Oxford Life Insurance

About Oxford Life

Oxford Life Insurance Company of Phoenix, founded in 1965 and owned by U-Haul Holding Company, sells multi-year guaranteed and fixed annuities, final expense, and Medicare supplement coverage through independent marketing organizations. AM Best affirmed an A (Excellent) rating with a negative outlook in September 2025, citing a financial reporting control deficiency it described as substantially remediated.

Reading financial strength ratings

Financial strength ratings from AM Best reflect an insurer’s ability to pay claims. A++ and A+ are “Superior,” A and A- are “Excellent,” and B++ and B+ are “Good.” Ratings can change, so check the current rating and the specific issuing company named on your policy.

If an insurer fails

If a life insurer fails, state guaranty associations protect policyholders up to limits set by state law, typically $300,000 in death benefits and $100,000 in cash value per person, with higher limits in some states, according to NOLHGA. Coverage applies per person for each failed insurer.

Main types of life insurance

Source: NAIC. Final expense policies are usually small whole life policies.

Term life options

Term life covers a set period, generally 1 to 30 years, and pays only if you die during the term, according to Delaware’s Life Guide. Level term keeps the same premium and death benefit for the term; decreasing term’s death benefit falls over time, often to track a loan. Renewable term can be renewed at the end of the term without new medical information, usually at a higher premium, and convertible term can be switched to permanent coverage without medical questions. The NAIC’s Buyer’s Guide notes most term policies can be renewed even if your health has changed, but non-renewable policies require a new application.

How health affects your rate

Insurers set your rate class from your health, history, and habits. One insurer’s published guidelines, Lincoln Financial’s, illustrate how this works: the best nontobacco classes generally require no nicotine for 24 to 36 months, and vaping nicotine counts as tobacco; preferred classes have weight limits (for example a BMI of 30 or less for its top class up to age 60); controlled high blood pressure can still qualify for preferred rates; and diabetes is generally excluded from top classes. Criteria differ by insurer, and Delaware notes quitting smoking or losing weight may help you qualify for a better class later.

No-exam and accelerated underwriting

Many insurers now offer accelerated underwriting, which can approve some applicants without a medical exam or lab tests. An NAIC meeting presentation describes it as full underwriting that uses data such as prescription history, driving records, and MIB reports, with decisions in about 48 hours instead of two to 12 weeks. Approval isn’t guaranteed, and it’s different from guaranteed-issue coverage.

Free look and contestability

Most states give you a free-look period, often 10 days and up to 30 days in some cases, to cancel a new policy for a refund; the NAIC’s state chart lists 10 days for individual life in many states. For the first two years, insurers can generally contest a claim for a material misstatement on the application, and a suicide in that period typically limits the benefit to a refund of premiums, according to the North Carolina and South Carolina insurance departments. Answer application questions completely.

How much coverage you need

Delaware’s Life Guide suggests adding up what your family would need, such as income replacement, debts, education, and final expenses, then subtracting savings, investments, and existing coverage. Some agents use a rule of thumb of five to eight times income, but Delaware calls the needs calculation more accurate. The NAIC suggests starting with simple questions: does anyone depend on your income, and how would debts and final expenses be paid?

The life insurance market

LIMRA reports that U.S. individual life insurance premium from new sales set a record above $17.5 billion in 2025, with whole life at 37% of premium, indexed universal life 25%, term 17%, variable universal life 15%, and fixed universal life 6%. The 2026 Insurance Barometer from LIMRA and Life Happens found 52% of Americans own life insurance, 38% of adults say they need it or need more, and about three-quarters overestimate its cost.

Owning more than one policy

You can own more than one life insurance policy, and many people combine employer coverage with an individual policy or layer term policies of different lengths. The NAIC and Delaware advise not canceling an existing policy until a new one is issued, since a new policy restarts the two-year contestability period. Insurers consider your total coverage when underwriting, and guaranty association limits apply per person for each failed insurer.

Replacing a policy

If you’re thinking of replacing a policy, regulators advise caution. Delaware and Alaska note that a new policy restarts the two-year contestability and suicide periods, and the NAIC says not to cancel your current coverage until the new policy is issued and you’ve reviewed it. Many states give a longer free look on replacement policies, often 20 to 30 days, according to the NAIC’s state chart. You may be able to add coverage or change your existing policy instead.

Social Security death benefits

Social Security pays a one-time lump-sum death payment of $255 to a surviving spouse who lived with the deceased, or in some cases to an eligible child, and you must apply within two years of the death. Monthly survivor benefits may go to a widow or widower from age 60 (50 if disabled), to a widow or widower caring for the deceased’s child under 16 or disabled, to unmarried children under 18 (19 if still in high school), and to dependent parents 62 or older. The $255 payment won’t cover much of a funeral, which is one reason people buy final expense coverage.

Finding a lost policy

If you’re trying to find a deceased relative’s policy, the NAIC’s free Life Insurance Policy Locator lets you submit a request that participating insurers search; if a policy is found and you’re the beneficiary, the company contacts you.

Beware “state program” mailers

There’s no state-run “state regulated life insurance program.” The Minnesota Attorney General warns that lead generators send mailers that look like government notices but aren’t affiliated with the government, and notes that since all insurance is state-regulated, “state-regulated” coverage is nothing special. The District of Columbia’s insurance regulator warned about a final expense mailer that it said wasn’t sanctioned by the government and could lead to your information being sold to agents. The NAIC’s advertising model rule bars life insurance ads that imply a connection to a government program.

What an independent agency does

An independent insurance agency is licensed to sell policies from several insurance companies. Instead of quoting one company's products, an independent agent can compare options from the insurers the agency represents, explain the differences in coverage, and help you re-shop at renewal. The insurance company, not the agent, makes underwriting and claim decisions.

Blake Insurance Group is an independent agency. We work with clients by phone, email, and online in states where we are licensed, and we will tell you which insurers we can quote for your situation.

How we work

Blake Insurance Group serves clients by phone, email, and online in states where we are licensed. The insurers and plans we can offer depend on our appointments and your location; a company named on this page may not be available through us.

How to verify an insurer or agency

Before buying through any website or app, confirm who is selling you the policy and who will issue it:

1. Find the licensed agency or insurer named in the site's footer, terms, or license page.
2. Look up the agency or producer on your state insurance department's license search, or through the National Insurance Producer Registry (NIPR).
3. Look up the insurer on your state insurance department's company search to confirm it is authorized in your state.
4. Save the insurer's name and policy number once issued, since that is who handles claims.

A legitimate service will make this information easy to find. Be cautious if you cannot identify the licensed entity.

Sources

We checked the facts on this page against the sources below in October 2026. Plans, prices, and rules change, so confirm current terms before you buy.

• AM Best: Oxford Life ratings (Sep. 2025)
• NAIC: Life insurance (Nov. 2025)
• NAIC Life Insurance Buyer's Guide (2018, via Kentucky DOI)
• Delaware Department of Insurance: Life Guide
• NAIC: Life insurance disclosure provisions by state (chart LI-30)
• NOLHGA: How you're protected, coverage levels by state (Jun. 2025)
• LIMRA: U.S. individual life insurance sales record in 2025 (Mar. 2026)
• LIMRA and Life Happens: 2026 Insurance Barometer
• NAIC presentation: Accelerated underwriting (Dec. 2019)
• North Carolina Department of Insurance: Life insurance FAQs
• South Carolina Department of Insurance: Life insurance FAQ

What to have ready for a life insurance quote

These details help an agent quote accurately.

1. Age and date of birth. Pricing is set by age.
2. Health and medications. For underwriting questions.
3. Tobacco and nicotine use. Including vaping.
4. Coverage amount and length. What your family would need and for how long.
5. Beneficiaries. Who should receive the money.

Oxford Life FAQs

Related guides

• Life insurance agency
• Final expense life insurance
• Burial insurance
• Term life insurance quotes
• Whole life insurance

Partner quote options

Your next step

Request a quote, and a licensed agent will compare life insurance options available to us for your age, health, and budget.