the country. However, not all of their products are available in all states. Today the product lineup includes annuities, dental insurance, supplemental healthcare coverage, accident insurance, and several types of life insurance.

The company headquarters remain in Omaha, Nebraska today.

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Insurance Products

Physician’s Mutual focuses on products that provide coverage for health, accidents, as well as future planning.

Life Insurance

Physician’s Mutual offers a few very basic life insurance options for those who need quick coverage, and those with slightly more complex needs.

Their Term Life comes in two levels – a final expenses policy for up to $50,000 and a High Benefit Term Life policy that is available for up to $10,000,000. These policies offer various term lengths and level premiums.

Like the term options, Physician’s Mutual offers two levels of Whole Life. Guaranteed Whole Life is designed for final expenses planning with a benefit of up to $10,000. High Benefit Whole Life offers coverage up to $2,000,000.

Physician’s Mutual also offers Juvenile Whole Life policies that can be taken out on a minor to provide them with coverage later in life.

Medical & Dental Insurance

Physician’s Mutual offers a variety of medical and dental insurance plans designed to supplement a core health insurance policy, with a variety of plans to meet specific needs. For those who need added protection beyond their health insurance plan, there are the following options:

  • Medicare Supplement plans to cover costs not paid for by Medicare
  • Smart Choice Accident Insurance
  • Hospital, Medical, Surgical Insurance which covers costs that fall outside major health insurance coverage
  • Cancer Insurance, to cover medical costs associated with cancer

Dental insurance is also available to cover routine and emergency costs of dental care.

Additional Products

Funeral Pre-Planning

Physician’s Mutual offers pre-paid funeral coverage that allows policyholders to pay for their funeral coverage ahead of time. This operates like a life insurance policy, but it is held by the funeral home for the specific purpose of paying off funeral bills.


Physician’s Mutual offers both deferred and immediate annuities to provide long-term income for retirement. These policies are a tax-deferred investment option.

Physicians Mutual Rates

Physician’s Mutual offers a $1,000,000 term life policy with a 20-year term for $53.33/ month, based on a healthy 30-year-old non-smoking male living in California. That puts the company’s rates a little on the higher side compared to competitors, a few dollars above average.

These rates are for the company’s High Benefit Term Life, which offers higher death benefits based on requiring some medical information. We were unable to obtain a quote for the lower-benefit term policy that is available without any medical questions, as the site wasn’t functioning properly when we attempted to obtain the quote. It is likely that the cost per thousand dollars of insurance is higher with the no-exam, no medical questions type of policy.

Previous rate tests for this company have received quotes for the no medical exam policy at a lower benefit amount, and shown the rates to be incredibly high. It appears that things have changed for the better with this company in terms of pricing, particularly with their high benefit policies.


Physician’s Mutual accepts claims by mail or by phone, although the phone line is only available Monday through Friday during business hours. The company requests that long-term care, home health care, and accidental death claims be filed over the phone.

Claims forms are available for download from the company’s website. There is a 24-hour line available to check on claims status, which seems incongruous with the lack of a 24-hour line for reporting claims in the first place.

Beyond the contact info and a few basics, there is little information available on the company’s claims process or what to expect. That’s not terribly unusual for a life insurance company, since claims are sensitive in nature and differ greatly from auto or home claims.

Consumer Research and Complaints

Physician’s Mutual has been BBB accredited since 1940, and currently has an A+ rating. There are a total of 63 complaints against the company with the BBB in the past three years, 24 of which were closed in the past 12 months. While we often see life insurance companies with very few complaints, this number isn’t out of line for a company of this size.

There are a few complaints out there, but they are few and far between. While some may be legitimate, some reflect a lack of understanding of how insurance policy contracts work. Overall, there are too few complaints and not enough of substance in those complaints to be of any real concern.

Financial Strength

Rating CompanyGradeFinancial Outlook
AM BestAStable

Bottom Line

Physician’s Mutual offers some basic insurance options, with easy to obtain choices for both term and whole life insurance. Their rates come in just above average, and they seem to have a pretty good reputation to make paying a little extra worth it.

If you’re looking for insurance with a lot of options and flexibility, this might not be the company for you – they don’t offer universal life or a lot of riders on their policies. If you’re looking for straightforward life insurance, or for supplemental health insurance, Physician’s Mutual is worth keeping on the comparison list. That said, most people who are healthy and don’t need quick-issue life are likely to get a better price elsewhere.

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

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Review Information

Eric Stauffer
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Physicians Mutual
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  1. Linda Stepien says

    Today my phone rang and to answer it was difficult due to a recent injury. When I answered a lady identified herself as being from Physicians Mutual Insurance Company. I asked if it was a solicitation call and the caller said it was. I then told her I was on the DO NOT CALL LIST and her exact words were, “WELL…AREN’T YOU THE ILLUSTRIOUS ONE AND THE GRAND PUBA! WE’LL BE TICKLED PINK TO REMOVE YOU FROM OUR LIST!” This call came 3/30/15 in the early afternoon…around 1:30 p.m. or about. What kind of person acts that way?

    • Fred Crowder says

      Contact the complaint phone number which is listed on the DO NOT CALL LIST. The company can be fined and last I knew, thy have to pay you for violation of that do not call list.

  2. 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.

    • Marina Jimenez says

      I symphatize a lot with your personal story Ms. Smith. I too had been paying monthly insurance premiums on “Physicians Mutual” dental coverage. My problem with this type of insurance was basically the same>due to a very chronic disability, I have to live on a FIXED income that almost never increases nor rises dramatically higher. I really honestly thought that this dental insurance was going to help me out with paying for my badly needed dental issues/problems. Well, I was so wrong about that! :-(( The dentists that I had spoken to wanted me to first pay myself for all dental services out of my own pocket first & then I would have to file an insurance claim myself with Physicians Mutual. Well, the big problem is that if you are living on a FIXED INCOME like me, you may not have very much cash available after paying for all of your monthly living expenses, such as housing, electric, groceries, etc, etc,. Physicians Mutual, unfortunely, does not disclose this important fact to you PRIOR to you signing up for their dental insurance>>that it’s possible that this type of dental insurance may not work out for you if you are living on a FIXED INCOME :-( It’s very hard to afford medical & dental prices on a fixed income. I did call Physicians Mutual, but they totally refused to refund me even a partial portion of the money that I had already pay into this dental insurance with them. I told them over the phone, this is something that you should disclose prior to signing people up>>fixed incomes cannot easily accomadate expensive dental fees for dental services, especially if the dentist wants you to pay everything upfront FIRST

      • Marina Jimenez says

        After paying into this Physicians Mutual dental plan, & paying insurance premiums for 11 months, plus, two very expensive bank fees,>>as I have said, it’s living on a FIXED income, and not being able to use it at all, not even just once to fix one bad dental cavity,>I have estimated & concluded that what I actually did was pay for someone else’s dental cavities :-( >>instead of being able to pay for my own :-(

        • kay says

          Marina, my husband also has dental insurance and we knew for the 1st year nothing major such as bridges or crowns are covered. Cleanings and cavity fillings are. Our dentist did all the filing and did not ask for payment until insurance paid. My point is – it sounds as if dentist office was not very helpful and just wanted money NOW.. Sorry to hear of your problem. I would be upset too.

          • Marina says

            Kay, just read your response to my critique …thank you very much for being sympathetic to my point of view about my dental issue/problems with this type of insurance. Fortunately, I am so very lucky to have close family members living outside the United States. I have two cousins, in the Dominican Republic, who are full qualified medical dentists, & they did help me out with dental care, & also provided my second opinions on it :-) …May you & your family have a nice day Kay :-)

    • Rick says

      All contracts disclose what you are signing up for and I would suggest that you DO read the fine print, the devil is in the details. You have some options, first you could look into a reduced paid up instead of cashing it out to see what the value might be.
      You should contact a funeral home in Texas as well as one in New Orleans. See if they have an affordable pre-arranged funeral plan, It will be more expensive to buy, but you can pay a single payment, or over 3-5-7 or 10 years with most of these. The savings come because it is paid off in a stated amount of years and not your whole life. You have the advantage of shopping two funeral homes and see whom has the best deal for your mom. You can still use your existing policy to off set some cost (transferring your mom from Texas etc,) or fund it all and use proceeds from current policy for other expenses that may present themselves such as medical, nursing home and other related type of end of life expense. Hope this helps, everyone should have a plan for when they die and your mom thought she was doing the right thing, but insurance is higher in cost the older you get because risk is much higher for the companies. Always shop, the rates vary by company and state.

    • Debra says

      Ms. Smith I’m sorry about the issues you were/are having regarding your Mothers policy. My Mother recently passed away 6 weeks ago and she had a 5000.00 life insurance policy from Physicians Life, and then Physicians Mutual has been doing an ach debit from her checking account for $38.25 monthly. I inquired needing to know the policy number for Physicians Mutual and they will not give me any information. I have my Mothers policy for Physicians Life , but nothing for Physicians Mutual. I cannot get anywhere with these people and one of the reps told me I may need to contact the Estates attorney and let him handle all of it. And that’s exactly what I am doing. Its now in my attorneys hands. Its horrible how they take premiums in good faith and then not honor the claims…just horrible.

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