Evaluation of the Physicians Mutual Insurance Company

Evaluation of the Physicians Mutual Insurance Company

Edwin E. Elliott established Physicians Mutual in 1902 with the purpose of providing medical professionals with access to affordable medical insurance. Since then, it has grown to become a national supplier of life, dental, and supplemental health insurance, in addition to annuities and services for funeral preplanning. Customers in all 50 states can obtain coverage by contacting one of its more than 850 local agents or by visiting the company’s website. In 2012, Physicians Mutual began providing services and goods related to funeral preplanning. 

The insurance companies that make up the Physicians Mutual family include Physicians Life Insurance Company ($1.75 billion in assets and $163.2 million in total claims paid in 2020) and Physicians Mutual Insurance Company ($2.6 billion in assets and $269.8 million in total claims paid in 2020). Together, these two companies make up the Physicians Mutual family of insurance companies.

Omaha, Nebraska serves as the host city for the company’s main office. Rob Reed serves as both the President and CEO of the company at the present time. 

Key Takeaways

  • In addition to providing life, dental, and supplemental health insurance on a nationwide scale, as well as annuities and funeral preplanning services, Physicians Mutual is a leading provider of annuities.
  • Both Physicians Life Insurance Company and Physicians Mutual Insurance Company are members of the insurance businesses that make up the Physicians Mutual family.
  • In addition to the Better Business Bureau, both give Physicians Mutual top marks for its financial strength, and the BBB gives it an A+ rating.
  • Policyholders can access a customer support center that is open around the clock through the company’s website. Policy information, claims forms, and status updates are also available online.

Evaluations and Commendations

When rating the financial strength of Physicians Mutual, these insurance rating groups have always given the company high marks:

  • AM Best: “A” Both the Physicians Mutual Insurance Company and the Physicians Life Insurance Company have gotten very high marks.
  • Weiss Ratings: “A+” A grade of “A-” has been given to Physicians Mutual Insurance Company for its outstanding performance. The Physicians Life Insurance Company has received an excellent rating. 

Since 1940, the BBB has recognized Physicians Mutual as a trustworthy organization. The Better Business Bureau has given it an “A+” rating for its performance. There were a total of 62 complaints that were resolved throughout the course of a period of three years (ending on December 29, 2020). A remarkably low number of customer complaints have been received by such a huge organization. A survey that examined total customer satisfaction was conducted by Weiss Research Associates and published in 2014. The study gathered responses from customers. Customers who purchased a Physicians Mutual health or life insurance policy were 97 percent satisfied, the highest possible score.

The Arbor Day Foundation honored Physicians Mutual with the Arbor Day Award in 2014. The award was given out that year. The organization has been responsible for the planting of more than 250,000 trees and also runs a program called “Trees in Memory” through which it plants a tree in memory of clients after they pass away. In addition to winning honors for workplace wellness and innovative Medicare Supplemental Insurance choices, the company has also been recognized for its achievements in these areas. 

Products Relating to Insurance and Finance

  • Life Insurance: Physician Mutual provides clients with access to a variety of life insurance options, including term life insurance, whole life insurance, and juvenile life insurance.
  • A Medicare Supplement insurance policy can assist you in paying for services that are not covered by Medicare, thereby closing the coverage gap that exists for you. A representative will be able to guide you through the process of selecting the choice that best meets your specific requirements and the circumstances surrounding your medical condition.
  • Over three hundred different dental treatments are among those that are covered by the dental insurance offered by Physicians Mutual. Among these treatments are routine checkups, fillings, crowns, and dentures. You get to pick your own provider, and there is no deductible to worry about. 
  • Supplemental Medical Insurance: This type of policy pays cash benefits directly to you in order to assist you in covering medical expenses after your primary health insurance policy has run out of coverage.
  • A cancer insurance policy can also be purchased to assist with the financial burden of cancer-related expenses such as treatments, medications, therapists, and specialists. Screenings for preventative care are included in the coverage provided under the cancer policy. There are a variety of annuity options offered by Physicians Mutual that can assist you with your retirement savings and provide you with an income after you retire. There are both immediate and delayed annuity programs available to choose from. 
  • Funeral Pre-Planning: The funeral pre-planning program enables you to pre-pay for a funeral using a death benefit that increases over time. Additionally, the program enables you to leave other insurance benefits to a beneficiary of your choosing. The funeral policy is comparable to a life insurance policy, but the primary purpose of the funeral policy is to reimburse the funeral home for the costs associated with the funeral.

 Services Available to Policyholders

Policyholders have instant access to view insurance policy information, forms to update personal information, pay your bill online, sign up for automatic bank withdrawal for policy payments, and access to frequently asked policy questions through the customer service center that is available 24 hours a day, seven days a week on the website of the company that provides the customer service center. The company’s website provides claim forms that may be accessed and downloaded there. You also have the option to check the progress of a claim online.

The Crux of the Matter

Since its founding in 1902, Physicians Mutual has successfully weathered the passage of time. It enjoys great scores both for its financial strength and for customer service. Customers all across the country can take advantage of the company’s comprehensive offerings, which include pre-need funeral planning services, life insurance, supplemental health insurance, annuities, and more. The company is a national provider. Customers who are looking for the best deal on insurance coverage should take this alternative into consideration because it is a solid option. Every state does not have access to the same variety of insurance choices.

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