Oxford Life is a relatively new life insurance company in an industry where companies have been established for over one hundred years. Unlike some insurance companies that have products for all ages, Oxford Life focuses on the senior market.
Protecting senior’s financial wellbeing is a top priority of the financial services industry because many seniors live on a budget. Are Oxford Life’s products worth it, or can you do better? Our Oxford Life review will help you decide if Oxford Life is the right company to work with.
However, we always recommend that if you are trying to save time that you should stick to comparing rates and quotes with all life insurance companies.
You can do this easily below using our instant life insurance quotes rate engine to compare rates with 50 of the top rated life insurance companies.
Oxford Life Insurance will even be one of the options for the rates displayed that you can view depending on the parameters and coverage amount you are searching for.
You can do this easily by using our rate engine directly below.
Oxford Life Insurance Company History
The Oxford Life Insurance Company was founded in 1965 in Phoenix, AZ. Oxford Life saw an opportunity to focus on supporting seniors with quality life insurance products and does so even today.
Oxford Life has grown over the decades through mergers and acquisitions. Oxford Life has the subsidiaries of the North American Insurance Company and the Christian Fidelity Life Insurance Company, both of whom support the senior market with life insurance products.
The Oxford Life Family of Companies has over five decades of experience with Medicare supplement, final expense life insurance, and annuities providing solutions for protecting senior’s health, life, and money.
Oxford Life Ratings and Financials
Besides cost, a significant insurance company concern of seniors is can the company pay its claims. With some many life insurance companies operating in the United States, how can one be sure?
Oxford Life has been rated by third-party rating companies, like the A.M. Best Company, and has been issued an investment grade rating. A..M Best assigns ratings from A++ to F with A++ being their best rating.
A.M. Best recently assigned the Oxford Life Company a rating of A- (Excellent), which is one of their top marks. An A rating indicates that Oxford Life has stable financials and a strong ability to meet its claim obligation to its policyholders.
Oxford Life also delivers satisfactory customer service. While they are not an accredited business of the Better Business Bureau (BBB), Oxford Life was issued a BBB rating of A-, which is a top mark.
The BBB website states that the reason for the A- was the failure to respond to 1 complaint filed against the business. If Oxford Life responds to that claim, its rating will likely increase.
Oxford Life Insurance Products and Solutions
Oxford Life has a limited product suite for its clients focused on the senior market. Oxford Life, however, did not make our list of best senior life insurance companies. That does not mean that Oxford Life’s products are bad, they just did not stand out enough to make the list.
Reasons for not making the list are tight underwriting, cost, and lack of a term life insurance option or universal life insurance option. However, Oxford Life does offer some interesting products, and we’ll be monitoring them closely as we are constantly updating the list.
Oxford Life Whole Life Insurance
Oxford Life offers three whole life insurance policies, two of which are focused on the final expense insurance market. Final expense insurance is a simplified whole life insurance policy that is marketed to cover burial costs and other final expenses.
Assurance Final Expense Life Insurance:
The Oxford Life Assurance Final Expense whole life insurance offers seniors ages 50-85 an affordable solution to covering their burial costs and final expenses. Once approved, your coverage will never decrease, and your rate can never go up.
As long as you are paying your monthly premiums, your life insurance coverage will last for the remainder of your life. The life insurance company cannot cancel your coverage no matter how sick you get!
The death benefits will be paid to your beneficiary federal-income-tax-free, not the funeral parlor. If there are proceeds left over, your loved ones can keep the money. Coverage is available in death benefits of $5,000 to $30,000.
Your whole life policy has liquidity as well. Your policy will grow guaranteed cash values over time that can be borrowed through tax-free loans or paid to you in cash if you cancel your policy.
The Oxford Life Assurance whole life also comes with built-in accelerated benefits for a terminal illness that allows you to advance some of the death benefits while you are still living if you’re diagnosed with a terminal illness. The policy also includes a common carrier rider.
The underwriting process for the Assurance whole life is simplified with no medical exam. You apply with a point-of-sale interview that will give you an instant decision at the end of your interview based on a few health questions and your prescription history. Talk about fast!
Assurance One: Single Premium Final Expense Life Insurance
Oxford Life also offers a single premium final expense whole life policy that is a unique offering in the final expense world. Unlike traditional final expense policies that have monthly premiums, only one lump-sum premium is needed to pay for the policy.
The Assurance One shares many of the features of the Assurance final expense policy with some notable differences. Coverage starts at age 55. Also, the Assurance One has accelerated death benefit riders for terminal illness, nursing home confinement, and chronic illness.
This option is great for a client who wants to leverage existing savings to cover their final expenses and free up some cash. Assurance One also has both a single and joint payout option.
The Assurance One has guaranteed cash value growth, but the contract is technically a modified endowment contract (MEC). MECs have different tax rules than life insurance when it comes to removing money from the policy, so consider it carefully.
Prosperity Select: Single Premium Whole Life Insurance
Similar to the Assurance One single premium final expense policy, Oxford Life offers another single premium whole life policy designed to cover higher death benefit amounts. These types of policies are generally used for estate planning purposes.
Coverages of $30,000 up to $500,000 are available to individuals ages 55 to 80. Only one lump-sum premium is paid at the beginning of your policy to guarantee your death benefits for the rest of your life.
Your coverage can neither be decreased after the premium is paid nor can your policy be canceled unless you request to surrender it. Your death benefit will be paid to your beneficiary federal-income-tax-free, and you receive tax-deferred guaranteed cash value accumulation.
Your policy has liquidy features, such as loans, in case of an emergency, but single premium whole life insurance is a modified endowment contract (MEC) that has different tax rules than life insurance so be sure to carefully consider the tax consequences loans.
You can also add on a return of premium rider to recoup your initial lump-sum premium, in addition, the death benefit that is paid out. This is attractive if you want to maximize your legacy to your heirs.
Underwriting for the Prosperity Select does not require a medical exam but does have questions regarding your health history. You will receive an immediate decision during your point-of-sale interview.
The Prosperity Select whole life policy also includes accelerated benefit riders for chronic illness, terminal illness, and nursing home confinement. While a nice inclusion, there are companies like Ameritas Life that have greater living benefits on its life insurance policies.
Single Premium Whole Life policies excel in transferring wealth from one generation to the next. You get a simliar risk profile and return to annuities or CDs, but with more favorable tax treatment upon death.
Oxford Life Annuities
Oxford Life also offers annuity products for seniors. Currently, Oxford Life offers three fixed indexed annuities and a Multi-year Guarantee Annuity (MYGA). Annuities grow your cash deferred of taxation and can offer guaranteed lifetime income similar to pensions.
Oxford Life Annuities:
- Royal Select Fixed Index Annuity
- Silver Select Fixed Index Annuity
- Select Series Fixed Index Annuities
- Multi-Select MYGA
Life insurance pays a lump sum to your beneficiaries when you die. Annuities pay you a monthly income stream while you are alive! There are no do-overs in retirement if you run out of money.
Oxford Life’s annuity solutions protect your hard-earned life savings from the drops in the stock and bond markets since your investment principal is not directly invested in the equity or fixed income markets.
Oxford Life annuities credit your account interest during the accumulation phase based on the performance of an index like the Standard and Poor’s 500 or a declared fixed interest rate. You can add a guaranteed lifetime withdrawal benefit (GLWB) that will build your income benefit.
The GLWB provides you with guaranteed lifetime incomes without having to annuitize your money. This means that you maintain control over your savings, and your contract will have a death benefit and surrender value.
As your savings builds so does your income benefit. When you are ready to take your lifetime income, you will receive a predetermined guaranteed monthly benefit that you can never outlive.
Oxford Life Medicare Supplement Insurance
Oxford Life also offers Medicare supplemental insurance to help cover the out-of-pocket costs associated with the Medicare program. Many seniors are surprised to discover that Medicare does not pay 100 percent of their medical bills.
By purchasing a supplemental policy, you are ensuring that you are not stuck with a large medical bill that can bankrupt you in retirement. Rates and plans may vary from state to state. However, this is a list of general feature the policy coves.
Oxford Life Medicare supplement features:
- Part A deductible and copayments
- Skilled nursing care
- Expended hospital care
- Physician and hospital outpatient services and supplies
- Ambulance fees and services
- Physical therapy and speech therapy
- Emergency health care received abroad from the United States
Final Thoughts: Is Oxford Life a Top Senior Option?
Oxford Life has been around for decades, and there is no sign of them slowing down. Oxford Life’s financials are solid, and its products are targeted towards seniors. Oxford Life has competitive rates, but their products are limited in scope.
The lack of a term life insurance option for seniors is a curious decision. We would suggest comparing your Oxford Life insurance quote against multiple companies to determine if you are truly getting the best deal that you can.
You can request a quote through our website, or give one of our agents a call. Our agents are veteran life insurance field underwriters. They can help you determine if Oxford Life is the best senior life insurance company for you or if there are better options out there.
Thank you for reading our Oxford Life insurance review. Please contact us with any questions.
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Resources: Oxford Life Insurance