Oxford Life Insurance Company Review & Complaints: Life, Medical Supplement Insurance & Annuities (2023)

Arizona-based Oxford Life Insurance Company focuses on the senior market, with products such as final expense insurance and annuities. They also offer Medicare Supplement coverage.

What is Oxford Life?

Oxford Life Insurance Company was founded in 1965 in Phoenix, Arizona. Their expansion began in 1997 with the purchase of Encore Financial, bringing with it subsidiary life insurer North American Insurance Company and a foothold in Medicare Supplement insurance coverage. Another subsidiary, Christian Fidelity Life, was acquired in 2000.

Through the group of companies, Oxford Life writes life insurance, annuities, and Medicare Supplement coverage across the United States. Local independent agents sell products from all three insurance agencies.

What types of insurance products are offered?

Our review of Christian Fidelity Medicare Supplement covers Oxford as well, so this review will focus on the life insurance and annuity products from the company. Oxford’s life insurance is mainly focused on providing funds for final expenses, and on life insurance plan options, annuities as investments.

Life Insurance

There are two main life insurance coverage programs offered by the insurance carrier. The Assurance and Assurance One plans are final expense insurance, while the Prosperity Select product is presented as an investment option. All of the plans are simplified issue, meaning no medical exam is required.

Prosperity Select is a single premium whole life insurance policy available to those between 55 and 80 years old. This plan is presented as a low-risk investment that allows cash accumulation with a tax-free death benefit. This plan includes accelerated benefits options for chronic or terminal illness as well as a nursing home benefit.

Assurance and Assurance One are both final expense insurance products offered to those between the age of 50 and 85.

Assurance is a level premium whole life policy, with death benefits between $5,000 and $30,000. There are several payment options, from monthly to annually, with guaranteed death benefits and no increase in premiums. Accelerated benefits are also available with this plan.

Assurance One is similar but is a single premium whole life policy, so that it is paid in full with a single payment.

Annuities

Oxford Life has several annuity options that are designed to provide retirement income. All annuities have an issue age between 18-80.

Multi-Select provides a stable interest rate over a time period that can be specified by the purchaser. This plan is designed for long-term investment that is low risk and provides a predictable return.

The Select Series annuity plan offers the choice of three, five, seven, or ten-year durations. It is designed to be a low-risk, long-term investment.

Silver Select is a fixed indexed annuity, with the added benefit of an immediate 4% premium bonus upon deposit of funds. Royal Select is a similar plan but offers an 8% premium bonus.

Does the company offer competitive rates?

Oxford Life does not provide an online quoting option, which is not surprising for a small company that relies on agents to sell products. The company does, however, offer a quote request form that is available on the website. This form will send your information to an agent, who will then contact you with rate and product information. This may not appeal to those hoping to avoid solicitation attempts by agents by shopping online.

Can claims be filed online?

We were unable to find much in the way of information regarding claims processing. The website does offer the option to download claims forms; the forms provide detailed instructions for filling out and filing, as well as receiving benefits.

The contact page of the website has a PO Box listed for claims but is without a dedicated claims phone number. A general customer service line is available Monday through Friday from 5:00 a.m. to 4:00 p.m. Pacific time.

Are the ratings and consumer reviews positive?

Oxford Life Insurance Company currently has a B-rating with the Better Business Bureau (BBB). The lowered rating is the result of failure to respond to four out of the five total complaints filed in the past three years. While the complaint volume isn’t high, the failure to respond is certainly a cause for concern to potential buyers who are looking for an excellent customer satisfaction rating.

Outside of the BBB, we did not find much in the way of reviews for this company. The small number of reviews available is not unusual for a small insurer focused on a niche market.

Oxford Life Insurance Claims Process

Ease of Filing a Claim

Oxford Life Insurance Company offers multiple options for filing a claim, ensuring convenience for policyholders. You can initiate the claims process through various channels, including online, over the phone, or through mobile apps. This flexibility allows you to choose the method that suits your preferences and needs.

Average Claim Processing Time

While specific information about the average claim processing time is not readily available in the provided content, it’s essential to understand the typical duration it takes for Oxford Life Insurance Company to process claims. Policyholders should reach out to the company directly or consult their policy documents for precise details on claim processing times.

Customer Feedback on Claim Resolutions and Payouts

Customer feedback on claim resolutions and payouts is crucial for assessing an insurance company’s reliability and customer satisfaction. Unfortunately, the provided content does not include specific customer reviews or feedback related to Oxford Life Insurance Company’s claims process.

Prospective policyholders should consider seeking independent customer reviews and ratings to gauge the company’s performance in this regard.

Oxford Life Insurance Digital and Technological Features

Mobile App Features and Functionality

Oxford Life Insurance Company offers a mobile app to enhance the digital experience for its policyholders. The content does not provide detailed information about the app’s features and functionality. To assess the app’s capabilities, users should download and explore the mobile app, which may include features like policy management, claims submission, and account access.

Online Account Management Capabilities

Policyholders have access to online account management tools provided by Oxford Life Insurance Company. However, the content does not specify the features and capabilities of the online account management system.

To fully utilize these tools, policyholders should visit the company’s website and log in to their accounts to explore available services such as policy information, premium payments, and document retrieval.

Digital Tools and Resources

While the content mentions online resources, it does not elaborate on the specific digital tools and resources offered by Oxford Life Insurance Company. Policyholders can visit the company’s website to discover available resources, which may include educational materials, policy documents, and informational guides to help them better understand their insurance coverage and options.

What’s the bottom line?

Oxford Life’s limited insurance product selections and lack of rate information make them difficult to recommend, and their failure to respond to complaints with the BBB compounds that difficulty. Those seeking simplified issue life insurance should be sure to shop around and obtain all the necessary information before making a final decision.