I started Insurance Blog by Chris™ because I have a passion for insurance. Here at the blog, our job is to educate and inform people about the best insurance for them. Since then, we have grown into national brands with a large team of researchers helping people understand all forms of insurance.

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Written by Chris Huntley
Founder of Huntley Wealth & Insurance Services Chris Huntley

Rachael Brennan has been working in the insurance industry since 2006 when she began working as a licensed insurance representative for 21st Century Insurance, during which time she earned her Property and Casualty license in all 50 states. After several years she expanded her insurance expertise, earning her license in Health and AD&D insurance as well. She has worked for small health insu...

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Reviewed by Rachael Brennan
Licensed Insurance Agent Rachael Brennan

UPDATED: Feb 15, 2022

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Here's the Scoop

  • Physicians Mutual offers life insurance options for applicants that may not qualify for traditional coverage as a result of health conditions
  • There are three coverage options available, term, whole, and life insurance for children
  • The Better Business Bureau gives the company an A+ rating and A.M. Best gives the company an A rating despite customer complaints

Life insurance is one of the best investments to protect the financial future of your loved ones. The most common life insurance policies people buy are term and whole life insurance, but there are plenty of other options.

Term life is available for applicants who may not qualify for traditional life insurance plans and allows them to buy a policy no matter their situation. There is no medical exam life insurance, so term life is a viable option.

Physicians Mutual offers guaranteed acceptance on your first life insurance policy with the company, no matter your health status. While it may not be the cheapest option on the market, Physicians Mutual might be the right choice if there are health concerns.

Of course, the Physicians Mutual life insurance company isn’t the only choice for guaranteed coverage. Enter your ZIP code if you want to see quotes from multiple companies.

What types of life insurance does Physicians Mutual sell?

While there are many benefits to shopping with Physicians Mutual, one of the drawbacks is that there aren’t very many plans to choose from. Physicians Mutual offers three basic choices: term, whole, and children.

Physicians Mutual offers fewer choices than its competitors, and it also has lower coverage limits. If you need a policy with a larger death benefit, Physicians Mutual may not be the best option.

Physicians Mutual Term Life

Physicians Mutual offers term life insurance with the largest maximum coverage.

Physicians Mutual offers a term life insurance plan to cover end-of-life expenses, funeral costs, outstanding debt, or as a supplement to another policy.

You can buy a plan with a death benefit between $25,000 — $50,000, in either a 10-year or 20-year term. Keep in mind that the terms have age restrictions. Applicants ages 18 — 60 years old can buy a 20-year term, and applicants 18 — 70 years old can buy the 10-year term insurance.

Physicians Mutual doesn’t require a medical exam for its plan, but you will need to complete a brief interview about your health. When the policy expires, you have the option of converting it into a whole life policy up until the age of 95 years old.

If you think your beneficiary will need to use your benefit for more than emergency expenses, you can buy Physicians Mutual’s High Benefit term life. This policy offers up to $250,000 in coverage and can be used for mortgages, lost income, and similar expenses.

Term life insurance is recommended for new parents, newlyweds, and for dependents that rely on them for the term period. Physicians Mutual retirement packages include life insurance and health insurance options.

The High Benefit option is not available in every state, so you’ll need to call the Physicians Mutual life insurance phone number to determine if it is available.

Physicians Mutual Whole Life Insurance

Whole life insurance plans usually have substantial death benefits, but Physicians Mutual benefits are smaller. The largest policy you can buy is $15,000 and you can buy this plan if you are between the ages of 45 to 85.

Although small, the policy does come with benefits. You won’t have to worry about your policy changing due to your age or a change in your health. Like other whole life plans, Physicians Mutual’s accumulates a cash value that you can use in emergencies.

You can also buy an accidental death benefit for your policy, with a payout of between $3,000 — $20,000.

Physicians Mutual Life Insurance for Children

Most insurance companies offer coverage for children as an add-on option to adult policies. Parents and guardians can purchase a plan for children when they’re 14 days old up until 12 years old. You can choose a benefit of either $5,000 or $10,000.

This plan guarantees that your child will have a life insurance policy no matter what health concerns develop later. When your child turns 21 years old, the coverage on the policy automatically doubles without a rate increase.

At ages 22 and 27, your child can buy additional coverage on their policy, up to $100,000.

Physicians Mutual insurance for children is a whole life policy, which builds cash value over time. Your child can use the cash value when they need a little extra financing, like college tuition or emergencies.

Physicians Mutual Life Insurance Add-Ons

Most insurance companies offer add-ons that increase the value of your policy. Standard life insurance add-ons include waiver of premiums, family income benefits, and long-term care add-ons.

Unfortunately, Physicians Mutual doesn’t offer many add-on options. The only add-on offered is the accidental death benefit when the whole life insurance plan is purchased.

If add-ons are important to you, Physicians Mutual does not provide a variety of options.

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How much does Physicians Mutual life insurance cost?

Physician Mutual rates tend to be higher than its competitors, and this is because they offer insurance without the need for a medical exam. You can get an idea of what insurance might cost you, but keep in mind that your quote will change based on your unique factors.

First, look at prices for Physicians Mutual whole life insurance.

Gender and age$15,000 coverage$10,000 coverage$5,000 coverage
Female, 50$46.45$31.30$16.15
Male, 50$55.60$37.40$19.20
Female, 60$58.30$39.20$20.10
Male, 60$70.90$47.60$24.30
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As you can see, prices are relatively affordable, but the coverage limits are low. Next, look at average term insurance prices for a $50,000 policy.

Gender and age10-year term20-year term
Female, 30$10.00$12.00
Male, 30$11.00$16.00
Female, 40$14.00$18.00
Male, 40$16.50$22.50
Female, 50$27.50$35.50
Male, 50$33.50$51.50
Female, 60$41.00$74.50
Male, 60$61.00$96.50
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Physicians Mutual is an affordable option, but you should always compare prices with other companies to make sure you get the best rates.

Physicians Mutual Life Insurance Company Reviews

Physicians Mutual insurance reviews are generally positive, though it has unsatisfied customers.

The Better Business Bureau gives the company an A+ and A.M. Best gives the company an A despite customer complaints and a 2-star customer rating.

A.M. Best rates insurance companies on their financial strength. For Physicians Mutual, A.M. Best rates their financial strength as an A or superior. That rating suggests customers feel confident that Physician Mutual will pay their claims.

On the positive side, customers appreciate that the Physicians Mutual life insurance claims process is reportedly quick. Customers also like to access their accounts with a simple Physicians Mutual login.

Find the Best Life Insurance Rates for Your Needs

Life insurance is a valuable asset that provides financial protection to loved ones. Physicians Mutual has options to cover anyone, regardless of health concerns, and having some insurance coverage is better than having none.

Even if you need no-exam coverage, you should still compare the Physicians Mutual life insurance company prices with its competitors. Enter your ZIP code into our free tool today to see what quotes might look like for you.