Our Oxford Life burial insurance review will provide you information on their burial insurance or final expense plans for seniors. Protecting senior’s financial wellbeing is the focus of this company. But are their burial insurance products worth it?
Buying final expense or burial insurance is one of the most significant decisions you will make. Choosing the right burial insurance and insurance company is more critical. With hundreds of insurance companies in the market, how do you find the right one for you?
Keep reading, because we will help you find out if Oxford Life Insurance is the right fit for your needs and budget.
This article will discuss Oxford Life burial insurance products to give you a better understanding of their final expense offerings and help you decide if they are the right company for you.
But, if you’re in a hurry, you may compare rates by filling the instant pricing estimate box.
FOR EASIER NAVIGATION:
OXFORD LIFE BURIAL INSURANCE REVIEW – COMPANY OVERVIEW
Oxford Life Insurance Company was organized and incorporated as a limited capital stock life and disability insurer in the state of Arizona on July 27, 1965. They are a wholly-owned subsidiary of AMERCO.
On November 21, 1997, Oxford Life purchased 100% of the share of Encore Financial Inc., which was the parent company of North American Insurance Company. NAI merged with Encore Financial and NAI become a subsidiary of Oxford Life.
On November 2000, Oxford Life purchased Christian Fidelity Life Insurance Company. Oxford life is licensed in 48 states and DC. Oxford Life and its subsidiaries North American Insurance and Christian Fidelity Life offer products to the senior market, including burial insurance whole life, single premium whole life, fixed indexed annuities and Medicare supplement products.
OXFORD LIFE FINANCIAL STRENGTH
A.M. Best awarded Oxford Life Insurance an A- (Excellent) rating. This means the company is financially solvent and has enough reserves to pay its policyholder’s claims in due time.
A.M. Best is a well-respected financial agency that’s why we always look at their rating when reviewing the financial strength of insurance companies. A good score from A.M. Best shows that a company is financially stable and will be able to continue operations in the future.
As for customer service and satisfaction, we look at the Better Business Bureau. At present Oxford Life, is not an accredited business with BBB, but the company was awarded an A- rating.
OXFORD LIFE BURIAL INSURANCE REVIEW
BURIAL INSURANCE PRODUCTS
Oxford Life offers two types of burial insurance or final expense insurance policies.
They call their burial insurance plans Assurance and Assurance One. The two plans have the same benefits except for how you choose to pay the premiums.
With Assurance whole life, you can pay the premium monthly, quarterly, or annually. This is a final expense life insurance no exam,
With Assurance One, it’s a single-premium policy, so you need to pay one premium to fund the policy.
ASSURANCE – Policy Features
Immediate Death Benefit Burial Insurance
No medical exam required – you only need to answer a basic medical questionnaire
Immediate approval: the decision is made during the point-of-sale interview
Issue Ages: available to individuals 50-85 years old
Face Amount Available: $5,000 to $30,000
Level coverage: death benefit will never decrease
Not cancelable: policy cannot be canceled when you reach 80 years old as long as you keep paying the premiums
Tax-free: death benefits will be paid directly to your beneficiary federal income-tax-free
Rate lock: the rate is based on your age at the time your policy is issued and will stay the same for the life of the policy
Cash value builds up – your policy’s cash value grows over time
Policy loan: you can apply for a loan in case you have a financial emergency
Payment options: you can pay monthly, quarterly, semi-annually, or annually
Riders available at no additional cost:
- Terminal Illness Rider – paid in when you have been diagnosed by a physician to have a terminal illness that may cause death within 12 months.
- Common Carrier Rider – paid in the event of accidental death while riding as a fare-paying passenger on a common carrier conveyance (plane, train, bus or Uber)
Assurance burial insurance comes with immediate first-day coverage, which means the benefit payout will be 100% of the face amount, whether you die one day or three years after buying the policy.
ASSURANCE ONE – Policy Features
Single-Premium Burial Insurance
“Assurance One” is a single premium whole life insurance policy offered by Oxford Life. Single premium life (SPL) requires one lump-sum payment for the coverage to be fully paid. In return, you get a guaranteed full death benefit that will pay your beneficiary when you pass away.
One of the most significant advantages of Assurance One is that the cash value builds up quickly because your policy is fully funded.
Another notable benefit of Oxford Life’s Assurance One is that your single premium will give you first-day full coverage.
Should you choose to surrender your policy, you are guaranteed to receive 100% of your premiums back.
Policy Features :
No medical exam needed – you only need to answer a set of health questions
Issue Ages: Available to individuals 55-80 years old
Coverage Amount Available: $5,000 to $30,000
Single premium: only one premium to make and you’re fully covered
Not cancelable: policy cannot be canceled when you reach 80 years old, you’ve got lifetime coverage
Tax-free: death benefit will be paid directly to your beneficiary federal income-tax-free
Instant approval – a decision will be made during the point-of-sale interview
Cash value builds up: cash value grows over time
The maximum death benefit is determined based on your age, gender, and tobacco use.
Available Riders at no additional cost:
Terminal Illness Rider: you can access 100% of your death benefit amount when you are diagnosed by a physician to have a terminal illness that is expected to result in your death within 12 months.
Nursing Home Rider: This benefit allows you to collect a monthly benefit if you are confined to a nursing home and expected to stay there forever. The amount you can get is determined by how many years the policy is in force before you make a claim.
Chronic Illness Rider: This benefit allows you to collect a monthly benefit if ever you were diagnosed with a chronic illness. Your monthly benefit amount is equal to the lesser of $2,000 or 1% of your death benefit.
Oxford Life’s burial insurance plans do not require a medical exam; however, the company checks your health by asking health questions on the application. They will also do a prescription background check.
Oxford Life also requires you to be within their standard height and weight range. Your agent will check this before they submit the application.
For the most part, your answer to the health questionnaire will determine if you will be eligible for coverage. Here’s a copy of the health questions you will see on the application:
If any question in this section is answered “Yes,” or if height and weight exceed the maximum range, your application will be declined.
- What is the proposed insured’s height and weight?
- Have you had, or been advised by a member of the medical profession as having a terminal illness an illness that would reasonably be expected to cause death within 12 months), or have you been diagnosed, treated (including dialysis) or taken medication for chronic kidney disease or kidney (renal) insufficiency or kidney or liver failure or do you have paralysis of two or more extremities?
- Have you tested positive for exposure to the HIV
infection HIVantibodies in a test taken for the purpose of obtaining insurance or have you been diagnosed by a physician as having Acquired Immune Deficiency Syndrome (AIDS), AIDS-related complex (ARC) caused by HIV infection or other sickness or condition derived from such infection?
- Are you currently: hospitalized, confined to a bed or nursing facility, or using oxygen equipment to assist in breathing, or receiving Hospice Care?
- Have you been diagnosed by a member of the medical profession with diabetes prior to age 30 or have you been treated by a member of the medical profession for: insulin shock, diabetic coma, retinopathy, or diabetic neuropathy?
- Have you ever been medically diagnosed, treated, or taken medication for congestive heart failure (CHF), cardiomyopathy, Alzheimer’s, dementia, organic brain syndrome, schizophrenia, bipolar disorder, organic brain syndrome (acute or chronic mental dysfunction or mental incapacity, Lou Gehrig’s disease (ALS), or Huntington’s disease?
- Within the past 24 months, have you been confined more than twice to a hospital, nursing facility, convalescent care facility, assisted living facility, mental facility, or Hospice Care?
- Within the past 24 months, have you been diagnosed or treated by a member of the medical profession for: internal cancer or melanoma, leukemia, lymphoma, stroke, transient ischemic attack (TIA), or have you had an amputation caused by any disease?
- Have you been diagnosed or treated by a member of the medical profession for more than one occurrence or any metastasis of any cancer in your lifetime (excluding basal or squamous cell skin cancer), or are you currently being treated for cancer or recurrence of cancer?
- Within the past 24 months have you:
. beenmedically diagnosed, treated by a member of the medical profession or taken medication for angina, chronic hepatitis, cystic fibrosis, Pulmonary Fibrosis, chronic obstructive pulmonary disease (COPD), chronic bronchitis, emphysema, respiratory failure or required oxygen equipment to assist in breathing ?b
beenmedically diagnosed as having, been treated by a member of the medical profession or hospitalized for: heart attack, heart disease, heart or circulatory surgery (including pacemaker, by-pass, heart valve replacement, angioplasty or stent implant), uncontrolled high blood pressure or any procedure to improve circulation to the heart or brain?
c. been medically diagnosed or treated by a member of the medical profession for: Hodgkin’s Disease, cirrhosis, liver disease, or systemic lupus (SLE) any neuromuscular disease, cerebral palsy, multiple sclerosis, or Parkinson’s disease)?
- Within the past 10 years, have you been convicted of a felony, or are you currently on parole or on probation?
- Within the last 5 years have you been treated for, been advised by a medical professional to have treatment for, or excessively used, alcohol or any drugs of abuse, or have you been convicted of operating a vehicle while impaired or under the influence of alcohol or any drugs, or had your driver’s license suspended or revoked, or attempted suicide?
- Have you been declined or postponed for life or health insurance in the past two years?
- Do you currently require human assistance or supervision with any specified activities such as: eating, bathing
, ,bathing, transferring from bed to chair, walking or maintaining continence?
STANDARD SECTION – If any question in this section is answered “Yes,” it may not necessarily exclude coverage.
Other eligibility considerations:
- Are you taking or have you been prescribed medication by a member of the medical profession for any impairment mentioned above?
- Within the past 12 months, have you used any nicotine-based products, any form of electronic cigarette
- Have you applied for life insurance with any other insurance companies in the last two years?
- Proposed Insured’s driver’s license number_______________
OXFORD LIFE APPLICATION PROCESS
- They don’t require a medical exam; you only need to fill out basic health questions.
- You can sign a paper application or submit an e-Application.
- Once your application is submitted, Oxford Life will perform a health assessment. They will ask your name, gender, date of birth, social security number, height, and weight. You can either electronically agree for the company to do a prescription history check or do a phone verification interview to confirm your information.
- After the health assessment, you will receive a qualified or not qualified result in a matter of minutes.
OXFORD LIFE BURIAL INSURANCE PROS AND CONS
OXFORD LIFE BURIAL INSURANCE REVIEW: PROS:
- They have an A- (Excellent) rating from A.M. Best, which means the company is financially stable and have the capacity to pay the claims of its policyholders.
- Both of their burial insurance plans for seniors have immediate first-day coverage. It provides instant protection and savings.
- You can choose either an e-application or a traditional paper application when you apply. For e-application, they do online underwriting by checking your prescription history no telephone interview required.
- Immediate decision. You will instantly know if you are qualified or not for their burial insurance minutes after submitting your application.
- They do not check your Medical Information Bureau file.
- You can use Social Security Payment dates as the effective draft date for your payment schedule. Depending on your birthday, your draft date payments will either be on the second, third, or fourth Wednesday of each month coinciding with the time of your Social Security payment.
- There are only two rates: Standard rate for tobacco user and preferred rate for the non-tobacco user.
- Oxford Life burial insurance plans are competitively priced. It always comes on top or two of the lowest-priced policy.
OXFORD LIFE BURIAL INSURANCE REVIEW: CONS:
- Oxford Life is a small company compared with other “A” rated insurance companies. It can be risky if they will have a large number of claims at the same time.
- They only offer immediate coverage plan designed for healthy folks. You need to be in near-perfect health to qualify. People with severe health conditions will not be eligible for either of their plans.
Based on our Oxford Life burial insurance review we found that they are an excellent company with a strong financial rating. Their application process is simple and easy.
Oxford Life also have competitive prices when it comes to burial insurance, especially if you are healthy and can qualify for their plans.
Oxford Life is one of many insurance companies that offering life insurance to people ages 50-85. If you have health issues, it is wise to look at other insurance companies that offer higher acceptance rates and better pricing.
If you are not in the best of health or have some medical impairment, and do not qualify for Oxford Life, you may still qualify with other companies. Guaranteed issue insurance life insurance is also another option.
Funeral Funds will help you get approved with the best company offering the best plan at the best rate.
HOW CAN FUNERAL FUNDS HELP ME?
Trying to find a policy if you want Oxford Life burial insurance needn’t be a frustrating process; working with an independent agency like Funeral Funds will make the process easier and quicker.
If you have a health history or pre-existing medical condition, let us help you; we will work with you side by side to find a plan that fits your needs.
We will work with you every step of the way to find the plan that fits your financial requirements and budget. You don’t have to waste your precious time anymore searching for multiple insurance companies because we will do the dirty work for you.
We will shop your case to different insurance carriers and get you the best price.
We work with many A+ rated insurance carriers that specialized in covering high-risk clients like you. We will search for all the best companies to get you the best rate. We will match you up with the best burial insurance company that gives the best rate.
We will assist you in securing the coverage you need at a rate you can afford. So, if you are looking for Oxford Life funeral insurance, or Oxford Life burial insurance, or Oxford life insurance.
Fill out our quote form on this page or call us at 888) 862-9456 and we can give you an accurate quote.