Physicians Life Insurance Company operates as subsidiary business to Physicians Mutual Company, which was established at the turn of the 20th century in 1902. The company was originally established and intended to just serve doctors and dentists in its original business model. Since that time, Physicians Mutual broadened its insurance services, providing far more risk protection offerings and enjoying wider markets as a result over the years. Today, the company offers coverage in both general and supplemental health care coverage as well as federally-approved Medicare plans for senior clients. These services are provided to customers nationwide, with no regional restriction.

The company sells policies to both small businesses as well as individuals, including employee group plans. The life insurance component of Physicians Mutual sells both traditional life insurance as well as annuity products to clients. To deliver these plans to customers, Physicians Mutual relies on approximately 1,000 company agents to sell and update plans with customers and consumers interested in buying related policies. All the traditional life insurance category types are offered, including term, permanent and whole life.