Jeffrey Manola is an experienced life insurance agent and the founder of Top Quote Life Insurance. His mission when he created Top Quote Life Insurance was to provide online consumers searching for life insurance with the absolute best quotes for term life insurance, permanent life insurance, no medical exam life insurance, and burial insurance. Not only does he strive to provide you with the ...

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Written by Jeffrey Manola
Founder & Licensed Agent Jeffrey Manola

Leslie Kasperowicz holds a BA in Social Sciences from the University of Winnipeg. She spent several years as a Farmers Insurance CSR, gaining a solid understanding of insurance products including home, life, auto, and commercial and working directly with insurance customers to understand their needs. She has since used that knowledge in her more than ten years as a writer, largely in the insur...

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Reviewed by Leslie Kasperowicz
Farmers CSR for 4 Years Leslie Kasperowicz

UPDATED: Jun 30, 2022

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Shopping for life insurance isn’t exactly fun and exciting, which is why it is something that people put off doing.

But, the truth is, life insurance is something you absolutely need, especially if you’re raising a family. It’s one of the best ways to ensure that your family will have the available funds to pay for burial or cremation cost, as well as any other services.

Life insurance can also provide the funds to replace a deceased spouse’s income as well as help pay for any outstanding debts or bills, such as your mortgage.

Your own death is a gruesome thought, but if you want to be prepared, investing in life insurance is the only way to do it. The first step is learning about the different options when it comes to life insurance companies and the different products that they offer.

If you’ve been shopping around for a while or even if you just started your research, this is the article for you. Here, we’re performing a review of Physicians Life Insurance to help assist you in your search of finding great life insurance coverage.

Looking to compare life insurance prices? We can help. Enter your ZIP code to get free quotes from multiple insurers.

History of Physicians Mutual Insurance Company

Physicians Mutual Insurance Company was founded in Omaha, Nebraska dating back to 1902. The insurance company first began by offering health insurance to medical professionals. In 1962, the insurance company opened its health insurance coverage to the public.

In 1970, Physicians Mutual established Physicians Life Insurance Company, offering life insurance coverage. Throughout the years Physicians Mutual would include several additional coverage options such as:

  • Medicare SupplementPhysicians Life Insurance Logo
  • Dental Insurance
  • Accident insurance
  • Supplemental Health Insurance
  • Annuities
  • Funeral Pre-Planning.

Physicians Life Insurance is a division of Physicians Mutual and is thereby also a mutual company. It’s important to note that a mutual company is not owned by shareholders. It is owned by the policyholders and therefore the interests of the company are in the policyholders.

Some potential policyholders are interested in the assets of a particular life insurance company. You’ll note that Physicians Life holds over $1.6 billion in assets and pays out $125 million annually, on average.

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Physicians Life Insurance Company Ratings

Reviewing a life insurance company’s ratings is perhaps one of the most important things you can do when shopping for life insurance coverage. Understanding what the different ratings mean will help you decipher the companies financial stability.

A.M. Best and Weiss Ratings both base their scores on a company’s financial health and security. The BBB or Better Business Bureau gives scores based on customer service.

Physicians Life Insurance Professional Ratings

  • A.M. Best Rating: A = (Excellent)
  • Weiss Rating: A- = (Excellent)
  • Better Business Beau BBB: A+

These ratings far exceed the standard expectation for a life insurance company, while other companies may also receive high ratings, it’s safe to say that Physicians Life Insurance Company cares about their customers.

Physicians Mutual Life Insurance Products

Physicians Life Company offers a wide variety of life insurance products. Whether your coverage needs are temporary or permanent, Physicians will have a product for your coverage needs.

Let’s take a look at these different products so you can see the difference and decide which type of policy best suits your needs.

Types of Life Insurance offered with Physicians Mutual

  • Term Life Insurance (Smaller Coverage Amounts)
  • Term Life Insurance (Higher Coverage Amounts)
  • Whole Life Insurance (Smaller Coverage Amounts)
  • Whole Life Insurance (Higher Coverage Amounts)
  • Juvenile Whole Insurance

Term Life (Smaller Amounts)

Physicians Life Insurance Company offers a final expense term life insurance coverage called “Term Life” since the maximum death benefit is capped at just $50,000 this coverage is ideal life insurance for the cost of burial or funeral expenses.

Term Life is available in both 10 or 20 year fixed premium term lengths. Coverage is renewable until age 95 and available to those age 18-70 on the 10-year term options and 18-60 on the 20-year term option, depending on the length of your term.

Term Life is also convertible to whole life insurance without evidence of insurability, should your coverage needs become permanent.

Issue Ages:

  • 10 Year – Ages 18-70
  • 20 Year – Ages 18-60

Minimum Death Benefit: $10,000

Maximum Death Benefit: $50,000

Optional Policy Riders:

  • Accidental Death Benefit


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High Benefit Term Life

For those who require higher amounts of life insurance coverage, Physicians Life Insurance offers its “High Benefit Term Life” insurance policy. This coverage is like any traditional term life insurance policy that would be purchased for estate planning needs, to cover mortgage payments, replace lost income or similar circumstances in which life insurance coverage would be needed.

High Benefit Term Life is available to those that are between the ages of 18-75. Contract lengths come in fixed level premium durations of 10, 15, 20 or 30 years and can be renewed annually until age 95. Death benefit amounts range from $100,000 up to $10 million.

Just like the “Term Life” coverage High Benefit Term Life is also convertible to permanent whole life insurance coverage without any evidence of insurability.

Issue Ages:

  • 10 Year – Ages 18-75
  • 15 Year – Ages 18-65
  • 20 Year – Ages 18-60
  • 30 Year – Ages 18-50

Minimum Death Benefit: $100,000

Maximum Death Benefit: $10,000,000

Optional Policy Riders: N/A


 Guaranteed Modified Whole Life

This policy puts its focus on coverage for burial and final expense needs. Unlike the term option, this coverage is permanent whole life insurance that is guaranteed to last a lifetime, since this is whole life insurance there is a guaranteed cash value build-up.

A policy can be obtained from age 45 to 80 depending on where you live for up to a maximum of $10,000 of coverage. This coverage is guaranteed acceptance so as long as you meet the age requirements you cannot be turned down, regardless of your current or past health.

Since this is guaranteed acceptance it is important to note that there is a 2 year graded death benefit. This means that the only death benefit that is paid out is a return of all paid premiums, plus 10% interest should death occur before policy year two.

Issue Ages: 45-50

Minimum Death Benefit: $3,000

Maximum Death Benefit: $10,000

Optional Policy Riders:

  • Accidental Death Benefit


High Benefit Whole Life

High Benefit Whole Life is Physicians Life Insurance Company’s fully underwritten traditional whole life insurance coverage. This coverage is ideal for those looking for permanent death benefit protection along with cash value growth. Because of the potential cash value growth, High Benefit Whole Life can be used as an additional source of retirement income.

Applicants between the ages of 22 to 80 may apply and death coverage protection starts from day one. Coverage amounts range as high as $2,000,000.

Issue Ages: 22-80

Minimum Death Benefit: $3,000

Maximum Death Benefit: $2,000,000

Optional Policy Riders:

  • Accidental Death Benefit


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Juvenile Whole Life Insurance for Children

This policy is strictly for children between the ages of 14 days to 12 years old. Parents, as well as grandparents, can purchase a whole life insurance policy on their child or grandchild ranging from $5,000 to $10,000.

Because this is whole life insurance, the life insurance coverage is guaranteed to last a lifetime without any change in premium. The death benefit amount also automatically doubles at age 21 without any extra charges. There is also a guaranteed option to purchase a maximum of $100,000 of death benefit coverage without evidence of insurability between the ages of 22 through 27.

Issue Ages: 14 days to 12 years old

Minimum Death Benefit: $5,000

Maximum Death Benefit: $10,000

Optional Policy Riders: N/A


Final Thoughts on Physicians Life Insurance Company

Physicians Life Insurance Company is a very good life insurance provider overall. The insurance company offers a wide selection of both term and whole life insurance options that are able to meet most of your life insurance goals.

When considering life insurance coverage it is recommended to shop around and weigh out all your options. Although Physicians Mutual is a good option they may not be the best option.

Compared to many other highly rated life insurance companies, Physicians Mutual often comes up short on price competitiveness. The insurance company also doesn’t offer many optional policy riders, nor do they have an option for universal life insurance.

This can be a negative for anyone looking for an affordable permanent life insurance option outside of whole life insurance coverage.

One of the best ways to shop for life insurance is to work with an experienced independent life insurance agent or agency. Top Quote Life Insurance is an independent life insurance agency and we can offer you dozens of life insurance companies to shop for the best coverage to meet your life insurance needs.

It’s important to access as many quotes as possible while shopping for life insurance to ensure that you get the best rates, not to mention the best company to satisfy your needs.

If you want to search for quotes in one place and save yourself some hassle, feel free to contact us. We want to hear from you and help you secure a life insurance policy that’s right for you and your family.

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