- You cannot be denied for pre-existing conditions.
- Often, they have the lowest price for guaranteed acceptance insurance.
- You can see quotes and fully apply online without having to speak with an agent.
- There is a two-year waiting period for any nonaccidential death.
- $20,000 is the maximum amount of final expense insurance you can buy.
- If you want a policy that covers you immediately, you must seek another provider.
AM Best’s Financial Strength Rating (FSR) is an independent opinion of an insurer’s financial strength and ability to meet its ongoing insurance policy and contract obligations. The scores range from A++ to D-.
Moody’s Investors Service rates the creditworthiness of companies. The Moody’s Rating Scale has 21 possible scores ranging from “Aaa” (highest mark) down to “C” (lowest mark).
S&P Global Inc. issues credit ratings on a scale from “AAA” (highest rating) to “D” (lowest rating).
The Complaint Index compares a company’s performance to other companies in the market. The National Complaint Index is always 1.00. That means a company with a complaint index of 2.00 is twice as high as expected in the market. Reported scores are for the most recently available year and for “Individual Life” products.
The BBB rating is based on information BBB is able to obtain about the business, including complaints received from the public. BBB seeks and uses information directly from businesses and from public data sources. BBB assigns ratings from A+ (highest) to F (lowest). If a business has been accredited by the BBB, it means BBB has determined that the business meets accreditation standards, which include a commitment to make a good faith effort to resolve any consumer complaints.
How Does Physicians Mutual Life Insurance Work?
Physicians Mutual offers final expense, children’s, and term life insurance.
- Final expense insurance: A modified whole life insurance policy with no medical questions or examination. Because acceptance is guaranteed, there is a 24-month waiting period. If you die during the waiting period, your beneficiaries will only receive a refund of premiums plus 10% interest.
- Term life insurance: Temporary coverage that lasts either 10 or 20 years. If you’re 18-60, you can buy a policy for up to 20 years. If you’re between 61-70, you can only buy a 10-year term. Once you reach the end of the term, you can either convert to whole life or buy a new policy. To qualify, you don’t have to take an exam, but you do have to answer health questions.
- Children’s life insurance: It’s whole life insurance for minors. The coverage lasts forever, and the rate will not increase. When the child turns 21, the death benefit will double (the price stays the same). To qualify, you must answer two health questions about the child.
All policies can be bought online without having to speak with an agent.
Regardless of which policy you buy, the net result when the insured dies is a tax-free cash payment to the beneficiary(s). There are no restrictions on how the death benefit payout is spent.
How Much Does Physicians Mutual Guaranteed Issue Whole Life Insurance Cost?
The table below has some sample Physicians Mutual burial insurance quotes.
| Age & Gender | $5,000 | $10,000 | $20,000 |
|---|---|---|---|
| Female age 45 | $17 | $33 | $64 |
| Male age 45 | $20 | $39 | $76 |
| Female age 50 | $17 | $33 | $65 |
| Male age 50 | $20 | $39 | $77 |
| Female age 55 | $17 | $34 | $66 |
| Male age 55 | $21 | $40 | $80 |
| Female age 60 | $21 | $41 | $81 |
| Male age 60 | $25 | $50 | $98 |
| Female age 65 | $24 | $46 | $91 |
| Male age 65 | $30 | $60 | $118 |
| Female age 70 | $31 | $61 | $121 |
| Male age 70 | $38 | $75 | $150 |
| Female age 75 | $41 | $80 | $160 |
| Male age 75 | $52 | $103 | $205 |
| Female age 80 | $60 | $120 | $238 |
| Male age 80 | $71 | $141 | $281 |
| Female age 85 | $85 | $170 | $338 |
| Male age 85 | $96 | $191 | $381 |
| Source for monthly prices: Choice Mutual quote calculator. Rates are calculated at a non-tobacco rating, rounded to the nearest dollar, and are valid as of 08/07/2024. | |||
Should You Buy Life Insurance From Physicians Mutual?
First, if you need or want a guaranteed acceptance policy, Physicians Mutual is likely your best option. They consistently have the lowest prices relative to other guaranteed acceptance companies.
However, the truth is that most seniors can qualify for a policy that has health questions.
A policy with health questions has the benefit of no waiting period. Additionally, it’s very likely to cost much less than a policy with no health questions.
Most pre-existing conditions are eligible for immediate coverage. It’s best to consult with an independent insurance agency that represents multiple final expense insurance companies. They can compare each company to find a policy that fully insures you from day one.
Frequently Asked Questions
Physicians Mutual family of companies consists of Physicians Mutual Insurance Company and Physicians Life Insurance Company. Which company issues the policy depends on the type of coverage (life health, pet, or accident).
Physicians Mutual is a genuine insurance company authorized by the NAIC to sell life insurance in all 50 states. They have been in business since 1909 and have an A rating with A.M Best.
Physicians Mutual final expense insurance has no health questions and a two-year waiting period. Their term life and children’s whole life insurance have no waiting period (if you’re approved).
Choice Mutual often cites third-party websites to provide context and verification for specific claims made in our work. We only link to authoritative websites that provide accurate information. You can learn more about our editorial standards, which guide our mission of delivering factual and impartial content.
- Physicians Mutual life insurance. https://www.physiciansmutual.com/web/life/final-expense
- since 1909. https://www.physiciansmutual.com/web/about
- A.M. Best. https://www.physiciansmutual.com/web/about/financial-strength
- BBB. https://www.bbb.org/us/ne/omaha/profile/insurance-companies/physicians-mutual-insurance-company-0714-104000372
- Trustpilot. https://www.trustpilot.com/review/physiciansmutual.com
- Google. https://www.google.com/search?client=firefox-b-1-d&q=physicans+mutual+omaha+ne#lrd=0x87938e4eb4117a1d:0xa0eb54024f5bbf4e,1,,,,
- Yelp. https://www.yelp.com/biz/physicians-mutual-insurance-omaha-3
- Facebook. https://www.facebook.com/PhysiciansMutualInsurance/reviews_given
- NAIC Complaint Index. https://content.naic.org/cis_refined_results.htm?TABLEAU=CIS_COMPLAINTS&COCODE=80578&REALM=PROD&COCODE=80578&REALM=PROD
- BBB Score & Accreditation. https://www.bbb.org/us/ne/omaha/profile/insurance-companies/physicians-mutual-insurance-company-0714-104000372
- children’s. https://www.physiciansmutual.com/web/life/juvenile
- term life insurance. https://www.physiciansmutual.com/web/life/term
