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Oxford Life Insurance Review

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About Oxford Life Insurance

Oxford Life is a top final expense insurance company in the U.S.

Founded in the mid-1960s, Oxford Life has over 50 years of experience in the life insurance industry and has seen many changes over the years.

For example, 1997 saw the acquisition of Encore Financial – an insurance holding company based in Wisconsin.

Initially, the aim was to promote financial security so that we could all live with dignity during retirement and they have stuck to this aim through the years.

At the beginning of this decade, they were announced within Ward’s 50 Benchmark Group for three years running which meant that they were among the top performers in the market.

Now, they have around $1.2 billion in assets alone with revenue of $15 million each year. As well as being licensed across the US, they have developed an extensive product list which is something we will delve into a little later.

In truth, Oxford Life is quite unique because it manages its business strategy on a consolidated business including its two subsidiaries; North American Insurance Company (NAI) and Christian Fidelity Life Insurance Company (CFLIC).

Ultimately, this means that the success of Oxford Life and its subsidiaries lies in their long-term commitment to stability, growth, and outstanding customer service.

Oxford Life Official Ratings

A.M. Best Rating – A- (excellent)

In case you were unaware, A.M. Best rates all companies depending on their financial stability. When choosing life insurance, this grade is pivotal because it shows whether the company can pay claims.

If they cannot pay their claims, you would do better to look elsewhere. In terms of industry standards, the rating of ‘A’ seems to be the norm and some people refuse to look below this. Luckily, Oxford Life has been awarded with an ‘A-’ rating with A.M. Best Company, which is the equivalent to ‘Excellent’.

With this rating effective as of June 2019, it’s fair to say that the company is in a positive position with their finances.

In addition to this, they were also given a ‘Stable’ outlook and a long-term issuer credit rating of ‘a-’ which means that they should still be able to pay claims long into the future.

BBB rating A-

 After finances, we then turn our attentions to customer service and the grading system used by the Better Business Bureau (BBB).

Oxford Life Insurance Policies

Now we know that Oxford Life is a respectable option for life insurance, you need to know what products they have.

With Oxford Life, and its subsidiary Christian Fidelity, you will find a variety of different no exam life insurance policies, as well as annuities and even options for Medicare.

In all, there are three different policies on offer focusing on the final expense section of the market.

Level Premium Final Expense

Oxford Life’s Assurance Final Expense Whole Life Insurance policy allows you to pay a fixed  premium over a period of years before then seeing a death benefit go to your chosen beneficiary.

Considering the average funeral costs $7,000 and you may also have debts, medical bills, and various other expenses, final expense insurance is becoming more important and Oxford Life has a good option.

As long as you are aged between 50 and 85, you have an opportunity to qualify for a policy with coverage between $5,000 and $30,000.

Throughout the duration of the policy, the premiums will remain exactly the same as will the coverage as long as you pay all premiums.

After you die, the death benefit will reach the beneficiary free from tax.

Since the policy is whole life insurance, it will also build cash value.

If you are looking to avoid a medical exam, this option could be the one as you only need to answer a few medical questions.

During the application, customers are normally given a decision at the first interview and can therefore be in place within a short period of time.

As well as having the option to include a couple of riders, you can also decide how frequently you want to pay between monthly, quarterly, semi-annually, or annually.

As you may know, you will pay less for your insurance when you pay less frequently as the insurance company doesn’t need to add on interest for effectively loaning you the coverage each period.

Oxford Life’s Assurance Final Expense Whole Life Insurance policy also offers riders.

  • Terminal Illness Rider
  • Common Carrier Rider

Single Premium Final Expense

As the name suggests, this single premium final expense whole life insurance policy does the same job and has the same requirements for entry except only one premium will be needed.

Immediately, the value of your estate will increase and the policy will remain in place as long as you continue to pay the premiums.

Once again, you will not need a medical examination but should answer a medical questionnaire.

Also, you will hear whether you have qualified or not in the point-of-sale interview which is incredibly useful.

Sometimes, we spend weeks waiting to hear back only to find that coverage has been rejected and the search needs to start again.

If you haven’t got the money to do this, the level premium policy seems more sensible but there are benefits to choosing this route.

First, you won’t have to pay the interest that gets added on top of your regular premiums.

Second, the value of your estate will increase as soon as you buy the policy.

Third, there is nothing to worry about after the policy has been bought because the death benefit will be in place until required.

Finally, you will still have a cash value that builds over time.

Advance Wealth Transfer

Again, this is a single premium policy but it works in a slightly different way. Over the years, we build up wealth and a significant amount of assets.

Unfortunately, a good chunk of this is taken in taxes after we pass away so this is what the Advance Wealth Transfer policy looks to address.

Essentially, it has been designed so that you can transfer your wealth to heirs with as few tax consequences as possible.

Available between the ages of 50 and 85, there is only one premium to pay and there will be a cash value to grow.

Ultimately, there are some benefits to doing this aside from limiting tax starting with the safety you will have from market fluctuations.

After this, financial emergencies will also be covered with liquidity features built-in to the policy.

Assurance Final Expense Whole Life Insurance

Oxford Life’s subsidiary, Christian Fidelity Life Insurance, offers a final expense simplified issue whole life insurance policy.

  • The death benefit is guaranteed.
  • Premiums remain level for the life of the policy.
  • Cash value accumulation.
  • Face amounts from $5,000 to $30,000. For ages 50 – 85.

Is Oxford Life the Best Option?

Before you do anything else, you need to consider your needs because this is the most important factor when buying life insurance.

When doing this, you will discover how much coverage you need, how long you need the policy to last, whether you are happy to take a medical examination, whether you need a cash value component, and more.

Once you have this shortlist of factors, you will find a policy to match you rather than molding your own needs around a life insurance product.

If you need coverage of up to $30,000 and are between the ages of 50 and 85, there is no reason why Oxford Life Insurance doesn’t provide a worthwhile consideration.

Furthermore, it is beneficial if you want to avoid the medical exam but still have a cash value component to the policy.

If you like all of these factors, you then need to decide whether you will pay regularly or get the payment out of the way at the very beginning.

In truth, there are benefits to both so it all comes down to you and what you can/want to do.

Oxford Life Insurance Review Conclusion

There we have it, your complete guide to Oxford Life Insurance. If you like what you have read, why not give us a call today to see if they are the right fit for you?

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