Physicians Life Insurance Company Review

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Health insurance is a given for an insurance provider with “Physicians” in its title.

But you may be surprised to learn that Physicians Mutual Insurance Company sells life insurance as well.

Whether you’re looking to partner with a company who can meet multiple insurance needs or simply happened across the company and want to learn more, our review can help.

We’ll explore Physicians Life’s background, financial performance, and life insurance products to give you a head start on your search for the perfect life insurance policy.

Quick Links

  1. History
  2. Ratings
  3. Products
  4. Company Summary

Our Physicians Life Insurance Company Review

Physicians Mutual logoPhysicians Mutual Insurance Company, and consequently Physicians Life Insurance Company, got its start in 1902.

The company is the brainchild of Omaha-native Edwin E. Elliott, who wanted to provide health insurance coverage to medical professionals.

What started as an at-home operation grew into a thriving national insurance provider over several decades.

In 1962, Physicians Mutual expanded its offerings to include the general public.

Five years later, Physicians Mutual Insurance expanded its offerings to include the Physicians Life Insurance Company.

Today, the company offers a wide range of insurance products, including annuities, life insurance, Medicare, and Medigap.

Physicians Mutual is privately-held and employs more than one thousand people. Robert A. Reed is the current CEO and president, and the company is still headquartered in Omaha.

Customer service has always been a central tenet of Physicians Life Insurance. The provider has boldly declared an effort to work harder for its customers than any other company.

As a result, people can expect straightforward solutions grounded in real values and trust.

Customers may also be inspired by the company’s commitment to the community.

Employees volunteer at a variety of organizations such as the Stephen Center, Special Olympics, Food Bank for the Heartland, and Ronald McDonald House.

Financial Strength and Ratings

Physicians Life Insurance Company is part of Physicians Mutual.

As such, we can look at the financial performance of both entities to assess the life insurance company’s strength.

By itself, Physicians Life Insurance has $1.6 billion in assets, while Physicians Mutual Insurance has $2.21 billion in assets, as of 2018.

When combined, they create the 98th largest health/life insurance provider in the United States, leaving quite a lot of competition above them in gross size.

Both Physicians Life Insurance and Physicians Mutual Insurance have an “A” rating from the credit rating agency, A.M. Best, denoting excellent financial strength.

Year after year, both arms of the company earn some of the highest marks in the industry, which reflects well on their ability to handle financial obligations.

Physicians Mutual Insurance Company holds a Weiss rating of “A+” and Physicians Life has an “A-” where both are considered excellent.

Physicians Mutual Insurance Company is BBB-accredited and has an “A+” rating, further highlighting the company’s financial strength.

Based on its financial performance, Physicians Life Insurance is a dependable company to partner with for your life insurance needs.

Products

While the information above is promising, it isn’t all that goes into picking a life insurance provider.

What will ultimately be one of the biggest decision-makers is the range of life insurance products offered by the provider.

Let’s take a look at Physicians Life’s policies.

Term Life

Term life insurance is an economic investment because it provides coverage for a specific period. Physicians Life prides itself on offering affordable options to meet each policyholder’s needs.

To meet a diverse range of preferences, they offer standard Term Life Insurance and High Benefit Term Life Insurance.

Physicians’ Term Life Insurance covers funeral costs and other end-of-life expenses.

The policies can be 10- or 20 years long and pay a benefit amount up to $50,000.

They also cover any remaining credit card debt and day-to-day living expenses, and they come with savings on every renewed monthly premium.

High Benefit Term Life Insurance provides more comprehensive coverage when it comes to replacing income and fulfilling a family’s financial obligations.

These policies range from 10 to 30 years, with benefit amounts totaling up to $10 million.

Whole

As the name suggests, whole life insurance is a permanent form of coverage.

It is also the most common form of permanent coverage thanks to its fixed premiums and death benefit.

Physicians Life offers a variety of whole life products:

  • Guaranteed Modified Whole Life Insurance: This policy, available to applicants between 45 and 80, offers a benefit up to $10,000 and the ability to borrow from the cash value.
  • High Benefit Whole Life Insurance: This comprehensive policy has a benefit amount of up to $2 million and provides payments that are locked in for life.
  • Juvenile Whole Life Insurance: The plan protects children between two weeks and 12 years of age. Policyholders get guaranteed level premiums, payment on top of other insurance, and additional coverage up to $100,000 at ages 22 and 27.

Final Expense Insurance

Many people opt for Funeral Pre-Planning Insurance, which ensures financial support whenever a family member dies.

During this stressful time, you can rest assured knowing funeral expenses will be taken care of.

One of the most common reasons why people choose Funeral Pre-Planning Insurance is because it fights the effect of inflation, as the death benefits grow over time.

To start the process, the policyholder and funeral director work out the price of arrangements.

When the director has an estimation of the final cost, it becomes the basis for the insurance.

The policy will even stay with you if you move or change funeral homes.

Additional Products

Physicians Life does a little bit of everything when it comes to insurance coverage.

For instance, you can purchase dental coverage for approximately a dollar a day. The plan covers 350 procedures among 470,000 providers and has no deductible.

Physicians Life even covers serious illness with Cancer Insurance.

As a way to mitigate the cost of medical bills, policyholders get cash benefits to pay for travel, treatment, lost income, and other related expenses.

Pros

To recap, here are some of Physicians Life’s best features.

  • Financial strength: The company’s credit rating and BBB-endorsement are top-notch, and the company has a strong track record when it comes to capital, surplus, and assets. These marks put them among some of the highest-rated companies in financial strength.
  • Versatile products: As a result, they can offer people a wide range of insurance options built around individual needs. From Medicare to Medigap and annuities to funeral planning, they have policyholders covered.
  • Company structure: Many people flock to Physicians Life because they are a mutual company where the policyholders are the owners as opposed to the stockholders or other outside investors.

Cons

Like any company, Physicians Life does have a few potential shortcomings.

  • Cost: If you compare Physicians Life to the field, their rates are relatively noncompetitive.
  • Medical exams required: The company also requires medical exams for coverage and does not provide accelerated death benefit riders, which many other companies do for free.
  • Limited policies: People have to choose between basic term, whole life, and final expense policies; no universal life option is currently available.

Final Thoughts

Physicians Life checks all the boxes of a financially healthy company.

They also offer a number of flexible whole and term life policies which meet most basic life insurance needs.

If you’re seeking other types of life insurance, though, you’ll have to look elsewhere.

Even if Physicians Life’s policies meet your needs, be sure to get quotes from a number of providers.

The few minutes you spend researching are invaluable.

You’ll get peace of mind knowing you’ve opted for the best coverage at the most affordable rates.

Physicians Life Insurance Company Review

Phone
(800) 228-9100
Address
2600 Dodge St.
Omaha, NE 68131

Company Name (and subsidiaries)

  • Physicians Mutual Insurance Company

Author:

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Jason Fisher

Jason Fisher is the founder and CEO of BestLifeRates.org, LLC. and a multi-state licensed life insurance agent who has helped over a million Americans seek out affordable coverage, compare quotes, or get their family and businesses covered.