Oxford Life Insurance Company Review

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If you haven’t heard about Oxford Life Insurance Company, you have landed on the right page. This is our Oxford Life Insurance Company review after looking into their life insurance products and services and comparing them to the top 20 final expense companies.

They say that buying life insurance is the most important decision you can make. I think choosing the right insurance company is even more critical. With hundreds of insurers out there, how do you find the right one for you? Read on, because, today, we will find out if Oxford Life is a good choice for your life insurance needs.

Oxford Life Insurance Company History

Oxford Life Insurance Company was born in 1965 in the state of Arizona. They offer life insurance, annuities, and Medicare supplement products to the senior community to meet their financial needs. Oxford Life is a subsidiary of North American Insurance Company and Christian Fidelity Life Insurance Company and continues to grow through acquisition and development of products and companies. Their mission statement is to enable the seniors in the community to live with dignity in their retirement years through financial security.

Oxford Life Insurance Company Financial Ratings

According to A.M. Best, an independent financial strength rating agency, Oxford Life has A- (Excellent) rating. Keep in mind that this is only a sign that the company is financially solvent, able to pay its claims. This means they have enough reserve and are conservative with their investment, operating performance, and stability. However, it says nothing about the quality or the service they offer.

Products Offered by Oxford Life

Oxford Life offers products mainly for the senior community. Their main products are life insurance, annuities, and Medicare supplement plans. This review will focus primarily on the life insurance coverage.

Prosperity Select

Oxford Life’s Prosperity Select is a single premium whole-life policy. Single premium life (SPL) is a permanent life insurance policy that requires one lump-sum payment for the coverage to be fully paid. In return, you get a guaranteed death benefit that will pay your beneficiaries when you die.

One of the prominent advantages of SPL is that the cash value builds up quickly because the policy is fully funded. Another notable advantage of Oxford’s SPL is that your single premium is guaranteed from the first day. If you surrender your policy, you are guaranteed to receive 100% of your premium back.

  • Issues ages: 55–80
  • Face amounts: $30,000–$500,000
  • Single premium whole life
  • Death benefit paid to beneficiaries tax-free
  • Simplified issue without an exam
  • Cash value interest rate: 4%
  • 100% guaranteed return of premium

Included Riders

  1. Terminal Illness rider allows the insured to collect a portion of the death benefit while still alive. If you are diagnosed with a terminal illness and have less than 12 months to live, you can withdraw up to 75% of the death benefit, not to exceed $100,000.
  2. Nursing home benefit allows the insured to collect a monthly benefit if they are confined to a nursing home and expected to stay there forever. The eligibility amount is determined by how many years your policy was in force before the claim.
  3. Chronic illness benefit allows the insured to collect a monthly benefit should they be diagnosed with a chronic illness as defined in the policy. The monthly benefit is equal to the lesser of $2,000 or 1% of the face amount.

Related: What are life insurance riders?

Oxford Life’s Final Expense Assurance Products

Final expense insurance is used to cover the charges for affairs related mainly to your burial costs such as headstone, casket, cremation or funeral services. This coverage is also a permanent whole-life coverage which carries cash accumulation benefit that grows on a tax-deferred basis over time.

The premium and death benefit are guaranteed to remain the same throughout the insured’s life, and the policy can’t be canceled as long as you pay the premiums. It also comes with an immediate death benefit option, which means the payout will be 100% of the death benefit amount whether the insured dies one day or five years after buying the policy.

Oxford Life offers two types of final expense policies from which to choose: Assurance and Assurance One. They have the same benefits other than the way in which you choose to pay the premiums. With Assurance, you will pay the premium monthly, quarterly, or annually. With Assurance One, you must pay one premium to fund the policy as it’s a single-premium policy.

  • Issue ages: 50–85
  • Face amounts: $5,000–$30,000
  • Immediate death benefit
  • Single premium option
  • Coverage and premium remain level
  • No medical exam needed
  • Cash value grows over time
  • Accelerated death benefit:
    • Terminal illness rider
    • Common carrier rider

Knockout Questions

oxford life knockout questions

Oxford Life vs. Other Carriers’ Sample Monthly Rates

oxford life sample rates

Male $10,000 Whole Life

CompanyAge 50Age 60Age 70Age 80
 Oxford $24.51 $39.90 $68.43 $135.93
 Assurity $28.82 $41.65 $73.05 $155.57
 Mutual of Omaha $29.16 $42.76 $73.70 $132.65
 Americo $32.06 $43.68 $72.93 $145.65
 Liberty Bankers Life $30.51 $45.80 $73.31 $146.80
 Phoenix$30.15 $43.27 $72.74 $146.92
 American-Amicable $30.80 $45.76 $76.57 $151.36
 United Home Life $31.02 $44.69 $74.63 $138.60
 Settlers $31.45 $45.31 $72.85 $153.80
 Transamerica $30.73 $43.85 $74.66 $140.22

Female $10,000 Whole Life

CompanyAge 50Age 60Age 70Age 80
 Oxford $20.54 $32.32 $52.12 $103.50
 Assurity $25.48 $34.74 $56.41 $113.89
 Mutual of Omaha $24.67 $32.87 $53.24 $98.43
 Americo $24.56 $33.93 $53.43 $112.77
 Liberty Bankers Life $25.57 $34.67 $54.79 $109.16
 Phoenix$26.63 $36.46 $55.26 $110.24
 American-Amicable $25.96 $37.22 $58.70 $110.44
 United Home Life $26.06 $35.42 $73.28 $141.58
 Settlers $26.01 $36.38 $55.76 $113.48
 Transamerica $25.32 $33.72 $71.59 $104.11

Male $20,000 Whole Life

CompanyAge 50Age 60Age 70Age 80
 Oxford $46.48 $77.25 $134.30 $269.31
 Assurity $55.44 $81.10 $143.90 $308.93
 Mutual of Omaha $55.11 $82.31 $144.20 $262.11
 Americo $60.33 $83.56 $142.06 $287.51
 Liberty Bankers Life $56.39 $86.97 $141.99 $288.97
 Phoenix$56.16 $82.40 $141.34 $289.69
 American-Amicable $58.96 $88.88 $150.50 $300.08
 United Home Life $57.68 $85.03 $144.91 $272.05
 Settlers $62.90 $90.61 $145.69 $291.13
 Transamerica $57.89 $84.05 $145.74 $276.88

Female $20,000 Whole Life

CompanyAge 50Age 60Age 70Age 80
 Oxford $38.54 $62.08 $101.69 $204.44
 Assurity $48.77 $67.28 $110.62 $225.58
 Mutual of Omaha $46.14 $62.53 $103.28 $193.66
 Americo $45.32 $64.07 $103.06 $221.75
 Liberty Bankers Life $46.51 $64.71 $104.95 $213.69
 Phoenix$49.12 $68.78 $106.37 $216.34
 American-Amicable $49.28 $71.81 $114.75 $218.24
 United Home Life $47.76 $66.49 $100.59 $204.87
  Settlers $52.02 $72.76 $111.52 $226.95
 Transamerica $47.07 $63.87 $104.41 $204.65

Male $30,000 Whole Life

CompanyAge 50Age 60Age 70Age 80
 Oxford $68.44 $114.60 $200.18 $402.70
 Assurity $82.06 $120.55 $214.75 $462.30
 Mutual of Omaha $81.06 $121.86 $214.69 $391.56
 Americo $88.59 $123.44 $211.19 $429.36
 Liberty Bankers Life $82.27 $128.14 $210.67 $431.14
 Phoenix$82.17 $121.53 $209.94 $432.47
 American-Amicable $87.12 $132.00 $224.43 $448.80
 United Home Life $84.35 $125.38 $215.19 $407.10
 Settlers $94.35 $135.92$218.54 $461.81
 Transamerica $85.04 $124.29 $216.83 NA

Female $30,000 Whole Life

CompanyAge 50Age 60Age 70Age 80
 Oxford $56.53 $91.85 $151.27 $305.39
 Assurity $72.05 $99.83 $164.82 $337.27
 Mutual of Omaha $67.60 $92.20 $153.31 $288.89
 Americo $66.07 $94.20 $152.68 $330.72
 Liberty Bankers Life $67.45 $94.76 $155.11 $318.23
 Phoenix$71.61 $101.10 $157.49 $322.43
 American-Amicable $72.60 $106.39 $170.81 $326.04
 United Home Life $69.47 $97.55 $148.71 $305.13
 Settlers $78.03 $109.14 $167.28 $340.43
 Transamerica $68.82 $94.02 $154.84NA

*All rates quoted on this page are for a super-preferred healthy individual who does not use tobacco. Monthly rates are updated as of Aug 2018 and are subject to underwriting approval.*

Last Word

Oxford Life Insurance is an outstanding company with a strong financial rating and a strong commitment to serving the senior market and agents. They also have one of the lowest prices when it comes to final expense insurance provided you are healthy and can qualify for their plans. The major pitfall is that they only offer level benefit products, for which you have to be healthy to qualify.

Prices are crucial for most of us, however, don’t let this be a reason to buy from one company or another. The reason is simple. It’s not which company has the lowest quotes, but which one will approve your policy at the lowest rates. A quote is what you see online; a rate is what you pay every month after the company has issued your policy. Give us a call at 866-326-3053 and let us work for you.

We represent over 50 carriers and will present all options so that you can make a wise decision. You can also run the rates on this page to see if Oxford Life is a good choice for you.

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2018-08-18T18:07:20+00:00August 3rd, 2018|Categories: Company Reviews, Seniors Life Insurance|0 Comments

About the Author:

Ron is a licensed life & health insurance broker. He has two amazing rescued pit bull puppies. He also enjoys real food, heavy squats, critical thinking, and reading.

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