For seniors who are considering life insurance for final expenses or just funeral coverage, Life Policy Shopper should be your number one resource for learning about life insurance, shopping for life insurance, or purchasing life insurance.
Your best life insurance solution will depend on your individual circumstances and budget. We get that and that is why we represent the majority of the final expense insurance companies in the marketplace. Here we’ll discuss burial insurance for seniors offered by Oxford Life.
About Oxford Life
Oxford expanded their footprint in the life insurance and annuity marketplace in 1997 by acquiring Encore Financial, a holding company domiciled in Wisconsin who also owned the stock in North American Insurance Company, a third-party administrator of Medicare Supplement Insurance.
Looking for continued expansion, Oxford acquired Christian Fidelity Life Insurance Company in 2000, a highly-rated Medicare Supplement and final expense life insurance company with very competitive premium and were set to be able to compete with the likes of Lincoln Heritage and Colonial Penn in the final expense market.
Not too long after, in 2006, Christian Fidelity acquired Dallas General Life Insurance Company which allowed them to grow in the final expense marketplace along with Medicare Supplements.
Oxford Life Financial Ratings
Consumers should always check the financial ratings of an insurer they are considering to make certain the company will not have issues with paying claims and operating expenses and we are pleased to list Oxford’s ratings for your consideration:
A.M. Best Rating Services
A.M. Best has awarded Oxford with a rating of A- (Excellent) and goes on to list the financial size as VIII ($100 to $250 Million). The June 29,2017 rating Press Release can be reviewed here.
Standard Analytical Service
Standard Analytical Service compares an insurer’s financials with other 25 like-size insurance companies and delivers a comparison report that is independent of the insurer. Standard’s conclusion for Oxford in the 2015 comparison was published as follows:
CONCLUSION: Based on the financial results achieved in the year ended 2015, the analysis made of the above organization is favorable in comparison with the aggregate averages of 25 of the LEADING COMPANIES.
Oxford Life Insurance Products
Since Oxford Life focuses on the senior market, their life insurance offerings are more suitable for this age group. The company offers three senior life insurance products.
Prosperity Select Single Premium Whole Life
Oxford’s Prosperity Select product is single premium whole life insurance. When purchased, the insured pays one payment to the insurance company and receives a paid-up insurance policy that will last for their entire life. Purchasing insurance in this manner provides a substantial discount to the policyholder because the insurance company can invest that one large lump sum and earn interest on the premium.
For example, an insured can pay a one-time premium of $50,000 and receive a policy with a $150,000 death benefit. Since it is a whole life policy, the policy will build cash value over time that earns interest at a guaranteed rate. The policyholder can access that cash value for any reason by way of policy loans (typically repaid) or cash withdrawals (not repaid).
Level Premium Final Expense
Oxford’s Level Premium Final Expense policy is designed to cover final expenses such as funeral and burial costs, unpaid medical expenses, and unpaid nursing home expenses. The final expense product does not require a medical exam while most underwriting information is collected in the application. The following benefits are why this plan is so popular among seniors:
- Issue ages are 50 to 85 years old
- Available coverage amounts are $5,000 to $30,000
- Death benefit and periodic premiums remain level (no surprises)
- Builds cash value over time
- Same day approval in most cases
- Common carrier rider available
- A policyholder can access cash value through policy loans or withdrawals
Oxford Life also offers their final expense product in a Single Premium plan which typically allows the insured to purchase permanent life insurance with one lump-sum payment.
Oxford Life Final Expense and Burial Insurance Rates
When shopping for final expense and burial insurance, most seniors will be pleasantly surprised at how competitive the rates are for Oxford’s Final Expense Insurance plans.
Listed below are actual rates for a $10,000 life policy for a non-smoker male or female:
As you will notice, the rates for females are lower than rates for males because females typically outlive males and the insurance company has a longer period to collect premiums.
For an actual rate for your specific age, please complete our world-class quote engine for an instant and confidential life insurance quote.
Life Policy Shopper Review
Oxford Life is a great company purchase from because of very competitive rates, outstanding customer service, and excellent ratings from A.M Best. Depending on your individual circumstances, Oxford Life will likely be a great fit for you.