Physicians Mutual Guaranteed Whole Life Insurance Review

Written by Jeff Root

At Guaranteed Issue Life it is our job to make sense of guaranteed issue life insurance policies and the carriers who sell them. If you are interested in learning about Physicians Mutual guaranteed whole life insurance policy, you have definitely found yourself in the right place.

Is Physicians Mutual the right insurance carrier for you? As with all insurance options, it depends. The best life insurance company for you is one that fits your specific health situation, financial needs, and budget. There’s no policy that fits the needs of all people, even with guaranteed issue whole life insurance. Some policies are only available in certain states and others are limited in face amounts and ages.

What You’ll Learn

About Physicians Mutual Life Insurance
Physicians Mutual Ratings
Policy Overview & Rates
Pros of Physicians Mutual Guaranteed Whole Life Insurance
Cons of a Guaranteed Whole Life Policy from Physicians Mutual
Alternatives to Physicians Mutual Guaranteed Life Insurance

Physicians Mutual Guaranteed Issue Life Insurance ReviewTo know with certainty what the best policy for you is, we recommend working with an independent agency that can shop across multiple and answer any questions you might have. If you’d like to do your own research before calling, continue reading to learn more about Physicians Mutual and their Guaranteed Whole Life policy.

Disclaimer: We are not Physicians Mutual and we are also not affiliated with them. If you’re interested in applying and/or would like a quote, you should contact them directly or go to their website at

About Physicians Mutual Life Insurance

Founded in 1902, Physicians Mutual is a part of Physicians Life Insurance Company. As the name implies, Physicians Mutual is a mutual insurance company. This means they are a company that is owned by the policyholders, instead of shareholders. A mutual insurance company that is owned by its policyholders must make decisions in the best interest of the policyholders.

Today, Physicians Mutual Insurance Company has $2.21 billion in assets and Physicians Life Insurance Company has $1.6 billion in assets. On average, they pay around $306 million in claims. This isn’t a lot in comparison to some other major life insurance companies, but they are a smaller company.

Physicians Mutual Ratings

Any good review of Physicians Mutual includes a look at the company ratings so you can see if the company is a good financial fit for you. The industry standard rating is A.M. Best who gave Physicians Mutual an “A” (Excellent) rating back in September of 2015. They also have a Better Business Bureau (BBB) rating of A+.

Together, these two ratings indicate that Physicians Life Insurance Company has strong financial health and quality customer service. Two areas that are important when selecting the right guaranteed acceptance life insurance company for you.

Physicians Mutual Guaranteed Whole Life Insurance Policy

The guaranteed whole life policy from Physicians Mutual is typically not our top choice when looking for a guaranteed issue policy for someone. There are rare cases where Physicians Mutal makes sense, but companies like Great Western and Gerber offer many of the same benefits to Physicians Mutual’s guaranteed whole life insurance without some of the drawbacks. Before diving in, let’s look at the policy features.

Policy Overview & RatesPhysicians Mutual Life Insurance Logo

Face Amount Range: $3,000 – $10,000

Age Availability: 45 – 80 (45 – 75 in MO)

State Availability: All states except AR, KS, MN, MO, NJ, NY, PA, WA

Graded Period: 24 months

Premiums Returned: 7%

Riders: None available

Application Process: Directly through the carrier

Pros of Physicians Mutual Guaranteed Whole Life Insurance

Whole Life Policy & Guaranteed Acceptance

As a guaranteed issue policy, anyone can receive coverage. This is especially true for those with critical illness and/or major medical issues. There is no medical underwriting, no exams, and no reports pulled by the insurance carrier. No matter what, you will receive a policy.

As a whole life policy, this plan is also guaranteed for the entire duration of your life.

Available at Age 45

Only a small handful of companies that will insure people in their 40’s and Physicians Mutual is one of them. If you are mid to late 40’s and need to buy a no questions insurance policy, the Guaranteed Whole Life plan may be a good option for you.

The Accidental Death Coverage Option

Physicians Mutual’s whole life plan features an accident clause that allows you to add additional coverage for accidental death that will pay ON TOP OF the death benefit amount.

For example, if you have coverage of $10,000 and an accidental death benefit of $5,000 and then you die from a heart attack, your beneficiary will only receive the $10,000 (non-accidental). If however, you add the accidental death benefit and then you die in a car accident, your beneficiary will receive $15,000 (for accidental death).

Cons of a Guaranteed Whole Life Policy from Physicians Mutual

Small Coverage Amounts

Coverage is only offered in face amounts between $3,000 and $10,000. This is a much smaller range than the top guaranteed issue carriers on the market. Honestly, a policy within these amounts will only cover one major final expense, such as burial or cremation. It would not provide enough to cover burial and any outstanding debts, medical bills, or ongoing monthly expenses.

Lower Interest Returned on Premiums

If death occurs during the graded period of 24 months, the premiums paid to date will be returned plus an additional 7%. This additional interest is lower than most other policies available as the industry average is 10%.

The graded period is the mandatory waiting period you must survive in order for the entire death benefit to be paid to your beneficiary.

No Riders or Added Policy Benefits

Beyond price, there is value to be gained from some guaranteed acceptance life insurance policies while you’re still alive. These are not available through all carriers and could be an important part of your decision-making process. With Physicians Mutual, there are no Riders or Accelerated Death Benefits.

If a feature like this is important to you, we suggest looking at our top guaranteed acceptance companies, like AIG and Great Western, who offer living benefits at no or low additional costs.

Mail-In Claims Process

The claims process is handled through traditional mail. This can easily cause delays in claims getting processed and cause an additional burden for the grieving family.

When you read reviews of Physicians Mutual online, there are reviews where customers indicate confusion over the claims process. Some people have expressed frustration over not being able to follow up on claims and others say claims cannot be processed until all documentation is received by the company. For some families, this causes a very long delay if they do not know all the answers for the forms, causing even greater pain during this sensitive time.

Alternatives to Physicians Mutual Guaranteed Life Insurance

As a company, Physicians Mutual is strong. But as a guaranteed issue policy, we believe there are some better alternatives on the market. With Physicians Mutual you are only allowed to purchase directly through the carrier with their ‘captive agents.’ These are insurance agents that are only allowed to sell the products from the one carrier, which means they cannot shop around on your behalf.

The best alternative is to go with an independent life insurance agency, like Guaranteed Issue Life. When you work with independent agents who are licensed in all states and represent dozens of carriers, you can feel rest assured that you’re getting the best deal for you.

We believe that life insurance is such an important decision that you shouldn’t feel obligated or forced to purchase from just one carrier. You deserve to know what all your options are and receive quotes with zero obligation.

Compare Life Insurance Carriers to Physicians Mutual

We are an independent life insurance agency, but we do not represent Physicians Mutual Life Insurance. As mentioned, you will need to call the carrier directly if you are interested in purchasing a Physicians Mutual policy.

We do, however, represent dozens of other top carriers around the country, including some of the most trusted names in insurance. Our agents are highly skilled in understanding the differences between these policies and can easily assist you through the decision making process.

Don’t wait another day. Your family deserves the best coverage possible and in a timely manner. Explore your options by giving us a call. We can be reached directly at 949-480-9638. You can also use the complimentary quote tool that is on the side of this current page to instantly compare rates across the top carriers.

Thank you for reading this article on Physicians Mutual Guaranteed Whole Life Insurance review.

About Jeff Root & Guaranteed Issue Life
About Jeff Root & Guaranteed Issue Life

Jeff Root is the author of The Digital Life Insurance Agent and host of the Modern Life Insurance Selling Podcast.

Guaranteed Issue Life is a nationally licensed agency, that has helped over 1500 consumers purchase guaranteed issue life insurance. We represent over 30 life insurance companies & transact business in every state.

All content on this site has been written by life insurance experts & licensed life insurance agents.

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