Choice Mutual Rating
2.0

Choice Mutual's ratings are determined by our editorial team. The scoring formula takes into account consumer experience, financial strength ratings and complaint data.

Physicians Mutual final expense life insurance is a modified whole life policy with no health questions.

They guarantee your acceptance, but you must consider the drawbacks (they are major) before taking advantage of their convenient offer.

Learn how their policy works, the pros & cons, the fine print, the cost, and if their coverage is worth buying.

 

How Does Physicians Mutual Final Expense Life Insurance Work?

Physicians Mutual life insurance is a whole life policy with no medical exam or health questions.

They call it “modified whole life insurance,” which is just another name for guaranteed life insurance.

You cannot be denied for any prior health issues.

Because they guarantee your acceptance, there is a two-year waiting period.

If you die during the first 24 months, Physicians Mutual will only refund 110% of your premiums.

The only exception to the waiting period is accidental death.

Tip:
Physicians Mutual does not offer burial insurance with no waiting period.

If you die from an accident, the full death benefit will pay out even if you die in the first two years.

Assuming you live for more than two years, Physicians Mutual will pay your loved ones cash (tax-free) when you die.

Your family can spend the money on funeral expenses, medical bills, or any other end-of-life costs.

Since it’s a whole life insurance policy, everything will remain the same forever.

The premiums won’t increase, the coverage won’t decrease in value, and the policy lasts a lifetime (unlike AARP final expense insurance).

 

Physicians Mutual Final Expense Insurance Policy Details
Policy TypeWhole Life Insurance
Policy DurationLifetime
Fixed PremiumsYes
Ages of Availability For New Applicants45-85
Coverage Options$3,000-$20,000
Available StatesAll except MA, NY, VT & WA
Builds Cash ValueYes
Medical ExamNo
Can Be Denied For Pre-Exisiting ConditionsNo
Health QuestionsNo
Prescription History CheckNo
Waiting Period2 Years
Optional Riders At Additional CostAccidental death

 

Pros And Cons Of Physicians Mutual Burial Life Insurance

The Good
  • Acceptance is guaranteed: You don’t have to answer health questions or complete an exam. Your acceptance is guaranteed.
  • Seniors with dire health can get coverage: If you’re a senior with a severe health issue such as dementia or renal failure, Physicians Mutual funeral insurance is still an option for you.
  • Low price guaranteed issue coverage: Physicians Mutual is on the lower end of the price spectrum relative to other companies that offer guaranteed issue coverage.
  • Online quotes & applications: Their website allows you to see instant quotes without inputting personal information such as a phone number or email. Furthermore, you can fully apply online without talking to a licensed agent.
  • Long-standing & financially stable insurance company: Physicians Mutual has been in business since 1902 and has an A (Excellent) rating with A.M. Best.
  • Very low amount of complaints: There are very few online complaints from customers for a company their size. Furthermore, they have an above-average NAIC complaint index score (individual life).
  • 31-day free look period: They allow you 31 days to decide if you want to keep the policy and get a full refund if you change your mind.
The Bad
  • No coverage without a waiting period: Physicians Mutual does not offer final expense life insurance with no waiting period.
  • Most seniors don’t need guaranteed acceptance: Most seniors who need burial insurance can qualify for a plan that asks health questions. That leads to lower premiums and coverage that fully insures you for natural or accidental death the day you make your first payment.
  • Prices are higher than guaranteed issue companies: If you need a guaranteed life policy, other insurance companies (such as AAA) offer lower rates.
  • Not available in all states: Their final expense coverage is unavailable in MA, NY, VT & WA.

 

How Much Does Physicians Mutual Guaranteed Issue Insurance Cost?

The table below has some sample Physicians Mutual burial insurance quotes.

Keep in mind that your exact age determines the price you pay.

Also, most people can qualify for cheaper final expense rates.

Use this quoting tool to see prices from the best final expense companies with lower prices.

All rates shown are monthly premiums.

 

Age$5,000$10,000$15,000$20,000
45F: $15.85
M: $18.85
F: $30.70
M: $36.70
F: $45.55
M: $54.55
F: $60.40
M: $72.40
50F: $16.10
M: $19.10
F: $31.20
M: $37.20
F: $46..30
M: $55.30
F: $61.40
M: $73.40
55F: $16.35
M: $19.70
F: $31.70
M: $38.40
F: $47.05
M: $57.10
F: $62.40
M: $75.80
60F: $20.20
M: $24.30
F: $39.20
M: $47.60
F: $58.30
M: $70.98
F: $77.40
M: $94.20
65F: $22.60
M: $29.30
F: $44.20
M: $57.60
F: $65.80
M: $85.90
F: $87.40
M: $114.20
70F: $30.10
M: $37.20
F: $59.20
M: $73.40
F: $88.30
M: $109.60
F: $117.40
M: $145.80
75F: $39.70
M: $50.95
F: $78.40
M: $100.90
F: $117.10
M: $150.85
F: $155.80
M: $200.80
80F: $59.30
M: $70.10
F: $117.60
M: $139.20
F: $175.90
M: $208.30
F: $234.20
M: $277.40
85F: $84.30
M: $95.10
F: $167.60
M: $189.20
F: $250.90
M: $283.30
F: $334.20
M: $377.40

 

Should You Buy Life Insurance From Physicians Mutual?

While Physicians Mutual is a standup and reliable company, their final expense insurance is not a good buy for most seniors.

That’s because all they offer is guaranteed acceptance life insurance which is more costly and comes with a two-year waiting period.

Most seniors who need burial insurance can qualify for insurance products with underwriting.

Doing so will yield a policy that costs less and has no waiting period.

In some situations, guaranteed issue coverage is the only way to get a new policy issued.

For example, if you’re on dialysis, bedridden, wheelchair-bound, or have Alzheimer’s, guaranteed acceptance coverage is your only option.

In that circumstance, Physicians Mutual is a great option to consider.

Among the companies that offer policies with no health questions, they are very inexpensive.

Check out the companies below before you buy Physicians Mutual final expense coverage.

 

Insurance CompanyCoverage & New
Applicant Age Limits
Policy Type, Length
& Product name
Mutual of Omaha company logoCoverage:
$2,000-$50,000
Age Range:
45-85
Whole Life Insurance
Lasts forever once issued
"Living Promise"- Level
(no waiting period)
Aetna company logoCoverage:
$2,000-$50,000
Age Range:
40-89
Whole Life Insurance
Lasts forever once issued
"Accendo"- Preferred
(no waiting period)
Aetna company logoCoverage:
$5,000-$50,000
Age Range:
45-80
Whole Life Insurance
Lasts forever once issued
"Final Expense"- Preferred
(no waiting period)
Royal Neighbors of America company logoCoverage:
$7,000-$30,000
Age Range:
50-80
Whole Life Insurance
Lasts forever once issued
"SIWL"
(no waiting period)
Foresters Financial company logoCoverage:
$5,000-$35,000
Age Range:
50-85
Whole Life Insurance
Lasts forever once issued
"PlanRight"- Preferred
(no waiting period)
Transamerica company logoCoverage:
$1,000-$50,000
Age Range:
45-85
Whole Life Insurance
Lasts forever once issued
"Immediate Solution"- Preferred
(no waiting period)
Prosperity Life Group company logoCoverage:
$5,000-$35,000
Age Range:
55-80
Whole Life Insurance
Lasts forever once issued
"New Vista"- Level
(no waiting period)
AIG company logoCoverage:
$5,000-$25,000
Age Range:
50-80
Whole Life Insurance
Lasts forever once issued
"Guaranteed Acceptance"
(2 Yr waiting period)
Liberty Bankers Life company logoCoverage:
$3,000-$40,000
Age Range:
50-80
Whole Life Insurance
Lasts forever once issued
"SIMPL"- Preferred
(no waiting period)
Gerber Life company logoCoverage:
$5,000-$25,000
Age Range:
50-80
Whole Life Insurance
Lasts forever once issued
"Guaranteed Acceptance"
(2 Yr waiting period)
American Amicable company logoCoverage:
$2,500-$50,000
Age Range:
50-85
Whole Life Insurance
Lasts forever once issued
"Senior Choice"- Immediate
(no waiting period)
Baltimore Life company logoCoverage:
$2,500-$50,000
Age Range:
45-89
Whole Life Insurance
Lasts forever once issued
"iProvide"
(no waiting period)

 

Physicians Mutual Company Background

Physicians Mutual has been in business since 1909 and offers products in all 50 states.

They sell final expense insurance, children’s life insurance, and term insurance.

They also offer dental, pet, and Medicare-related insurance products.

Their contact details are below:

  • Phone number: 1-800-228-9100
  • Address: 2600 Dodge Street, Omaha, Nebraska 68131
  • Website: https://www.physiciansmutual.com/

 

The Bottom Line

2.0/5 rating
Physicians Mutual earned 2 stars out of 5 for overall performance. Choice Mutual’s ratings are determined by our editorial team. The scoring formula considers consumer experience, complaint data from the National Association of Insurance Commissioners, and financial strength ratings.

Learn about our rating methodology.

Price
2.0
Policy rates relative to other carriers
Financial Strength
5.0
Credit ratings from A.M. Best
Customer Reviews
5.0
Consumer feedback from third-party websites like Facebook, Yelp, and Trustpilot
NAIC Complaint Ratio
5.0
Up-to-date complaint score from the National Association of Insurance Commissioners
Advertising Practices
4.0
Accuracy and trustworthiness of marketing
Available Products
1.0
Number of policy types, including no-exam options