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Oxford Life Insurance Review

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About Oxford Life Insurance

Oxford Life is a leading final expense insurance company in the United States. With over 50 years of experience in the life insurance industry, Oxford Life has witnessed significant changes over the years.

In 1997, the company acquired Encore Financial, an insurance holding company based in Wisconsin. From the outset, Oxford Life has aimed to promote financial security, enabling people to live with dignity during retirement. Their commitment to this goal has remained steadfast through the years.

In the early part of this decade, Oxford Life was recognized as one of the top performers in the market, being included in Ward’s 50 Benchmark Group for three consecutive years.

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Today, the company has over $1.2 billion in assets and generates $15 million in annual revenue. It is licensed across the United States and offers a broad range of products, which we will discuss in more detail later.

What sets Oxford Life apart is its unique business strategy, which involves managing its operations through two subsidiaries: North American Insurance Company (NAI) and Christian Fidelity Life Insurance Company (CFLIC). This consolidated approach has enabled Oxford Life and its subsidiaries to remain committed to long-term stability, growth, and exceptional 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 turned our attention 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 provides a fixed premium payment over a specified period, followed by a death benefit paid to your chosen beneficiary.

Final expense insurance is becoming increasingly important, as funeral costs, debts, medical bills, and other expenses can quickly add up. Oxford Life’s policy is a good option for those aged between 50 and 85, with coverage ranging from $5,000 to $30,000.

The premiums and coverage will remain the same throughout the policy’s duration, provided that all premiums are paid. The death benefit is paid to the beneficiary tax-free, and the policy also builds cash value as it is a whole life insurance policy.

If you want to avoid a medical exam, this option could be ideal as you only need to answer a few medical questions during the application process. Oxford Life typically provides a decision at the first interview, and the policy can be in place within a short period of time.

In addition to the basic coverage, you can include a couple of riders, and you can choose to pay premiums monthly, quarterly, semi-annually, or annually. Paying less frequently can result in lower premiums since the insurance company doesn’t need to add interest to effectively loan 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

This single premium final expense whole life insurance policy provides the same coverage and entry requirements as the regular policy, but only one premium payment is needed.

The policy remains in place as long as premiums are paid and there is no need for a medical exam. However, you will need to answer a medical questionnaire, and you will find out if you qualify at the point-of-sale interview.

If you don’t have the money to pay a lump sum premium, the level premium policy may be more practical. However, there are several benefits to choosing the single premium option. Firstly, you won’t have to pay interest on regular premium payments. Secondly, your estate’s value will immediately increase when you purchase the policy. Thirdly, the death benefit will be in place until required, providing peace of mind. Finally, the policy still builds cash value over time.

Advance Wealth Transfer

Once again, this is a single premium policy, but it operates differently. As we accumulate wealth and assets over the years, a substantial amount is often lost to taxes after we pass away. The Advance Wealth Transfer policy aims to mitigate this.

The policy enables you to transfer your wealth to heirs with minimal tax consequences. It is available to those between the ages of 50 and 85, and only one premium payment is required. The policy also builds cash value over time.

Aside from limiting tax, there are additional benefits to this policy. For instance, it provides safety from market fluctuations and includes liquidity features to cover financial emergencies.

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 carefully assess your needs, as this is the most important factor when buying life insurance.

By doing this, you can determine the amount of coverage you require, the duration of the policy, whether you’re willing to undergo a medical examination, if you need a cash value component and other essential factors.

Once you have a clear understanding of your needs, you can look for a policy that fits your criteria instead of trying to fit your needs into a pre-existing life insurance product.

If you’re between 50 and 85 years old and require coverage of up to $30,000, Oxford Life Insurance is definitely worth considering. It’s an excellent option if you want to skip the medical exam but still want a cash value component.

After you’ve decided on your preferred coverage and features, the next step is to choose between paying regularly or opting for a one-time payment at the beginning.

Both options have their benefits, so the choice ultimately depends on your personal circumstances and preferences.

Final thoughts…

While Oxford Life Insurance may offer some great options for life insurance coverage, it’s important to remember that it’s not the only company out there. It’s essential to take the time to research and compare different policies and providers to find the best fit for your specific needs and circumstances.

What works for one person may not work for another, and everyone has their own unique set of factors to consider when choosing a life insurance policy. By exploring all of your options, you can be confident that you’re making an informed decision and getting the coverage that is right for you. So while Oxford Life Insurance may be a great choice, it’s always wise to shop around and compare different policies and providers before making your final decision.

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