Is Physicians Life Insurance Company Legit: Overview, Contacts, Services, Policy, Claims, Pros & Cons

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Is Physicians Life Insurance Company Legit: Verifying the Legitimacy.

An image illustration of Physicians Life Insurance Company
Unveiling the Legitimacy.

If you’re in search of a life insurance provider that aligns with your needs and budget, you may have encountered Physicians Life Insurance Company.

A subsidiary of Physicians Mutual Insurance Company, a key player in the insurance industry since 1902, Physicians Life Insurance Company has piqued your interest.

But is it a legitimate choice? How does it stack up against other life insurance companies in the market?

In this blog post, we will delve into these queries and more by scrutinizing the company’s:

History, products, services, advantages, and disadvantages. Additionally, we will address frequently asked questions to empower you in making an informed decision.

Company Background

Established in 1970 as a branch of Physicians Mutual Insurance Company, founded in 1902 by Edwin E. Elliott, Physicians Life Insurance Company has its roots in the vision to provide health insurance coverage to medical professionals.

Today, Physicians Mutual Insurance Company offers an extensive array of insurance products encompassing annuities, life insurance, Medicare, Medigap, dental insurance, and, since 2021, pet insurance.

Physicians Life Insurance Company, a privately held entity, concentrates on delivering life insurance products like term, final expense, and children’s life insurance.

Employing over a thousand individuals, the company is under the leadership of CEO and President Robert A. Reed, with its headquarters still situated in Omaha, Nebraska.

Company Contacts

Here is some crucial information about Physicians Life Insurance Company that may prove valuable:

Phone Number 1-800-228-9100
Address 2600 Dodge Street, Omaha, NE 68131
Customer Service Contact 1-800-228-9100 or [email]
Policy Details Varies by product and state
Email Address service@physiciansmutual.com
Fax Number 1-402-633-1000
Operating Hours Monday-Friday, 8:00 a.m. to 5:00 p.m. Central Time

Services & Products

Physicians Life Insurance Company extends three types of life insurance products: term, final expense, and children’s life insurance.

Here’s a succinct overview of each product:

  1. Term Life Insurance:
    • Coverage for a specified period (10, 15, 20, or 30 years).
    • Death benefit paid if you pass away within the term.
    • No medical exams or blood tests required.
    • Application online or by phone with quick quotes.
    • Coverage options range from $25,000 to $250,000.
    • Premiums remain fixed for the term duration.
    • Additional riders available for enhanced coverage.
  2. Final Expense Life Insurance:
    • Permanent life insurance covering the entire life.
    • Aimed at covering funeral and end-of-life expenses.
    • No medical exams or health questions.
    • Application online or by mail for rapid coverage.
    • Coverage options from $1,000 to $50,000.
    • Guaranteed stable premiums and death benefits.
    • Additional riders for customization.
  3. Children’s Life Insurance:
    • Permanent life insurance for children or grandchildren.
    • Secures future insurability regardless of health or occupation.
    • No medical exams or health questions.
    • Application online or by mail with swift coverage.
    • Coverage options from $5,000 to $20,000.
    • Guaranteed stable premiums and death benefits.
    • Additional riders for enhanced coverage.

Pros And Cons

Pros:

  1. No Medical Exams or Health Questions: Most products offered by Physicians Life Insurance Company do not require medical exams or health questions.
  2. Effortless and Speedy Application Process: The application process is quick and straightforward.
  3. Guaranteed Premiums and Death Benefits: The company assures guaranteed premiums and death benefits.
  4. Variety of Riders and Options: There is a diverse range of riders and options available.
  5. High Financial Strength Rating: A.M. Best gives Physicians Life Insurance Company an A+ rating for financial strength.
  6. Positive Customer Service Rating: BBB awards the company an A+ rating for customer service.

Cons:

  1. Limited Coverage Limits: Compared to other companies, Physicians Life Insurance Company offers lower coverage limits.
  2. Elevated Complaint Index: The company has a higher complaint index compared to its counterparts.
  3. Reduced Customer Satisfaction: Customer satisfaction levels are lower compared to other insurance providers.
  4. Restricted Product Portfolio: The range of products offered by Physicians Life Insurance Company is limited compared to other companies.
  5. Lack of Online Account Management or Claims Service: The company does not provide online account management or claims services.

Other Relevant Topics:

Apart from the pros and cons, there are other pertinent topics related to Physicians Life Insurance Company that you might find useful:

Cancellation Policy

  • You can cancel your policy within 30 days of receiving it for a full premium refund.
  • After 30 days, cancellation can be done via a written request, but refunds may vary based on policy type and state regulations.
  • Cancelling a policy with cash value may incur a surrender charge.

Filing a Claim

  • To file a claim, contact the company at 1-800-228-9100 or send a written notice.
  • Information required includes policy number, insured’s name, date and cause of death, beneficiary’s name and address.
  • Additional documents, such as a certified copy of the death certificate, may be necessary.

FAQs

  1. Legitimacy of Physicians Life Insurance Company:
  2. Benefits of Choosing Physicians Life Insurance Company:
    • No medical exams or health questions for most products.
    • Quick application process.
    • Guaranteed premiums and death benefits.
    • Diverse riders and options.
    • Wide range of coverage amounts.

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