Oxford Life Final Expense Insurance Review: 2 Great Plans

Oxford Life Final Expense Insurance Review
Oxford Life Final Expense Insurance Review: 2 Great Plans

oxford logo

There comes a time in one’s life when they begin to think about what happens after they pass away. The financial aspect of this is not thought about often but is extremely necessary.

Not having enough money to cover your end-of-life expenses is a very real and all too common problem that many seniors face.

So the question needs to be asked, if you were to pass away suddenly, would you be able to leave $8,000 – $12,000 to your family so they can celebrate your life and not have a burden left to them?

Fortunately, final expense life insurance can help provide this financial protection.

Let’s review Oxford Life’s final expense insurance and see if they are a viable option to assist with these inevitable funeral costs.

Oxford Life Final Expense Insurance Review

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.

Oxford Life is a member of the conglomerate of AMERCO. AMERCO is a publicly-traded financial holding network. The most widely recognized company that AMERCO has under its control is U-Haul.

Uhaul truck driving

Companies Overseen by AMERCO:

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

For the rest of this review, we will focus specifically on the protection from Oxford Life’s final expense products.

Company Details

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

Plan Types

There are 2 plans designed to cover final expenses offered by Oxford Life Insurance. Both provide permanent whole life insurance coverage.

  • Plan 1: Assurance
  • Plan 2: Assurance One

Plan 1 Assurance

Plan 1: Assurance

This product is meant for the healthiest final expense insurance senior applicants. It comes with no waiting period and additional benefit options known as riders.

Quick Facts

  • Age availability: 50 – 85
  • Coverage amounts: $5,000 – $30,000
  • State availability: 45 states (excluding AL, MS, MT, NY, WV)
  • Immediate coverage: Yes
  • Medical exam: No
  • Premium price lock: Yes
  • Coverage lock: Yes
  • Builds a cash value: Yes
  • Additional benefits available: Yes

Details to Know

Assurance is a Whole Life Policy

A whole life policy provides permanent coverage with several benefits.

  • No expiration
  • The coverage amount is locked in
  • The price will never change
  • Builds a cash value

These benefits are straightforward and easy to understand.

Some whole life plans have a waiting period before coverage begins. However, Oxford’s Assurance plan offers coverage with no waiting period and no medical exam.

Upon qualifying for this plan, coverage will go into effect immediately. Since no one knows when their health will fail, it is key to secure coverage with no waiting period.

To qualify for the Assurance plan, you will need to answer favorably to a series of health questions. There is no medical exam, just health history questions.

At Willamette Life, our goal is to find our clients a product that will get them immediate coverage at the lowest possible price.

Graph with money sign

Additional Benefits Available

These add-on benefits are known as riders. Oxford Life’s final expense 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 your death benefit will be available at the time of filing the claim. This rider will add a few dollars to your monthly premiums.

The payout of 100 percent is rare for a rider of this type and is a powerful benefit. Commonly 50% is available with similar riders from other insurance companies.

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 amount awarded will double with the coverage amount. For example, if the policyholder had $10,000 of coverage, the beneficiary would receive a total of $20,000.

Oxford Life Final Expense Rates: Assurance 

Oxford Life is extremely affordable when it comes to monthly premium prices, even final expense insurance for seniors over 80 is competitively priced.

Male

*Monthly Premiums

Age$10,000$15,000$20,000
50$29$42$55
55$34$50$65
60$41$61$80
65$55$81$107
70$71$104$138
75$96$143$189
80$140$208$276
85$193$288$382
Female

*Monthly Premiums

Age$10,000$15,000$20,000
50$24$35$45
55$28$40$52
60$34$49$64
65$43$63$83
70$54$79$105
75$74$109$144
80$107$158$210
85$157$234$310

*Non-smoking Oxford Life final expense rates

Should I Apply for the Assurance Plan?

This product is very respectable and has two great additional benefits that can be included. When it comes to their terminal illness rider, it is rare to see that 100% of the policy can be paid out while still alive.

The medical requirements are very rigorous, but if you are healthy and can qualify, this plan is a good burial insurance option.

Plan 2 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 availability: 55 – 85
  • Coverage amounts: $5,000 – $30,000
  • State availability: 44 states (AL, KY, MS, MT, NY, WV not included)
  • Immediate coverage: Yes
  • Premium price lock: Single, one-time premium payment
  • Coverage lock: Yes
  • Builds a cash value: Yes
  • Additional benefits available: Yes

Details to Know

Single-Premium Payment

This 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 to further discuss this.

Additional Riders Available

Just like the Assurance policy we previously reviewed, 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.

Medical cross and asterisk

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 your end-of-life expenses.

This would help avoid probate costs and delays for your beneficiary, which can take up to 24 months.

Assurance One will be paid out in a matter of days once the claim is filed.

Medical Questions

The list of questions below is directly from Oxford Life’s application for coverage. As mentioned, the applicant must answer favorably to this questionnaire which means they must answer “no” to every question.

Medical questions part 1

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. a. 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 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?

Height and Weight Chart

Many final expense insurance companies require you to fit a certain body frame to be approved for coverage. Oxford Life also has this requirement.

Below are the requirements to be able to qualify for coverage in regards to height and weight.

Male & Female

Height & Weight Chart

HeightMax WeightMin. Weight
4’7″17276
4’8″17878
4’9″18581
4’10”19184
4’11”19887
5’0″20590
5’1″21193
5’2″21896
5’3″22699
HeightMax WeightMin. Weight
5’4″233102
5’5″240105
5’6″248109
5’7″255112
5’8″263115
5’9″270119
5’10”279122
5’11”287126
6’0″295129
HeightMax WeightMin. Weight
6’1″303133
6’2″311136
6’3″320140
6’4″329144
6’5″337148
6’6″346152
6’7″355155
6’8″364159
6’9″373163

Final Thoughts

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 but also has a very strict 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 end-of-life expenses, this is a great option. Not many final expense 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

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