Physicians Mutual Life Insurance Review

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Updated: November 21, 2024

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MoneyGeek’s Take: Is Physicians Mutual Right for You?

Physicians Mutual primarily provides straightforward life insurance policies that do not require medical exams. The company's policies may be ideal for individuals who prefer no medical exams, those who want whole life insurance policies that accumulate cash value and those who want to purchase policies for their children or grandchildren.

While Physicians Mutual offers several policy options, it may not be the best fit for those seeking more flexibility in policy options, additional riders or larger death benefits. If you are looking for a life insurance company that offers more customization in policy options, you may want to consider companies such as State Farm, Nationwide or Mutual of Omaha.

Our Physicians Mutual Life Insurance review provides a comprehensive overview of the company's features and policies to help you make an informed decision before applying.

At a Glance: Physicians Mutual Life Insurance

Physicians Mutual

pros

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No medical exams required

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No complaints reported in 2022

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Online quotes and application

cons

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Comparatively low coverage limits

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No Universal Life Insurance

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Limited riders available

COMPANY HIGHLIGHTS

Physicians Mutual was founded in 1902 with a mission to provide health insurance to physicians and surgeons across the country. In response to growing demand, the company eventually expanded its offerings to include life insurance policies for individuals and families.

Today, Physicians Mutual is a leading life insurance provider, offering coverage options to customers in all 50 states. The company's commitment to customer satisfaction is clear in the fact that it had zero complaints reported in 2022, according to the National Association of Insurance Commissioners (NAIC).

Physicians Mutual is an all-inclusive provider, offering a comprehensive range of insurance products, including dental, pet and Medicare supplements, making it a convenient one-stop-shop for all your insurance needs.

Physicians Mutual offers the following life insurance products:

  • Term Life Insurance
  • High Benefit Term Life Insurance
  • Whole Life Insurance
  • Children’s Whole Life Insurance
  • Final Expense Insurance

Physicians Mutual's term life insurance is ideal for individuals who need coverage for a specified period, such as until their children are grown or until their mortgage is paid off. On the other hand, whole life insurance provides lifelong coverage and builds cash value over time. Final expense insurance is designed to cover remaining bills and end-of-life expenses, like funeral costs.

Physicians Mutual provides exceptional customer service and competitive rates in addition to its diverse range of life insurance products. With a solid financial standing, the company ensures that your loved ones are protected in the event of your passing.

TABLE OF CONTENTS

Key Takeaways

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Physicians Mutual offers policies that may allow eligible buyers to obtain coverage without undergoing a medical exam.

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While whole life insurance is typically more expensive than term life insurance, it provides lifelong protection and a savings component in the form of cash value.

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Physicians Mutual offers children's whole life insurance to safeguard the financial future of your children and grandchildren.

Physicians Mutual Policy Options Explained

The COVID-19 pandemic has led to an increased interest in life insurance, with 31% of U.S. adults more likely to purchase a policy, according to a 2022 Insurance Barometer Study by the Life Insurance Marketing and Research Association (LIMRA). Physicians Mutual offers a range of insurance options to meet your specific needs and help you ensure financial protection for your family. Explore its different coverage options and choose one that works best for you.

Term Life Insurance Options From Physicians Mutual

Term life insurance offers protection for a specified period, usually 10 to 30 years. Coverage terminates, and you are no longer protected once the term ends. Compared to whole life insurance, term life policies typically have lower premiums and higher benefit amounts, providing better coverage during periods of increased financial responsibilities. Term life insurance may be attractive if you want flexible and less expensive coverage.

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    Term Life Insurance

    Physicians Mutual’s term life insurance policy is affordable and straightforward. This policy type is designed to help cover costs associated with end-of-life expenses such as medical bills, funeral costs and other household expenses. One of the advantages of this policy is its simplicity. There is no need to undergo a medical exam; you only have to answer two basic health questions to qualify for coverage.

    After the policyholder's death, beneficiaries will receive the insurance policy benefits after filing a death claim. The policyholder can choose the length of coverage for 10 or 20 years, with benefit amounts ranging from $25,000 to $50,000. This policy is available for a 10-year term for individuals aged 18 to 70 and 20 years for those aged 18 to 60. Moreover, the policy pays on top of other insurance, so you can have extra coverage if needed. The premiums remain the same monthly rate throughout the term.

    Physicians Mutual offers discounts for automatic bank withdrawals, allowing you to save $1 on renewal rates every month. The policy also comes with a 31-day review period, during which you may cancel the policy for a full refund with no obligation. At the end of the term, you can renew the policy until you turn 95 or convert it to a whole life insurance policy.

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    High Benefit Term Life Insurance

    Physicians Mutual's High Benefit Term Life Insurance allows individuals to secure greater coverage, up to $250,000. This option is beneficial for those who want to replace their income or provide financial security for loved ones in the event of their passing. This coverage is designed to help with higher financial obligations such as mortgage payments or tuition costs.

    It can be a critical safety net to maintain the lifestyle you have worked hard to achieve. You can contact one of Physicians Mutual's agents to determine if High Benefit Term Life Insurance is available in your state. They will guide you through the process and help you choose the appropriate level of coverage based on your specific needs.

    Overall, Physicians Mutual's High Benefit Term Life Insurance is a top-notch choice for buyers seeking extensive coverage and to provide financial security for their families after they're gone.

If you’re on a budget or only require coverage for a limited period, term life insurance might be an excellent choice. It's worth considering this policy type if you’re young, in good health or require more robust coverage.

Whole Life Insurance Options From Physicians Mutual

Whole life insurance covers your entire life. As you pay premiums, your policy accumulates equity, called cash value, which can be used in case of an emergency. This type of insurance offers permanent protection and can support you throughout all stages of life. In contrast to term life insurance, whole life insurance provides a safety net of cash value. Usually, it does not have renewal rate increases, making it easier to manage your finances.

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    Whole Life Insurance

    Physicians Mutual's whole life insurance offers guaranteed protection for your family during difficult times. This insurance policy provides coverage of up to $20,000, which can be used to pay for final expenses, medical bills or other debts. Applying for this coverage is easy, with no health questions or medical exams required. As long as you’re between the ages of 45 and 85, you are guaranteed coverage and cannot be turned down.

    Physicians Mutual's whole life insurance also builds cash value, which can be borrowed against in an emergency. It guarantees lifetime protection, so long as you pay your premiums on time. By enrolling in Automatic Bank Withdrawal, you can save $5 per month on your insurance premiums and another $60 per year by making automated bank payments.

    Locking in your lowest rate today can help you save money in the long run as your rate increases as you age. This insurer's whole life insurance is an excellent option if you're looking for permanent protection and guaranteed coverage during difficult times.

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    Children’s Whole Life Insurance

    Physicians Mutual offers whole life insurance for children and grandchildren, which can help secure their financial futures. With just one straightforward question to qualify, this coverage provides up to $10,000 in permanent protection that can benefit them throughout their lives.

    This coverage offers a range of benefits. When your child turns 21, their coverage doubles with no rate increase. They can also receive guaranteed additional coverage of up to $100,000 at ages 22 and 27. The policy also features a cash value component that can be borrowed against to help secure their finances. The low premium for this coverage is locked in for the policy's life, ensuring their rates never go up.

    This policy offers coverage even if the insured becomes uninsurable in the future. It also ensures that finances are not a concern during a difficult time of grieving in the event of premature death. This coverage is available for children as young as 14 days through 12 years old, with benefit amounts of either $5,000 or $10,000 and pays on top of any other life insurance they may have in the future.

    You can look over this coverage for 31 days without any risk. If you decide it's not suitable for your child or grandchild, the provider will refund the premiums paid, no questions asked. Ultimately, you can give your child or grandchild a financial head start with Physicians Mutual’s children's whole life insurance.

Physicians Mutual's whole life insurance may be a good fit for individuals seeking permanent lifetime coverage. It is a valuable option for those who want to provide a financial legacy for their loved ones, cover final expenses or have access to cash value that they can borrow in emergencies. Since Physicians Mutual offers children's whole life insurance, it is also an excellent option for parents and grandparents who want to give their children a head start toward financial security.

Final Expense Insurance Options From Physicians Mutual

Final expense coverage is a type of life insurance policy that specifically caters to customers in their elderly years or those approaching end-of-life situations. Its benefits aim to provide financial assistance to your loved ones to cover expenses associated with funeral costs and other financial commitments.

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    Final Expense Insurance

    Physicians Mutual's Final Expense is designed to help your loved ones pay your remaining bills after you pass away. It covers the costs of your final arrangements and other financial obligations like medical bills, credit cards, loans, taxes and household expenses. It's essential to secure final expense insurance as early as possible to lock in the lowest rate and ensure guaranteed acceptance without health questions or medical exams up to a certain age.

Final expense insurance is an excellent option for individuals who want to ensure their families are not burdened with financial obligations after their passing. It can be helpful for buyers who may not have enough savings or assets to cover these expenses. Furthermore, final expense insurance may be a suitable alternative for those ineligible for traditional life insurance due to health issues or advanced age.

Physicians Mutual Life Insurance Riders

Policyholders can add a rider to an insurance policy for an additional fee, providing them with extra coverage. This approach allows policyholders to customize their coverage according to their needs and requirements.

After checking Physicians Mutual's website, it's unclear whether it offers riders for its insurance policies. If you want to add a rider, you can contact a Physicians Mutual agent who can help you with your specific needs and provide more information about any available options.

How to Get Physicians Mutual Life Insurance

Once you've examined all the life insurance options provided by Physicians Mutual, your next move is to purchase a policy. If the company rejects your application, we provide guidance on what to do so that you can take the most effective course of action.

How to Buy Life Insurance From Physicians Mutual

  1. 1
    Do Your Research

    To make sure you choose your ideal policy from Physicians Mutual, explore the various offerings beforehand. You may visit its website or contact a Physicians Mutual representative at 1-800-820-1761.

  2. 2
    Compare Quotes

    Insurance providers usually offer varying premiums, so carefully evaluating your options is essential. The cheapest choice may not necessarily provide adequate coverage for your needs. Several factors can significantly affect your premium rates, including your lifestyle, medical history, age, gender and current health condition.

  3. 3
    Approval

    You will receive your policy once Physicians Mutual approves your application. Review your policy's terms thoroughly and address any queries with your agent.

What to Do if Physicians Mutual Denies You Coverage

  1. 1
    Contact Your Broker

    Although it can be difficult, we encourage you to communicate with your agent and request a detailed explanation regarding the rejection of your application.

  2. 2
    Lifestyle Changes

    Improving your overall health can have long-term benefits, such as an increase in your chances of being approved for life insurance and potentially receiving a lower premium.

  3. 3
    Explore Other Options

    If your initial application is unsuccessful, consider applying to other insurance companies. Some policies, like those without medical exam requirements, have higher approval rates. It's crucial to remember that the costs could be significantly higher, and coverage may be limited.

Frequently Asked Questions About Physicians Mutual Life Insurance

We provide answered buyers' most frequently asked questions regarding life insurance with Physicians Mutual to assist you in making an informed decision.

Can you borrow from your Physicians Mutual life insurance policy?
What’s the maximum amount of life insurance coverage available from Physicians Mutual?
Do life insurance policies from Physicians Mutual pay dividends?
Can you get life insurance from Physicians Mutual if you have cancer?
Do life insurance policies from Physicians Mutual cover death by drug overdose?
Do life insurance policies from Physicians Mutual cover death by suicide?

About Mark Fitzpatrick

Mark Fitzpatrick headshot

Mark Fitzpatrick is a Licensed Property and Casualty Insurance Producer and MoneyGeek's Head of Insurance. He has analyzed the insurance market for over five years, conducting original research and creating personalized content for every kind of buyer. He has been quoted in several insurance-related publications, including CNBC, NBC News and Mashable.

Fitzpatrick earned a master’s degree in economics and international relations from Johns Hopkins University and a bachelor’s degree from Boston College. He is passionate about using his knowledge of economics and insurance to bring transparency around financial topics and help others feel confident in their money moves.

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