Oxford Life Final Expense Insurance Review (Assurance)

Oxford Life Final Expense Insurance Review
Oxford Life Final Expense Insurance Review (Assurance)

oxford logo

When researching life insurance companies, there are many important details to review. Very few companies have top plans with low prices, and it can seem difficult to find the best burial life insurance companies.

Our industry experts have reviewed the Oxford Life funeral insurance plan.

Oxford Life Final Expense Insurance Review

The Oxford Life Insurance Company was started in the state of Arizona in 1965. This carrier has focused its efforts on the senior market—specifically, life insurance products, annuities, and medicare supplement plans.

With over $2.5 billion in total assets, this company is one you can trust to make good on its financial commitments to policyholders. Oxford Life has multiple subsidiaries, including Christian Fidelity Life and North American Insurance Company. AMERCO is the parent organization of Oxford Life Insurance Company.

AMERCO is a publicly traded financial holding network. The most widely recognized company that AMERCO has under its control is U-Haul.

Companies Overseen by AMERCO:

  • U-Haul
  • Oxford Life Insurance Company
  • RepWest
  • AMERCO Real Estate Company

Company Details

  • Established: 1965
  • A.M. Best Financial Rating: A (excellent)
  • Headquarters: Phoenix, AZ

Plan Types

There are 2 plans offered by Oxford Life Insurance designed to cover final expenses.

  • Plan 1: Assurance
  • Plan 2: Assurance One

Assurance

Plan 1: Assurance

Oxford Assurance is meant for the healthiest final expense insurance senior applicants. It comes with no waiting period and additional benefit options.

Quick Facts

  • Age Eligibility: 50 – 85
  • Coverage Amount: $5,000 – $30,000
  • State Availability: 45 states & DC (excluding AL, MS, MT, NY, WV)
  • Medical Exam: No
  • Health Questions: Yes
  • Waiting Period: No
  • Permanent Coverage: Yes
  • Builds a Cash Value: Yes
  • Smoking Rates: Yes

Whole Life Features

A whole life burial insurance policy provides permanent coverage with several benefits.

Price Lock: The monthly premium will never change. This will help seniors on a fixed income prepare for costs well into the future with no surprise rate increases.

Coverage Lock: The death benefit never decreases or terminates. This gives families peace of mind knowing that funeral expenses will be covered during a time of need.

Builds Cash Value: With each payment made, a portion will go towards the cash value. Over time the cash value will accumulate and can be borrowed from.

Immediate Coverage

This final expense plan comes with day one coverage. This means as soon as the policy is approved and in force, seniors will have financial protection.

Additional Benefits Available

These add-on benefits are known as riders. Oxford Life’s final expense plan has two available riders.

Terminal Illness Rider: This is an accelerated benefit accessible to individuals who receive a terminal diagnosis. A terminally ill diagnosis is considered to have a life expectancy of fewer than 12 months. 100% of the death benefit will be available at the time of filing the claim. This rider will add a few dollars to your monthly premiums.

Common Carrier Rider: This benefit is paid if the insured passes away while riding as a fare-paying passenger on a common carrier conveyance. This rider is included in the plan at no additional cost. The death benefit awarded will double the coverage amount. For example, if the policyholder had $10,000 of coverage, the beneficiary would receive a total of $20,000.

Oxford Life Calculator: Burial Insurance Rates

Oxford Life is extremely affordable when it comes to monthly premium prices. Oxford’s prices are competitive with other top options on the market, such as the Mutual of Omaha Living Promise plan. The rates shown are non-smoking quotes.

$10,000 of Coverage

Monthly Premiums

AgeFemaleMale
50$21$25
55$26$31
60$32$40
65$41$53
70$52$68
75$71$93
80$104$136
85$143$188

Assurance One

Plan 2: Assurance One

Assurance One is a plan that requires a one-time lump sum payment. This is designed to cover your final expenses with a single premium payment.

  • Age Eligibility: 55 – 85
  • Coverage Amount: $5,000 – $30,000
  • State Availability: 44 states & DC (excluding AL, KY, MS, MT, NY, WV)
  • Medical Exam: No
  • Health Questions: Yes
  • Waiting Period: No
  • Permanent Coverage: Yes
  • Builds a Cash Value: Yes
  • Smoking Rates: Yes

Single-Premium Payment

This Oxford insurance product is designed for one transaction only. It is a great product if you are looking to use it as a 1035 exchange or if you are flush with cash and need somewhere to store it.

Probate can be expensive and can cause excess time when your money is unavailable to your heirs and beneficiaries. This plan is a simple way to make sure your loved ones receive the money quickly after you pass. This product offers several tax benefits, but you should always refer to your tax advisor for further guidance.

Additional Riders Available for Oxford Life Insurance Final Expense Coverage

This plan has the option for additional benefits and riders.

Nursing Home Benefit (Not Available in CA, FL): This would be used if you are confined to a nursing home for the rest of your life. Eligible policyholders would receive a monthly benefit determined by the number of years the policy has been in effect before the claim was filed.

Chronic Illness Benefit (Not Available in CA, FL): With this rider, you are entitled to a monthly benefit of 1% of the total death benefit if you are deemed to have a chronic illness.

Terminal Illness Benefit (Not Available in CA): When diagnosed with a terminal illness coupled with a life expectancy of fewer than 12 months, the insured can receive up to 100% of the death benefit early. The terminal illness benefit is included at no additional cost to this plan.

Oxford Life Underwriting Guide: Funeral Insurance

This section will go over the Oxford Life final expense application requirements. The applicant must answer favorably to the Oxford Life underwriting guide, which means they must answer “no” to every question.

Part 1 medical questions

Part 1

1. Have you had, or been advised to have by a member of the medical profession:

an organ transplant, or have you been diagnosed 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?

2. Have you been treated or diagnosed by a member of the medical profession as having:

Acquired Immune Deficiency Syndrome (AIDS), AIDS-related complex (ARC), or any immune deficiency related order, or tested positive for the Human Immunodeficiency Virus (HIV)?

3. Are you currently:

hospitalized, confined to a bed or nursing facility, using oxygen equipment to assist in breathing, or receiving Hospice Care?

4. Have you been diagnosed by a member of the medical profession with:

diabetes prior to age 30 or have you ever been treated by a member of the medical profession for: insulin shock, diabetic coma, retinopathy, or diabetic neuropathy?

5. Have you ever been diagnosed by a member of the medical profession, treated or taken medication for:

Congestive Heart Failure (CHF) or heart failure, cardiomyopathy, Alzheimer’s disease, dementia, schizophrenia, bipolar disorder, organic brain syndrome (acute or chronic mental dysfunction or mental incapacity), Lou Gehrig’s disease (ALS), or Huntington’s disease?

6. 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?

7. 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?

8. 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 by a member of the medical profession for cancer or recurrence of cancer?

9. Within the past 24 months have you:

a. been medically diagnosed or 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. been medically diagnosed as having or 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, systemic lupus (SLE), any neuromuscular disease, cerebral palsy, multiple sclerosis or Parkinson’s Disease?

10. Within the past 10 years, have you:

been convicted of a felony or are you currently on parole or probation?

11. 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?

12. Have you:

been declined or postponed for life or health insurance in the past two years?

13. Do you currently require:

human assistance or supervision with any specified activities such as: eating, dressing, toileting, bathing, transferring from bed to chair, walking, or maintaining continence?

Part 2 – If any question in Part 2 is answered yes, it may not necessarily cause this application to be declined

Part 2 Medical Questions

Part 2

14. Are you:

taking or have you been prescribed medication by a member of the medical profession for any impairment listed above?

15. Within the past 12 months, have you:

used any nicotine-based products, any form of electronic cigarette (including nicotine-free electronic cigarettes), or marijuana?

16. Have you:

applied for life insurance with any other companies in the last two years?

FAQ bubble

Oxford Funeral Insurance FAQ’s

Should I Apply for the Assurance Plan?

This plan is a great option due to the low premiums it has to offer. The medical requirements are very rigorous, but if you are healthy and can qualify, this plan is a top burial insurance choice.

Should I Apply for the Assurance One Plan?

This plan could be a great fit if you need a 1035 exchange or have cash that you would like to set aside for final expenses. Assurance One will be paid out in a matter of days once the claim is filed.

What is the Oxford Life Insurance Company Rating?

Oxford’s Life Insurance financial rating is rock solid. Rated an A (excellent) by A.M. Best, this carrier can be trusted to pay their claims quickly and efficiently.

Are Oxford Life Insurance Reviews Good?

Oxford life has a B- rating from the Better Business Bureau. There is a low number of complaints filed which is a positive statistic for this carrier. With low Oxford Life final expense rates offered, this carrier is a top option for anyone who can qualify.

What is the Oxford Life Insurance Phone Number?

You can reach the Oxford Life Insurance customer service department by dialing 866-641-9999.

man on computer with notes

Final Thoughts On Oxford Life Burial Insurance

a. This Oxford Life final expense insurance review has proven it has an extremely respected and valuable product to cover burial expenses.

b. The Assurance product has some of the lowest monthly premiums you will find and has a rigorous underwriting process. To qualify for this plan, you need to be in good health.

c. The Assurance One product is good for specific situations. If you needed to do a 1035 exchange or have a lump sum of cash that you would like to put away for final expenses, this is a great option. Not many burial insurance companies offer a plan with a lump-sum premium option.

Willamette Life has access to many carriers and can find a policy that fits your unique needs.

Give us a call at 844-576-0019

Leave a Reply

Your email address will not be published. Required fields are marked *