UPDATED: Nov 30, 2018
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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.
Physician’s Mutual focuses on products that provide coverage for health, accidents, as well as future planning.
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.
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.
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. It is likely that the cost per thousand dollars of insurance is higher with the no-exam, or 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.
Physician’s Mutual has been BBB accredited since 1940, and currently has an A+ rating. There are a total of 67 complaints against the company with the BBB in the past three years, 22 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.
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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.