oxford life insurance review
As an independent insurance agent with Blake Insurance Group, I’ve seen firsthand how crucial it is to find the right life insurance provider. Today, I want to share my insights on Oxford Life Insurance Company, a provider that’s been on my radar for quite some time.
Over the years, I’ve helped countless clients across Arizona, Alabama, Florida, Georgia, New Mexico, New York, North Carolina, Oklahoma, Ohio, Texas, and Virginia navigate the complex world of insurance. And let me tell you, Oxford Life has some interesting offerings that might just fit the bill for some of you.
Now, I’m not here to give you a sales pitch. My job is to provide honest, unbiased information to help you make the best decision for your unique situation. So, let’s explore what Oxford Life offers and see if it might be a good fit for your insurance needs.
Remember, choosing the right insurance is like picking out a good pair of shoes – what works perfectly for one person might not be the best fit for another. So, let’s lace up and take a walk through the world of Oxford Life Insurance, shall we?
Oxford Life Insurance Company was founded in 1965 in Arizona. Their mission has long been focused on providing financial security for seniors, particularly through life insurance, annuities, and Medicare supplement products. This specialization in the senior market has been a core part of their identity for decades.
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Customer Reviews
The company operates as part of a larger group that includes subsidiaries like Christian Fidelity Life Insurance Company and North American Insurance Company. This family of companies allows Oxford Life to offer a range of products tailored to older adults.
Oxford Life has maintained a solid reputation for financial strength. A.M. Best, one of the most respected insurance rating agencies, has consistently given Oxford Life an A- (Excellent) rating, suggesting that Oxford Life has the financial capacity to meet its policyholder obligations.
However, it’s worth noting that in September 2024, A.M. Best revised its outlook for Oxford Life from stable to negative. This change was due to some internal control weaknesses related to financial reporting identified in a 2023 audit. While A.M. Best believes these issues have been addressed, it’s waiting for confirmation in the next audit.
Despite this recent development, Oxford Life’s A- rating was reaffirmed, indicating that its overall financial position remains strong. The company has historically shown consistent surplus growth and has a track record of profitable earnings, supported by steady investment income and good results in its annuity and Medicare supplement lines.
From my experience, while Oxford Life may not be the largest player in the insurance market, it’s carved out a respectable niche serving the senior market. Its focus on products like final expense insurance and annuities designed for older adults has helped it maintain a stable presence in the industry over the years.
Product Offerings: Tailored Solutions for Seniors
Oxford Life Insurance Company has carved out a niche in the insurance market by focusing on products tailored to the needs of seniors. Here are some of their key offerings:
Life Insurance
– **Prosperity Select**: This is a single premium whole-life policy designed for those looking for a straightforward, one-time payment solution. The policy provides lifetime coverage, ensuring your beneficiaries receive a death benefit regardless of when you pass away. The policy’s cash value also grows over time, offering a degree of liquidity if needed.
– **Final Expense Policies**: Oxford Life provides two final expense options:
– **Assurance**: This policy is available to individuals aged 50 – 80 and aims to cover funeral costs and other expenses. It offers coverage from $5,000 to $30,000, with no medical exams required and an immediate approval decision during the interview process. The policy includes liquidity features and accelerated benefits for terminal illnesses or common carrier accidents.
– **Assurance One**: While specific details on this product weren’t provided in the search results, it’s likely another variant of their final expense insurance, offering similar coverage and benefits to Assurance.
Annuities
Oxford Life offers annuities designed to provide a steady income stream during retirement. Their annuities include:
– **Fixed Indexed Annuities**: These annuities offer potential for growth while protecting against market downturns. They come with premium bonuses and allow for free withdrawals after the first year, making them appealing for those looking for retirement income with some flexibility.
**Multi-Year Guaranteed Annuities (MYGA)**: These annuities provide a guaranteed interest rate for a set period, offering a predictable income stream for retirees. Oxford Life’s MYGA products offer competitive rates, as evidenced by the Multi Select product, which offers rates as high as 5.50% for a 6-year term.
Medicare Supplement Plans
Oxford Life also provides Medicare supplement insurance policies to help cover costs not included by Original Medicare. These plans can lower out-of-pocket expenses for copayments, coinsurance, and deductibles.
**Key Features Across Products**:
– Focused on seniors aged 50-80
– Simplified application processes
– Flexible coverage options
– Tax-advantaged benefits
Customer Satisfaction
When evaluating customer satisfaction with Oxford Life Insurance Company, several key points stand out:
Complaint Index
Oxford Life has a low complaint index, as reported by the National Association of Insurance Commissioners (NAIC). This is particularly notable for their annuity products, indicating that customers generally have positive experiences and fewer grievances than other insurance companies.
Customer Reviews and Ratings
While specific customer reviews may vary, the overall sentiment suggests satisfaction. For instance, Oxford Life’s A—(Excellent) rating from A.M. Best not only reflects its financial strength but also implies a level of reliability and customer trust.
Product Satisfaction
Customers seem to appreciate the simplicity and effectiveness of Oxford Life’s products, such as their final expense insurance and annuities. These products are designed to meet the specific needs of older adults, providing financial security and peace of mind during retirement.
Sales and Service Model
Oxford Life policies are primarily sold by local independent agents, which can contribute to higher customer satisfaction due to the personalized service and local expertise these agents provide.
Industry Recognition
Oxford Life has been recognized as one of the top performers in the market, having been included in Ward’s 50 Benchmark Group for three consecutive years. This recognition underscores their commitment to excellence and customer satisfaction.
Overall, the data suggests that Oxford Life Insurance Company maintains a good track record in terms of customer satisfaction, particularly in annuities and final expense insurance.
Pros and Cons of Choosing Oxford Life
Pros of Choosing Oxford Life
**Competitive Premiums**: Oxford Life offers competitively priced premiums, especially for their final expense policies, making them a cost-effective option for seniors seeking affordable coverage.
**Simplified Underwriting**: Many of Oxford Life’s policies, especially final expense insurance, do not require medical exams. Instead, applicants only need to complete a medical questionnaire, which can be appealing to seniors or those with health concerns.
**Financial Stability**: Oxford Life has an A- (Excellent) rating from A.M. Best, indicating solid financial strength and reliability when meeting policyholder obligations.
**Immediate Approval**: For certain policies like their Assurance final expense plan, Oxford Life offers immediate approval decisions during the point-of-sale interview, allowing for quick coverage
**Flexible Annuity Options**: Oxford Life provides a range of annuity products, including fixed indexed and multi-year guaranteed annuities (MYGA), which offer competitive rates and flexible withdrawal options.
Cons of Choosing Oxford Life
**High Minimum Premiums**: Some of Oxford Life’s products, particularly their annuities, have high minimum premiums ranging from $10,000 to $20,000. This could be a barrier for individuals looking for lower entry points into annuity products.
**Limited Coverage Amounts**: For final expense insurance, the maximum coverage is capped at $30,000 (or $20,000 for individuals aged 76-80). This may not be enough for those seeking higher death benefits or more comprehensive life insurance coverage.
**Focus on Senior Market**: Oxford Life primarily caters to seniors, so younger individuals or those looking for term life insurance might find their product offerings limited or not suitable for their needs.
**Recent Negative Outlook**: While still financially strong, A.M. Best recently revised its outlook on Oxford Life from stable to negative due to internal control weaknesses related to financial reporting. This could be a point of caution for some clients.
Comparison of Life Insurance Companies
| Company | Product Offerings | Underwriting Process | Target Market | Financial Strength Rating (A.M. Best) | Unique Features |
|---|---|---|---|---|---|
| Oxford Life | Final Expense, Whole Life (Single Premium), Annuities, Medicare Supplement | Simplified Issue (No Medical Exam) | Seniors (50-80) | A- (Excellent) | Competitive annuity rates; Immediate approval for final expense policies |
| Mutual of Omaha | Term Life, Whole Life, Final Expense, Annuities, Medicare Supplement | Simplified Issue for Final Expense | Broad (Seniors & Younger) | A+ (Superior) | Strong financial ratings; Comprehensive product lineup |
| Assurity Life | Term Life, Whole Life, Final Expense, Disability Income Insurance | Simplified Issue (No Medical Exam) | Seniors & Middle-aged | A- (Excellent) | Focus on simplified issue products; Disability income insurance available |
| Liberty Bankers Life | Final Expense, Whole Life, Term Life, Annuities | Simplified Issue for Final Expense | Seniors | B++ (Good) | Affordable final expense policies; Focus on senior market |
| Americo | Final Expense, Mortgage Protection, Whole Life, Annuities | Simplified Issue (No Medical Exam) | Seniors | A (Excellent) | Mortgage protection insurance; Competitive final expense policies |
| Transamerica | Term Life, Whole Life, Final Expense, Universal Life, Annuities | Simplified Issue for Final Expense | Broad (Seniors & Younger) | A (Excellent) | Wide range of life insurance products; Strong brand recognition |
Frequently Asked Questions about Oxford Life Insurance
What types of life insurance does Oxford Life offer?
Oxford Life offers final expense insurance, single premium whole life insurance, and Medicare supplement plans. Their final expense policies, such as Assurance and Assurance One, are designed to cover funeral costs and other end-of-life expenses.
Is a medical exam required to apply for Oxford Life’s policies?
No, Oxford Life’s final expense policies do not require a medical exam. Applicants only need to complete a medical questionnaire.
What is the age range for Oxford Life’s final expense policies?
Oxford Life’s Assurance policy is available for individuals aged 50 to 85. The coverage amount ranges from $5,000 to $30,000, depending on the applicant’s age and health.
Can I customize my policy with riders?
Yes, Oxford Life offers several riders, including a Terminal Illness Rider and a Common Carrier Rider, which provide additional benefits in specific circumstances.
How does Oxford Life’s single premium whole life policy work?
The Prosperity Select policy is a single-premium whole life insurance plan where you make one lump-sum payment, and the coverage remains active for life. It also builds cash value over time.
What are the advantages of choosing Oxford Life Insurance?
Some advantages include competitive premiums, simplified issue policies (no medical exam), strong financial ratings (A- from A.M. Best), and products tailored specifically for seniors.
How quickly can I get approved for a policy?
Oxford Life typically provides an immediate approval decision during the point-of-sale interview, especially for their final expense policies.
Does Oxford Life offer annuities?
Yes, Oxford Life offers fixed indexed annuities and multi-year guaranteed annuities (MYGA) designed to provide retirement income with guaranteed interest rates.
Can I pay my premiums annually or in one lump sum?
Yes, for the Assurance policy, you can choose to pay premiums monthly, quarterly, semi-annually, or annually. The Assurance One policy requires only one lump-sum premium payment for lifetime coverage.
Are death benefits from Oxford Life policies tax-free?
Yes, death benefits from Oxford Life’s life insurance policies are paid directly to the beneficiary and are generally federal income tax-free.
Blake Insurance Group
Phone: (888) 387-3687
Email: [email protected]
Hours: Mon-Fri 9:00 am to 5:00 pm
Sat-Sun: Closed
Blake Nwosu
Owner & Principal Agent