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2024 Physicians Mutual Burial Insurance Review: The Best Coverage Yet?

February 03, 20248 min read

An in-depth analysis of one of the most well-liked burial insurance products available today will be presented in the 2022 Physicians Mutual Burial Insurance Review.

The best coverage to date is provided by Physicians Mutual Burial Insurance. It is made to give your loved one everlasting financial security while giving you piece of mind.

The Physicians Mutual Burial Insurance, offered by Physicians Mutual Life Insurance Company, was developed to provide you the peace of mind that comes from knowing that, in the event of your passing, your family will have the resources they require.

It is intended to cover all funeral costs, including those for burial or cremation as well as any associated taxes and levies. If you have other survivors, they may continue to receive payments from your policy until either you pass away or you turn 100. (whichever comes first).

We’ll examine the company’s background, financial standing, coverage, and how they stack up against competing burial insurance companies.

History Of Physicians Mutual Insurance Company

Physicians Mutual Insurance Company was established in 1902, followed by Physicians Life Insurance Company. Edwin E. Elliott, a native of Omaha, developed health insurance for medical professionals. The at-home business evolved over several decades into a successful national insurer.

In 1962, Physicians Mutual expanded its general medical insurance. The Physicians Life Insurance Company was established by Physicians Mutual Insurance Company in 2005 as part of an overall product expansion.

Physicians Mutual employs 1,000 people and is privately held. Its corporate headquarters are still in Omaha. The CEO and president at the moment is Robert A. Reed.

Customer service has always been a priority for Physicians Life Insurance. It has adamantly declared that it will put more effort into serving its clients than any other supplier. People may anticipate clear solutions built on core principles.

The group’s dedication can motivate customers as well. Many workers give their time to charities such the Ronald McDonald House, Food Bank for the Heartland, Special Olympics, and Stephen Center.

What is Physicians Mutual Burial Insurance?

A association of more than 50,000 doctors in the US and Canada called Physicians Mutual offers a funeral insurance product called Physicians Mutual Burial Insurance.

The purpose of the burial insurance product is to cover the immediate families of physicians who pass away while working or visiting a hospital with burial insurance.

One of the most extensive burial insurance policies is offered by Physicians Mutual. It provides no deductible, unlimited lifetime benefits, and lifetime coverage.

The insurance covers funeral costs up to $20,000, including cremation.

All deaths that take place when a doctor is working in a hospital or office setting are covered by the burial insurance policy, even those that happen while they are on vacation or studying abroad.

Extended family members who reside with the doctor or assist them at their practise or hospital can also obtain coverage.

Why do you need Physician’s Mutual Burial Insurance?

There are various things you need to take care of once a loved one passes away. For them, paying for their funeral comes first.

However, as the price of funeral services rises, many people are losing their burial insurance plans. Since you will have a huge bill to pay at the end of the day, it could be a serious issue.

In order to avoid having to worry later about paying for high burial fees, you must take care of your burial insurance as soon as you can.

Two types of burial expenses are covered by burial insurance:

1) The price of a funeral with an open casket; and

2) The price of a funeral with a closed casket.

What Are The Benefits Of Physicians Mutual Burial Insurance?

Peace of Mind:

Owning funeral insurance can bring quite a lot of peace of mind.

Even if you don’t have any money in the bank, you’ll still be able to rest easy knowing that your family and loved ones are taken care of and their future is secure.

This can ensure that your family can pay for funeral expenses if you lose your job, become ill, or are injured.

Emergency Funds:

This coverage will pay up to $50,000 in case you have an emergency and require money for unexpected medical costs and other obligations.

It is a great strategy to safeguard yourself against unforeseen financial difficulties that could occur throughout your life.

If you need to take time off work due to illness or accident, it can also help by giving you a dependable source of income.

A fair and affordable price:

The amount of coverage you buy, where you want to be buried, and any added features will all affect how much burial insurance costs.

You just pay for what you require with Physicians Mutual Burial Insurance.

Tax Benefits:

Burial insurance offers tax deductions on contributions made towards burial expenses and on premiums paid for burial insurance for those who acquire it via an employer-sponsored plan.

Available Plans

Whole life, term, and young adult life insurance are all provided by Physicians Mutual.

Whole Life:

The price of the policy depends on the death benefit amount you choose when you make the purchase. The death benefit can be withdrawn over time to receive payments up until your beneficiary is compensated. It comes in the form of a lump sum payment or cash value.

While the highest death benefit is $5 million, the minimum payout is $100,000.

Term Life:

This kind of policy gives you the choice to pay an annual premium for a term of at least 15 years in exchange for receiving payout in the event of your death or disability.

The annual premium for this sort of policy (referred to as your “term”) will vary based on the level of coverage you select. During the term of your contract, premiums will rise annually to reflect your changing demands.

If you want to end the agreement by paying off all outstanding loan sums plus interest costs at maturity, payments will stop after your beneficiary is paid (whichever occurs first).

High Benefit Term Life Insurance:

Term life insurance is a cheap way to protect your family financially in the event of your untimely passing. Additionally, it has the benefit of being a tax-deductible employee benefit.

In the event of your death or if you are the principal beneficiary, the insurance company pays your beneficiaries a lump payment upon policy maturity.

Depending on the chosen policy type and beneficiary selections, the sum can range from $200,000 to $1 million (e.g., spouse and children).

Life Insurance for Children:

The Physicians Mutual Life Insurance for Children is a whole-life insurance policy that covers up to $100,000 in medical costs for the primary beneficiary, who must be under the age of 18 at the time of application.

The policy also offers the named secondary beneficiaries and their eligible dependents up to $100,000 in cash payments payable upon your passing.

Funeral Pre-Planning:

The Physicians Mutual Funeral Pre-Planning Policy is a whole-life insurance policy that covers funeral costs up to $10,000 per insured person and up to $25,000 per insured person if that person has dependents or the estate of a dependent when they pass away (up to 2 times $10,000).

Additionally, the insurance has an optional rider that enables you to pay for funeral expenses for each covered person up to $50,000 if they have dependents or an estate that will inherit a dependent when they pass away (up to two times $50,000).

How to Get The Best Policy At The Best Price

There is a fundamental reality concerning senior burial insurance that most businesses would not mention. In order to avoid paying more money for burial assurances, applicants should look into final expense insurance that give immediate coverage and lower rates.

The sole remaining query is which insurer will grant you underwriting-required coverage.

By contrasting funeral insurance policies in your state, you can learn more. However, it will take a lot of time to evaluate the various providers’ programmes.

In addition, many funeral insurance companies don’t run television ads. Since they don’t have to spend millions on advertising, these businesses have aggressive underwriting and competitive pricing.

They can only be acquired from an independent insurance company. A number of different insurers are represented by an independent agency.

Our goal is to help you choose the best appropriate policy. By evaluating your health and identifying firms that accept your underwriting, assists you in selecting the best company.

What’s best? You might be shocked by how much free independent agencies can help you and by how effective they are. In comparison to guaranteed issue policies, the majority of our clients are approved for a plan with underwriting, which results in much cheaper monthly rates.

They don’t have to wait two years for coverage; they are covered completely from the start.

Guaranteed Problem: Is it a wise move? Unfortunately, but luckily, these events are incredibly uncommon. Some health issues demand a guaranteed issue policy, which may not come as a surprise.

Due to high risk, a guaranteed issue may be the only way to obtain new coverage for specific medical conditions. Recall that the majority of applicants will receive underwriting plans, which means immediate coverage and lower premiums.

Final Thought

The Physicians Mutual Burial Insurance coverage is among the best for 2024, to sum up. It is simple to qualify for and provides comprehensive coverage at a fair price.

If you’re searching for burial insurance, this policy is one to take into account.

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