You decided it was time to get a life insurance policy secure and you heard an ad or got approached by an agent about Oxford Life Insurance Company. Now, you started to think whether Oxford Life is a good fit for your insurance portfolio and luckily landed on this article. Well, you have come to the right place as we are an independent life insurance agency that works with over 60 top rated insurance companies and have done our share of reviews. In a nutshell, personally, I don’t think that this is the best company that you can go with as there are many alternatives that have higher ratings with similar or lower rates. Now that doesn’t mean that the company is a scam far from it. They have a solid line of products and a decent rating but let’s not guess and dive deep to see what they are all about.
About Oxford Life Company
The company was started in 1965 with its first office being located in the sunny state of Arizona. So it seems like they have been around for 50+ years which is quite impressive for any business but how does that compare to other carriers. Well, most of the companies we work with have been around for 100+ years and that is pretty average. Oxford does also own a few other subsidiaries like North American Insurance Company(not to be confused with North American Life) and Christian Fidelity. The company was started with a mission to provide insurance and financial products so individuals can make it to their retirement and enjoy it. As far as their assets the company has about $1.2 billion which is okay for a company of their size. When it comes to their revenue they do about $15 million per year which is not a lot considering most big carriers do numbers in the billions. However, I can tell you that this company does have a bright future and has a potential of being big one day but not today.
Now, let’s also look into their financial ratings. Just so you know there are a group of large rating agencies that review life insurers and grade them based on their financial strength. Most popular rating agencies are A.M. Best, Moody’s and S&P 500. It is usually a good idea to cross reference all three to see if the grade is consistent across the board. Once you look at these ratings you should also check out BBB to make sure they are practicing good business. So with that being said let’s start with A.M. Best, it seems like at the writing of this article this agency is showing them under review which simply means the grade is being updated. However, on their website the last grade, A.M. Best gave them was “A-” which is considered excellent which is good news.
Like I mentioned before the last thing is to check the BBB(Better Business Bureau) and they gave Oxford Life a “B-” rating which is not so great. The reason is that they haven’t resolved 4 customer complaints which is not much considering they work with 1000’s of clients but it is still not a good look.
Oxford Products: What are they about?
They have a few different product lines which include life insurance, Medicare supplement, and annuities. But this is a life insurance site if you didn’t know this already so we gonna focus on their life business. (Duh!) So after reading their product offering, they have three life insurance plans which are all permanent life insurance options: Prosperity Select Single Premium, Level Premium FE, Single Premium.
Prosperity Select Single Premium
This is a permanent life insurance plan that can only be secured with a single payment which will pay the policy up. So to explain this a little further, if you pay a premium of let’s say $50,000 you may end up with a policy that is for $150,000. Not a bad trade, huh! That is why this is actually a pretty solid product for people that want to leave a legacy and leverage their money almost immediately. This is something that most companies offer for their permanent products and you really get a bang for your buck. Let’s look at some plan bullet points(phew..phew)
- You can get this policy if you’re older than 55 and younger than 80.
- The policy only has one payment option. No monthly, quarterly or annual available.
- The cash value in the policy is guaranteed to grow.
- The death benefit will stay locked in too.
- Your accumulated saving within the policy can be taken out of unexpected situations.
Level Premium Final Expense
This is a whole life plan designed to cover burial costs, final medical and administration fees. Typically this type of plan doesn’t require a medical exam and has only a few questions that need to be answered. If you’d like to see some similar plans check them out here. Here are some bullet points of this plan.
- Good for age 50 t0 85.
- Maximum coverage amount is $30,000 and the minimum is $5,000.
- Coverage premiums and amount are levels, which means it is fixed. (No one like surprises)
- Also, has some cash value accumulation which is a great savings element.
- You can get approved for this plan the same day.
- You can add on a terminal and common carrier rider to your plan.
- Monthly payment option is available.
Single Premium Final Expense
Same plan as the level premium above but you have an option of making one payment to buy up your policy whole. This is a great way to pay since you get a lot more savings this way and why not if you can afford it. Here are some key benefits of this plan.
- Offered to ages 50 to 85.
- Coverage available from $5k to $30k.
- One premium payment.
- Cash value accumulation but compounding is faster due to a sing payment.
- No Exam and simple application process.
Review and Summary of Oxford Life Insurance
So what do we think of this wonderful company? Well, it is definitely not a scam and they have a nice niche that they specialize in. They have been around for long enough to show longevity and have a pretty solid rating from A.M. Best. This carrier definitely has a strong focus on seniors which can be convenient for both agents and consumers. So let’s look at some Pros and Cons of this insurer:
Pros
- They have an “A-” rating from A.M. Best which is usually a good sign.
- Some awesome products for seniors that can provide protection and savings.
- You can also get some financial products for retirement like annuities.
- All their product lines are targeted towards seniors so you can get Medicare, Annuities and Final Expense all one place.
Cons
- The company is small in size which is risky if they have a large number of claims.
- Their BBB rating is “B-” due to unaddressed consumer complaints.
- They only offer plans for seniors so there is no term life or plans available for younger folks.
If you’re a senior then this company might make a lot of sense for you but even still I would highly advise that you check other options.
Work with the Best!
If you have read this article you now have a really good idea of what Oxford Life is all about and can probably even land a job with them. (just kidding) Like we mentioned before they are an amazing carrier for final expense but that’s where it stops. Regardless, if you go with Oxford Life or any other carrier we always advise our clients to shop around with all the top rated companies. Here at InsureChance, we work with over 60 top rated insurers to get you the best rate possible. We have companies like Prudential, Banner Life, AIG, Sagicor and much more that will show up with a few mouse clicks in our state of the art quote engine. If you’re a senior with good health you may be better off getting a plan with more underwriting since you can get a bigger coverage with lower premiums. This type of plan is called Guaranteed Universal Life and it provides pure protection coverage with no lapse until age 100. Whatever it is you decide to do please feel free to reach out to us for a no obligation consultation. Our agents will help you make a decision even if you don’t work with us. Welcome to the best life insurance agency online!
