There are so many options out there that it is hard to know who the top rated life insurance companies are. In order to cut out the noise we have created several reviews of the different companies in the marketplace, including our review of Oxford Life Insurance Company. Is Oxford Life the right company for you?
Review of Oxford Life Insurance Company
Oxford life is one company of many. You can use our life insurance comparison tool for more info on the different companies out there and the rates offered. So with that in mind, let’s start with a little about Oxford Life.
About Oxford Life Insurance Company Review
Formed in Arizona back in 1965, Oxford Life Insurance Company has always been focused on the senior life insurance market to meet their financial needs with the right annuities and life insurance policies.
Despite being fairly young in comparison to other life insurance companies, Oxford Life has shown their worth over a period of 50 years and have constantly expanded their product offering as a result.
In 2000, the Oxford Life brand acquired Christian Fidelity Life Insurance Company who have 30,000 policies in place across the United States. Furthermore, North American Insurance Company is also under the Oxford Life umbrella and this section of the business has over 60,000 policyholders.
Oxford Life Insurance Company Financials
In a recent comparison with some of the biggest names in the industry, Oxford Life was compared on a number of different statistics including assets over liabilities, liquid assets, surplus funds, and many more.
Starting with the solvency statistic which assesses assets over liabilities, this is actually a great way to see how financially sound a company really is. If a company were to have assets at a similar level to liabilities, this wouldn’t provide us with confidence because it means they could struggle when the financially tough times come around. Could they stay in business during another recession?
When looking at the top 25 companies in the market, they averaged this figure at $106.01. However, Oxford Life Insurance Company had their own assets over liabilities number come out at $115.26. With this alone, we can see that they’re in a great position. If we’re trusting the 25 largest companies and these have a smaller asset to liability ratio, we can certainly trust Oxford Life.
In fact, Oxford Life also shone in the surplus to life insurance in force stat as well as liquid assets; with the latter, it shows they have the assets to turn into money quickly if there was to be another financial crisis.
Oxford Life Insurance Company Ratings
A.M. Best Rating – As we all know, A.M. Best has long-been a respected financial agency within the life insurance market and this is why we always look at their rating. When you see a good rating from A.M. Best, it shows they’re likely to pay out on all claims and it also shows they have the financial stability to continue long into the future. With Oxford Life, they were recently awarded with an A- rating which is considered ‘Excellent’.
For many years, people have been assessing the A.M. Best rating when deciding which provider to choose and the minimum rating to accept has widely been anywhere within the ‘A’ bracket and Oxford Life fits comfortably into this bracket. Not only does this include Oxford Life, it includes the subsidiaries of Christian Fidelity and North American Insurance too.
BBB – As we can see, Oxford Life Insurance Company is in a great position when it comes to finances…but what about their service? Although having the financial backing is always good news, it becomes redundant when you can’t get hold of the company to change policy details or make a request. Therefore, the life insurance industry likes to use the Better Business Bureau (BBB) ratings system which assesses all companies and gives them a rating between A+ and F (0-100 scale).
Although the company hasn’t been BBB accredited, they do have a rating and it’s a B-. After assessing factors such as complaint history, their experience, and advertising issues, the BBB has awarded Oxford Life with a rating of B- which is actually in the middle of the road. Ideally, you would like a life insurance company to be sitting within the ‘A’ range but we mustn’t forget that a B- rating is still above 80 out of 100. If we convert this to a potential five-star system, it would still be above four stars which is a great score. If you’re serious about getting insurance with Oxford Life, we recommend talking to others who have experience with them as well as reading reviews.
Customer Service – What about their customer service options? If you ever have an issue or want to make changes to your policy, how can this be done? Well, with Oxford Life Insurance Company, they offer several opportunities starting with an online form. After entering who you are and what you’re inquiring about, you can enter your policy number followed by your comment or request. For us, we like these types of forms because you know that somebody will read it on the other side. By choosing the topic to which your comment relates, a reply should be ensured.
After this, there’s a PO Box for all claims, a mailing address, as well as a telephone number which is useful if you want to speak with somebody directly. With all these opportunities, it shouldn’t ever be an issue when trying to get in touch with your provider. While some companies are notoriously bad at replying to customer emails, everything is in place for Oxford Life to be successful.
Products Offered by Oxford Life Insurance Company
Before heading into the life insurance options, we want to take a quick look at the annuities since this has been a key focus for Oxford Life Insurance Company over the years.
First and foremost, they offer a ‘Multi-Select’ annuity where the interest rate remains the same for a fixed period of time. However, this is slightly different than most because you get to choose the length of time; as soon as you choose, the interest rate will be locked-in. Ultimately, it has been designed for those interested in long-term fund-building for retirement or any other purpose.
Next up, we have the Select Series annuity which allows you to take advantage of the S&P 500 growth without all the risk that normally comes with it. Depending on your needs, you can choose what length you require from three, five, seven, or ten years. Once again, this allows funds to be built over a period of time and it also comes with a Guaranteed Lifetime Withdrawal Benefit (GLWB). At all times, you’ll have access to your money and single payout options are available alongside joint payout.
With the Silver Select option, the deal is very much the same in that you can benefit from the rising stock market without the typical risk. Once you deposit funds, your amount will grow by around 4% and the annuity is available for all those between the ages of 18 and 80. If you choose the GLWB rider, you also have an opportunity to earn more money over the course of your life.
Finally, the Royal Select annuity will boost your funds by 8% immediately after depositing which is a great way to get started. As long as you select the GLWB rider, you can benefit from this instant addition as well as a larger return in the long-term. Although the income isn’t distributed in a lump sum, the income account will normally accumulate at a rate of 6.75%.
If you need life insurance, we know they have good financial ratings which will keep you secure in the knowledge your beneficiary will receive the death benefit no matter what happens. However, this is still no good if Oxford Life doesn’t offer a product that meets your needs. With this in mind, we should say that they have three main options; single premium life insurance, single premium final expense, and level premium final expense.
With the Single Premium Life Insurance policy, this allows policyholders to transfer their wealth to loved ones without having to worry about huge taxes and probate. Designed for those between the ages of 55 and 80, there’s only one premium to pay and the value of your estate will grow almost instantly. When you pass away, the death benefit is guaranteed and will be given to your beneficiary.
During the life of the insurance, there will be a cash value that increases each year and you could also take advantage of the accelerated living benefits just in case you’re forced into a nursing home later in life or even if you come down with a serious illness. If finances get tough in a few years’ time, there’s also some liquidity features.
Next up, Oxford Life Insurance Company offer a Level Premium Whole Life Final Expense policy. Available for everyone between 50 and 85, coverage of up to $30,000, premiums that never increase regardless of age, and a cash value component alongside your policy, it can be a great option to leave money behind for your funeral and potential medical bills.
In addition to this, the policy cannot be cancelled as long as you continue paying the premiums. Free from income tax, the death benefit will go to your beneficiary and there isn’t even a medical examination which is a huge advantage; instead, you’ll have to answer a few simple questions regarding your health and lifestyle.
In terms of paying the premiums, you have a few options here too whether you want to pay monthly, quarterly, semi-annually, or even annually. If you can pay annually, you’ll spend less over the course of your policy because you won’t have to pay out for interest; this is because you’re paying for a year in advance rather than allowing the provider to ‘lend’ you the insurance.
Finally, we go back to the single premium idea with a Single Premium Whole Life Final Expense policy. Available between 50 and 85, coverage of up to $30,000, just one premium to pay, and a coverage that never changes. Once the premium has been paid, the policy will remain in place until you need it. With a cash value component, this may come in handy later in life.
And this is no exam whole life insurance which means you won’t have to take part in a medical exam. As you can see, this is a superb way to offer your family members a way to pay for your funeral and medical bills after passing away.
Christian Fidelity and North American Insurance Products
Oxford Life’s subsidiaries, Christian Fidelity Life Insurance and North American Insurance, are primarily focused on the medicare supplement market, offering supplemental medicare plans, similar to SelectQuote Senior.
If you need to reach the companies, here are their contact info:
- Christian Fidelity Life Insurance or North American Insurance
- P.O BOX 44990 Madison, WI 53744
Conclusion of our Oxford Life Insurance Company Review
Oxford Life is a great option for some. Is it going to be the right fit for you? We can’t really say until we have had an opportunity to talk with you and discover your needs, goals and objectives. Our team of professional life insurance agents are here to help you make the best decision possible based upon your own unique plans.
So what are you waiting for? Give us a call today to see what we can do for you!
Thank you for reading our Oxford Life Insurance Company Review. If you have any questions or concerns, please leave a comment below.