What You Need To Know About Physicians Mutual Burial Insurance Review In 2024

2024 Physicians Mutual Burial Insurance Review will be an in-depth examination of one of the most popular forms of burial insurance on the market today.

The Physicians Mutual Burial Insurance is the best coverage yet. It is designed to provide a lifetime of financial security for your loved one while providing peace of mind for you.

The Physicians Mutual Burial Insurance, which Physicians Mutual Life Insurance Company sells, was created to provide the peace of mind that comes with knowing that your family will be provided with the financial support they need in the event of your death.

It’s designed to pay off all funeral expenses, including burial or cremation costs, related taxes, and fees. If you have other survivors receiving benefits from your policy, they can receive benefits until you die or until you reach age 100 (whichever comes first).

We’ll take a look at the company’s history, financial stability, coverage, and how they compare to other burial insurance providers.

History Of Physicians Mutual Insurance Company

In 1902, Physicians Mutual Insurance Company and, afterward, Physicians Life Insurance Company were founded. Omaha native Edwin E. Elliott founded health insurance for medical professionals. Over several decades, the at-home operation developed into a thriving national insurer.

Physicians Mutual added general medical coverage in 1962. In 2005, Physicians Mutual Insurance Company expanded its offerings by launching the Physicians Life Insurance Company.

In addition to its 1,000 staff, Physicians Mutual is privately held, and the company is still headquartered in Omaha. Robert A. Reed is the current CEO and president.

Physicians Life Insurance has always emphasized customer service. It has boldly stated that it will work harder for its customers than any other provider. People can look forward to straightforward solutions based on fundamental values.

The collective commitment may also inspire customers. Many employees volunteer at organizations like the Stephen Center, Food Bank for the Heartland, Special Olympics, Ronald McDonald House, etc.

What is Physicians Mutual Burial Insurance?

Physicians Mutual Burial Insurance is a burial insurance product offered by Physicians Mutual, a group of more than 50,000 physicians in the United States and Canada.

The burial insurance product is designed to provide burial coverage for physicians who die in their practice or hospital and their immediate family members.

Physicians Mutual Burial Insurance is one of the most comprehensive burial insurance products available. It offers unlimited lifetime coverage, unlimited benefits, and no deductible.

The policy pays up to $20,000 for funeral expenses, including cremation.

The burial insurance policy covers all deaths that occur while a physician is living in their office or hospital setting, including those that occur while they are on vacation or studying overseas.

Coverage can also be purchased for extended family members who live with the physician or work alongside them at their office or hospital.

Why do you need Physician’s Mutual Burial Insurance?

When your loved one passes away, there are several things that you need to take care of. Among them, providing for their funeral is a top priority.

However, many people are losing their burial insurance policies with the increasing cost of funeral services. It can be a significant problem since it will leave you with a big bill to pay at the end of the day.

For this reason, you must take care of your burial insurance as soon as possible so that you will not have to worry about paying for expensive burial costs later on.

Burial insurance protects against two types of burial costs:

1) The cost associated with an open casket funeral; and

2) The cost associated with a closed casket funeral.

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What Are The Benefits Of Physicians Mutual Burial Insurance?

Peace of Mind:

The peace of mind that comes with burial insurance can be a great feeling to have.

You may not have any money in the bank, but you will know that your loved ones are taken care of and that your family has no worries about their future.

If you lose your job or suffer an illness or injury, this can help ensure that your family can afford the cost of funeral services.

Emergency Funds:

If something happens and you need money for medical expenses and other emergency bills, this policy will cover up to $50,000.

It is an excellent way to protect yourself from unexpected financial hardships that may arise during your life.

It can also help provide a reliable source of income if you need to take time off from work due to illness or injury.

A fair and affordable price:

The cost of burial insurance is based on the amount of coverage you purchase, the location where you plan to be buried, and any additional features included.

With Physicians Mutual Burial Insurance, you’ll only pay for what you need.

Tax Benefits:

Burial insurance provides tax benefits for those who purchase it through an employer-sponsored plan by offering tax deductions on contributions made toward burial costs and on premiums paid for burial insurance.

Available Plans

Physicians Mutual offers whole life, term, and juvenile life insurance.

Whole Life:

The cost of the whole life policy is based on the death benefit amount you select at the time of purchase. The death benefit is a lump-sum payment or cash value, and it can be drawn out over time to receive payments until your beneficiary is paid.

The minimum death benefit is $100,000, while the maximum can reach up to $5 million.

Term Life:

This type of policy offers an option for you to pay an annual premium for a term of 15 years or more to receive payment upon your death or disability.

The annual premium will vary depending on the coverage amount you choose and how much coverage you want with this policy type (referred to as your “term”). Premiums will increase annually during your contract period to meet your needs when it comes time for renewal.

Payments will continue until your beneficiary is paid or until you cancel the contract by paying off all remaining loan balances plus interest charges at maturity (whichever occurs first).

High Benefit Term Life Insurance:

Term life insurance is inexpensive to provide financial protection for your family if you die unexpectedly. It also has the advantage of being tax-deductible as an employee benefit.

The insurance company pays a lump sum upon policy maturity to your beneficiaries at death or if you are the primary beneficiary.

The amount can range from $200,000 to $1 million depending on the policy type selected and beneficiary designations (e.g., spouse and children).

Life Insurance for Children:

The Physicians Mutual Life Insurance for Children is a whole-life policy that provides coverage for up to $100,000 in medical expenses for the named primary beneficiary, under 18 years old, at the time of application.

The policy also provides up to $100,000 in cash benefits payable upon your death to the named secondary beneficiaries and their eligible dependents.

Funeral Pre-Planning:

Physicians Mutual Funeral Pre-Planning Policy is a whole-life policy that provides coverage for funeral expenses up to $10,000 per insured person and up to $25,000 per insured person if they have dependents or estate of a dependent when they die (up to 2 times $10,000).

The policy also provides an optional rider that allows you to cover funeral expenses up to $50,000 per insured person if they have dependents or estate of a dependent when they die (up to 2 times $50,000).

How to Get The Best Policy At The Best Price

There is one principle truth most companies will not disclose about burial insurance for seniors. Underwriting final expense policies offer cheaper rates and immediate coverage, so applicants should avoid buying burial guarantees.

The only question is, which insurer will approve you for a policy that has underwriting?

You can obtain more information by comparing funeral insurance plans in your state. However, you will need a lot of time to compare plans from different providers.

Furthermore, dozens of funeral insurance providers don’t advertise on television. These companies have aggressive underwriting and great pricing since they don’t have to spend millions on advertising.

It is only possible to obtain them through an independent insurance agency. An independent agency represents a wide range of insurers.

Our mission is to assist you in finding the most suitable policy. InsuranceForBurial.com helps you find the right company by assessing your health and finding companies that accept your underwriting.

The best part? Free independent agencies can do a lot for you, and you may be surprised at their effectiveness. Most of our clients are approved for a plan with underwriting, resulting in significantly lower monthly premiums than guaranteed issue policies.

They are fully protected from the first day versus waiting two years for coverage.

Guaranteed Issue: Is it a good idea? Sadly, but fortunately, these situations are exceedingly rare. It may come as no surprise, but some health conditions necessitate a guaranteed issue policy.

A guaranteed issue may be the only way to get new coverage for some health issues due to high risk. Remember, most applicants will get underwriting plans, meaning instant coverage and lower premiums.

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Final Thought

In conclusion, the Physicians Mutual Burial Insurance policy for 2024 is one of the best. It offers excellent coverage at an affordable price, and it is easy to qualify for.

This policy is worth considering if you are looking for burial insurance.