You’re either wondering about getting a new policy or already have a policy with Physicians Mutual Life Insurance Company and would like to know how they stack up. Well, first off let’s address the fact this company is not a fly by night so if you have a policy with them there is nothing to worry about. What we do need to cover is how are they compared to other top life insurance carriers. In order to achieve this, we will look at their history, rating and their product offerings to see if this is the best bang for your buck. Here is a quick summary for my cliff notes fans:
- Physician Mutual was started by a group of doctors back in 1902 and today they have an “A” rating from A.M. Best with $2 billion in assets.
- They offer different types of whole life, term life and have a juvenile whole life for children.
- In addition to life insurance, you can buy Medicare supplement, dental insurance, accident insurance, annuities, and funeral pre-planning.
- The companies pricing is a bit higher than what you can get with other larger insurance companies.
About Physician Mutual
This company was founded in 1902 so it makes it older than anyone reading this article. The company was originally started by a group of doctors that wanted to offer better health insurance options to its clients. After the company became a success they decided to expand into other product markets. Great story so far but let’s not forget the most important factor when it comes to reviewing an insurance carrier, which is its rating.
Physicians Mutual Life has a rating of “A” by A.M. Best which is excellent and “A+” from Weiss Ratings. The ratings are based on the company’s financial strength and security. Speaking of financial strength, the company has around $2 billion in assets and they pay about $306.6 million in claims every year. This is actually pretty good but not as impressive as any of the big companies we represent. Even though 2 billion sounds like a lot is not that much for an insurance carrier to have. What I was glad to see is that they have an “A+” rating with the better business bureau and they have replied to all the complaints. This is a solid sign that this company cares about what people got to say and listens closely.
The company sells their insurance offerings through career agents not brokerages like ours. You can secure different types of insurance through this carrier like Medicare supplement, life insurance, dental insurance, accident insurance, supplemental health, annuities and funeral pre-planning.
After browsing the net the company does have some angry consumers but it is not a lot considering they serve a lot of policyholders. The issue from the complaints seems that the agent didn’t educate the client on the policy or simply that the client misunderstood.
Physician Mutual Life Insurance Plans
This company has a broad product list but we are here to Focus! So we are going to cover life insurance because that’s what we do best at InsureChance. You can secure 3 different life insurance plans with them which are Whole Life, Term Life, and Juvenile Life:
Whole Life Insurance from Physicians Life Insurance Company
They have two whole life plans one is Guaranteed Whole Life and the other is High Benefit Whole Life, so let’s check out their summaries.
Guaranteed Whole Life
- Lifetime protection
- Available from age 45 to 80
- You can get up to $10k in coverage max
- Based on death benefit this plan has a purpose of covering your funeral and any other final expenses associated with it
- Since it is a whole life plan it does build cash value(who are we fooling though you’re not going to get rich since policy is so small)
- The premiums and coverage amount are fixed so you won’t have to worry about anything
High Benefit Whole Life
- Provide Lifetime Cover
- Available from ages of 22 to 80
- You can get up to $2 million of life insurance
- This is a permanent plan that can be used for anything you want
- Builds cash value that you can pull out for emergencies or supplement your retirement
Term Life Insurance from Physicians Life Insurance Company
You have a choice for a Term Life for Final Expense or High Benefit Term Life.
Term Life for Final Expense
- Lock in coverage for 10 or 20 years term
- Up to age 70 for 10-year option and age 60 for 20-year option
- Coverage is available up to $50k max
- This is a pretty smart option for final expense since whole life final expense can be expensive
High Benefit Term Life
- Options for 10 to 30 years
- Secure up to $10 million dollars of coverage
- Can be used for multi purposes
Juvenile Whole Life Insurance
A whole life plan that you can get on your children ages 14 days to 12 years olds up to $10,000. Your kids can keep this plan as long as they want.
Life Insurance Rates
You may be wondering how do their rates stack up to other top insurers and the answer is not so great. We ran a few quotes and you can get much more competitive plans with companies like Banner Life or AIG which also happen to be much larger in size. For example, a 20-year term for a 30-year-old male with $50,000 of coverage was $16.00/mo whereas you can get the $100,000 for $9.33/mo with Banner Life. Not only will you get more coverage but also pay way less.
Final Review of Physicians Mutual Life
All in all Physicians Mutual is not a bad carrier and they have pretty great ratings along with some interesting products. The company has also been around for a very long time which shows longevity and commitment to growth. We really like that they offer a term life policy for final expenses because seniors need to have more affordable options. Where they fall short is the company is not as big as some of the carrier we represent like Prudential, Banner Life, Metlife and many others. Which puts them in a riskier spot if they have too many claims at once. Their products are also a little more pricey than what top companies are offering so for you as a consumer it wouldn’t really make sense to pick them over let’s say Prudential.
Whats next?
If you are ready to get yourself a plan we highly recommend you work with an independent agency that deals with all the top carriers. The reason is that they are not exclusive to one company and can find you the best options on the marketplace. The great news is that we are that agency and we happen to work with over 60 top rated insurers to get you the best plan available. In addition to that, we are a technology friendly company so we have comparison tools that you can use to shop for different types of life insurance. Please request a quote or call us today to get started. Welcome to InsureChance!
