Oxford Life Insurance Review

A variety of annuity and final expense plans for seniors

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Oxford Life Insurance

Oxford Life Insurance

Our Take 

Oxford Life Insurance offers fixed index and guaranteed annuities, as well as final expense life insurance aimed at seniors. Most policies are available for individuals aged 50 to age 80 and are designed to create a steady stream of income in retirement. While the annuity products have relatively low fees and high premium bonuses, the final expense policies are very costly with lower coverage amounts.

  • Pros & Cons
  • Key Takeaways
  • Specifications
Pros & Cons
Pros
  • Multiple fixed-index annuities available

  • Annuity products offer tax-deferred retirement savings

  • Three types of final expense insurance are available, with coverage up to $500,000

Cons
  • Independent agents are paid a commission to sell you Oxford insurance products

  • Cannot purchase annuities online

  • Does not offer term or universal life insurance options

Key Takeaways
  • Oxford Life Insurance was founded in 1965 and has acquired several insurance and annuity companies since, including North American Insurance Company and Christian Fidelity Life Insurance.
  • Oxford Life Insurance does not sell its products directly but sells them through independent agents.
  • Oxford Life Insurance has an A- (Excellent) rating from AM Best.
  • Oxford Life Insurance also offers Medicare supplement insurance coverage.
Specifications
  • Year Founded 1965
  • Kinds of Plans Fixed Index and Guaranteed Annuities, Final Expense Life Insurance
  • Number of Plans 7
  • Payment Options Monthly, Annual, Lump-sum
  • Official Website https://www.OxfordLife.com/

Introduction

Oxford Life Insurance focuses on providing income in retirement by offering fixed index and multi-year guaranteed annuities. It also offers multiple final expense life insurance products. 

We researched Oxford Life Insurance’s financial stability, policy plan options, riders, website tools, and customer service reviews to help you compare the life insurance policy options of Oxford Life Insurance with the competition. 

Company Overview

Oxford Life Insurance was founded in 1965 in Phoenix and has since grown by acquiring several life insurance companies such as Encore Financial (the holding company of North American Life Insurance) to expand its business into Medicare supplemental insurance and Christian Fidelity Life Insurance in order to start offering final expense policies.

In addition, Oxford Life Insurance offers fixed index and guaranteed annuities to provide a steady stream of income in retirement.

Oxford Life Insurance is licensed in 49 states (not available in New York), but actual availability varies by product and state.

Annuities held in an IRA or 401(k) do not provide additional tax savings, as these retirement accounts already provide tax-deferred savings.

Available Plans 

Oxford Life Insurance offers both annuities and final expense life insurance products. Final expense insurance is designed to help cover end-of-life expenses, such as funeral and burial expenses. It is a type of permanent life insurance that covers the insured for their lifetime. 

An annuity is a type of financial product designed to give investors an income stream during retirement. There are two phases for annuities: the accumulation phase and the annuitization phase.

In the accumulation phase, there is typically an initial lump-sum deposit, then additional contributions can be made to the annuity, and the money is invested on a tax-deferred basis. In the annuitization phase, the money is distributed to the account holder in monthly, quarterly, bi-annual, or annual payments.

Final Expense Life Insurance

Oxford Life Insurance offers three final expense life insurance policies, designed to help cover end-of-life costs such as burial and funeral expenses. These are permanent life policies that accrue tax-deferred cash value that can be borrowed against if needed. 

  • Assurance: This is a level-premium policy that is available for purchase from ages 55 to 80. Coverage is available from $5,000 to $30,000.
  • Assurance One: This single-premium final expense policy is available for purchase from ages 55 to 80. Coverage is available from $5,000 to $30,000.
  • Prosperity Select: A single-premium whole life policy, it is available for purchase from ages 55 to 80, and offers coverage from $30,000 up to $500,000. It includes accelerated death benefits.

Annuities

Oxford Life Insurance offers four different annuities: three fixed-index annuities and one guaranteed annuity.

Oxford Life does not offer any variable annuities, and its fixed-index annuities only offer one index fund investment option.

Oxford Life Royal Select

This annuity has a $10,000 minimum and maximum issue age of 80, and it comes with an 8% premium bonus and a 6.75% increase of future income payments. Contracts come in 10-year index periods, and investments are tied to the performance of the S&P 500 index. There is also a fixed account offering a guaranteed minimum interest rate. 

There are no annual contract fees, but if you opt for the guaranteed lifetime withdrawal option, there is a 0.95% benefit fee. There may also be withdrawal fees if you take out more than the 10% annual allowance, and you are only allowed to withdraw interest-earned in the first year.

Oxford Life Silver Select

Very similar to the Oxford Life Royal Select, this annuity has a $10,000 minimum and maximum issue age of 80. It comes with a 4% premium bonus and a 6.75% increase of future income payments. Like the Oxford Royal Select, investments are tied to the performance of the S&P 500 index, and there is also a fixed account offering a guaranteed minimum interest rate. 

This plan comes with no annual contract fees, but if you choose the guaranteed lifetime withdrawal option, there is a 0.95% benefit fee. If you take out more than the 10% annual allowance, there may be withdrawal fees and you are only allowed to withdraw interest-earned in the first year.

Oxford Life Select Series

This annuity is a more flexible indexed annuity, with a $10,000 minimum and maximum issue age of 80, available in 3-, 5-, 7-, and 10-year options. There is no premium bonus on this annuity. Similar to the other fixed-index annuities, investments are tied to the performance of the S&P 500 index. There is also a fixed account offering a guaranteed minimum interest rate. 

Like the previous annuities, there are no base contract fees, but there is a 0.95% benefit fee if you opt for the guaranteed lifetime withdrawal option. There may also be withdrawal fees if you take out more than the 10% annual allowance, and you are only allowed to withdraw after the first year.

Oxford Life Multi-Select

This multi-year guarantee annuity comes in varying contract length from three to 10 years and is a fixed-income vehicle for tax-deferred savings. The longer the term, the higher the interest rate payouts will be for the contract. This annuity has a maximum issue age of 85 and minimum investment of $20,000. 

There are no base contract fees, but if you opt for the guaranteed lifetime withdrawal option, there is a 0.50% benefit fee.

Available Riders

A rider is a policy enhancement that allows clients to customize their coverage options. Oxford Life Insurance offers access to several riders for its life and annuity products. Some riders are included in the policy for no additional charge, while others are charged as a percentage of the policy benefit or monthly premium. Rider fees are typically added to the premium cost.

Accelerated Death Benefit Rider

This rider allows the beneficiary to receive the full accumulated value or minimum guaranteed contract value of the annuity, whichever is greater, if diagnosed with a terminal illness. This is also available on life insurance policies, allowing the insured to access a portion of the death benefit if diagnosed with a terminal illness.

Terminal Illness or Qualified Care Waiver

This rider allows you to withdraw up to 100% of your annuity’s accumulated value if you are diagnosed with a terminal illness with a life expectancy of 12 months or less, or if you are confined to a qualified care facility. Diagnosis must be after the first contract year and carries a 90-day elimination period.

Chronic Illness Rider

If diagnosed with a permanent chronic illness, you can access a portion of your death benefit early.

Common Carrier Accidental Death Rider

This rider pays an additional benefit if you die due to an accident while riding as a paying customer in a plane, bus, or train.

Customer Service: Many Ways to Connect

Oxford Life Insurance offers support over the phone, email, or via its live chat online. Customers can speak with an Oxford representative by calling 866-641-9999 or sending a message via its live chat feature.

Oxford Life Insurance customer service business hours are Monday-Friday 7:00 a.m. to 7:00 p.m. CT.

Customer Satisfaction: Very Few Complaints  

Oxford Life Insurance received fewer complaints than other insurance companies, according to the NAIC. With a complaint score of 0.08, Oxford Life Insurance scored better than the national average of 1.0 (the lower, the better). This score is an improvement on the 0.50 score from 2019.

J.D. Power also ranks annuity companies based on customer satisfaction in its 2020 Life Insurance Study. Oxford Life Insurance is a smaller life insurance and annuity company and was not rated in the most recent J.D. Power study.

Financial Strength: A- (Excellent)

Oxford Life Insurance received an A- (Excellent) rating from AM Best, affirming its financial strength. This rating is based on Oxford Life Insurance’s very strong balance sheet, adequate operating performance, limited business profile, and appropriate enterprise risk management. This rating means that Oxford Life Insurance is in a good financial position to pay out its guaranteed annuity contracts and life insurance claims as they arise.

Cancellation Policy: Free-Look Period Only

Oxford Life Insurance follows the U.S. required minimum “free-look” period for insurance policies, for both annuities and life insurance products. This period (usually 10-30 days) varies by state but allows customers to purchase insurance and cancel for any reason for a full refund.

After the free-look period, cancellation terms vary based on the product purchased, so we recommend talking with your independent agent about Oxford’s cancellation policies before signing up for an annuity or life insurance policy.

Canceling an annuity or final expense policy may come with a surrender charge.

Price of Oxford Life Insurance: Quotes May Vary

Oxford Life Insurance prices for their annuities are not available online. Annuity prices will vary by the type of annuity selected, the total amount invested, and the riders added to the contract. Annuity quotes can be obtained directly from an independent agent.

Oxford Life Insurance’s final expense insurance pricing is available online. We got a sample quote for a $30,000 policy for a 55-year-old non-smoker. For a man, the rate would be $96.32/month while a policy for a woman would cost $76.72. Monthly prices include a $3.25 policy fee.

How Oxford Life Insurance Compares to Other Life Insurance

Oxford Life Insurance focuses on selling annuities to help provide lifetime income for its clients, as well as final expense policies to cover end-of-life costs. While this may help clients prepare for retirement and cover the bare minimum in case they pass away, traditional life insurance companies will offer more options (and more value) with more life insurance products to choose from. 

If you are looking for life insurance coverage, you will want to find a life insurance company that offers term, whole, or universal life insurance plans. Here’s how Oxford Life Insurance compares to a traditional life insurance company.

Oxford Life Insurance vs. Ameritas Life Insurance

While Oxford Life Insurance sells mostly annuities to help clients build retirement income streams, Ameritas Life Insurance offers several types of life insurance to help customers protect their assets and family, but also sells a wide range of annuities to select from. Each company has a strong financial rating from AM Best, giving clients confidence in the payout of claims or accumulated value.

Here are a few of the differences between Oxford Life Insurance and Ameritas Life Insurance:

  • Ameritas Life Insurance offers term, whole, and universal life policies in addition to annuities,
  • Oxford Life Insurance offers three final expense policies for basic end-of-life coverage, while Ameritas does not.
  • Ameritas offers up to $50,000,000 in term life coverage.
  • Oxford Life Insurance provides up to an 8% premium bonus on annuities.

Ameritas Life Insurance is one of our top picks for life insurance companies, with great life insurance policies at competitive prices, along with a variety of annuity options. Oxford Life Insurance helps clients save and invest through annuity insurance contracts, and offer larger premium bonuses than most competitors.

Read our full Ameritas Life Insurance Insurance review.

  Oxford Life Insurance Ameritas Life Insurance 
Market Share N/A N/A 
Number of Plans  7 9
Online Quotes Available?  No Yes (term life only) 
Service Method  Email, phone, live chat Email, phone, in person 
AM Best Rating  A- (Excellent) A (Excellent) 
Complaints Index  0.08 (excellent) 0.51 (very good) 
Final Verdict

Oxford Life Insurance may be a good option for those looking for fixed-index or guaranteed income annuities, offering low contract fees and large premium bonuses. That said, annuities are complex financial instruments and should be reviewed with a financial professional before investing in any annuity products.

If you are more interested in protecting your assets with traditional life insurance, the final expense policies offered by Oxford Life Insurance are expensive. Instead, we recommend you compare the best life insurance companies to find coverage that fits your needs and financial goals.

Methodology 

All of our reviews of life insurance companies are based on extensive research and analysis of each company’s offerings, customer service, financial stability, cost, and more. For each company, we compared the life insurance products offered, as well as available features, and reported customer experiences. Visit our life insurance review methodology for the full breakdown of what we evaluated for over two dozen companies.