Oxford Life Final Expense Product Review [For Agents Only]

By David Duford - January 03, 2023 - 5 Mins Read

Are you a final expense agent interested in contracting with Oxford Life’s final expense product to your final expense insurance companies line-up?

Do you want a “No BS” overview on Oxford Life’s final expense product from a field-tested agent?

If so, you have found the right article!

I’ll be discussing at length how Oxford’s final expense product stacks up, why final expense agents should consider it, and give you my opinion on its pros and cons as a producing agent selling final expense.

NOTE: If you are interested in *buying* an Oxford Life final expense plan, click the link here to learn how to do so.

Quick Article Navigation Links

- Product Details

- Health Questions

- Rates

- Pros And Cons

- Getting Contracted

Assurance Product Overview

Application Type: Paper or Electronic Application
Agent Support Hotline: Sales Support: (866) 641-9999 (M-F 5:00 AM to 4:00 PM PST) – InstaWrite Phone Interview Line: 833-705-4019
Point Of Sale Interview Required?

- *REQUIRED* with paper application if NOT completing online InstaWrite underwriting. Call the InstaWrite Phone Interview Line at 833-705-4019

- *NOT REQUIRED* if completing either an e-app or paper app with InstaWrite, instant approval technology (more on this later).

State Availability: See chart here for details on availability in your state.
Paper Application Submission: E-app is submitted electronically. Paper applications may be emailed to fastapps@oxfordlife.com, uploaded via the agent portal, or faxed to 1-877-584-2777.
Average Policy Issue Turnaround Time: As long as application is in good order, 48 hours or less
Commission Payout: Advances on ISSUE
Advancing Available? Yes – 9 months advance for those that qualify.
How Far In Advance Can The First Draft Be? 30 days
Frequency Of Commission Payout: Daily
Pays Commission On Policy Fee? No
Age Rating: Age based on application date
Underwriting Overview: Rx check
Agent Guide: Download here
Requires E&O? Yes
Acceptable Payment Methods? Bank account drafts only
Face Amount Issue Limits For Assurance Preferred And Standard Plan (If Approved, Offers 1st Day Full Coverage For Natural And Accidental Death):

- Issue Ages: 50-85

- Minimum issue amount: $5,000

- Maximum issue amount: $30,000

Available Riders: Accelerated Death Benefit Rider
Cover Foreign Nationals? Yes, as long as a legal US permanent resident
Height-Weight Chart? Download here
Sample Final Expense Application: Download here
Rate Guide: Download here (scroll down to find rate tables by age and face amount)
Product Design And Underwriting Advantages:

- Incredibly competitive prices knock the socks off of most other carriers.

- InstaWrite process allows a decision in 60 SECONDS OR LESS, whether or not you do an electronic application. That means no more phone interviews! (although they still are available if you need it)

- Diabetic Friendly: accepts diabetics with EITHER pill treatment OR insulin use if started at age 30 or later (does not accept diabetic neuropathy)

- Cardiac Event Friendly (2-Year Look Back): Most cardiac events like heart attacks, strokes, and stents are eligible for coverage after 2 years.

- Liberal Cancer Look-Back: As long as you client has only had cancer once, she is eligible for coverage after 2 years post-remission/removal.

- Atrial Fibrillation/Irregular heart beat OK for coverage.

- Smoking marijuana eligible for Standard rates.

Final Expense Application Health Questions

https://www.youtube.com/watch?v=AuZ6uc1FyEY

Below you’ll find a complete listing of each health question on the Assurance final expense application.

If you’d prefer to download a sample copy of the application, please download it here for your review.

Part 1

If any question in this Part 1 of Section G is answered yes, or if the proposed insured’s height and weight are not within the allowable range, this application will be declined (download height-weight chart here).

1. What is the proposed insured’s height and weight?
2. 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?
3. 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)?
4. Are you currently: hospitalized, confined to a bed or nursing facility, using oxygen equipment to assist in breathing, or receiving Hospice Care?
5. 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?
6. 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?
7. 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?
8. 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?
9. 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?
10. 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?
11. Within the past 10 years, have you been convicted of a felony or are you currently on parole or on probation?
12. 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?
13. Have you been declined or postponed for life or health insurance in the past two years?
14. Do you currently require human assistance or supervision in performing normal activities of daily living such as dressing, eating, bathing, incontinence, toileting, taking medications, or moving without any type of physical assistance?

Part 2

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

15. Are you taking or have you been prescribed medication by a member of the medical profession for any impairment in Section G?
16. Within the past 12 months, have you used any nicotine based products, any form of electronic cigarette (including nicotine-free electronic cigarettes), or marijuana?
17. Have you applied for life insurance with any other insurance companies in the last two years?
18. Proposed insured’s driver’s license number _______________________ State _____  None

Monthly Bank Draft Premium Rates

Below you’ll find rate charts for both males and females for the Preferred (non-smoker) and Standard (smoker) rates, from $5,000 to $30,000 in coverage, ages 50-85.

You can download the rate charts here if you’d prefer to keep them on your computer or mobile device.

[table id=29 /]

[table id=30 /]

[table id=31 /]

[table id=32 /]

Thoughts On Using Oxford’s Assurance Final Expense Product With Your Clientele

https://www.youtube.com/watch?v=o73_nmZ5WVI

As a national agency owner and agent trainer since 2013, I am always scouting for carriers that offer the best combination of easy to understand application, competitive premiums, and flexible underwriting.

Newly licensed independent agents must carefully select their core final expense carriers, of which I recommend no more than 3 to start with.

Spreading out your carrier selection too thin causes confusion and delays our most important activity as agents – seeing the people!

Here’s the point…

Oxford Life’s final expense product offers new and experienced agents a complete package of user convenience, hard-to-beat premium rates, and a degree of underwriting flexibility that should cause all final expense agents to pause and seriously consider adding Oxford as a primary final expense carrier.

I’ll explain why in detail below:

Ease Of Use

Having worked with Oxford since 2011 or 2012, I can personally attest to the company’s investment in improving their agent experience, making it super-simple to work with them.

Oxford’s Assurance product offers their “InstaWrite” underwriting process, which averages approved/not approved underwriting decisions on your application within 60 seconds!

That’s right! You literally get an up/down, yes/no decision on your Oxford final expense applications WITHOUT a phone interview.

Plus, you can use this feature as long as you have internet access, REGARDLESS of whether you’re using a electronic application or paper application.

Nice!

Bottom line, the InstaWrite feature used in combination with the electronic application process will improve persistency, reduce frustrating go-backs to sign amendments, and allow you to run more first-time meetings with final expense prospects, so you can make more money.

Competitive Premiums

Oxford Life final expense has long offered competitively priced premiums on its product, and remains a top contender in many age ranges as a low-price leader.

While I teach agents to sell on value, it is vital to understand the nature of our prospects.

Almost all have fixed incomes and scrutinize how their money is spent.

Think about it.

If you close a prospect on an overpriced final expense product, don’t you run the risk of getting replaced?

I think so.

Further, I teach all my agents to sell with the assumption that another agent will visit your client within the next 3 to 6 months, and do what he can to replace you.

Even if it doesn’t actually happen, it DOES reorganize priorities on HOW and WHAT product you sell.

Point is this. Oxford Life’s final expense premium rates are so consistently low that you should have minimal worry about replacement risk.

This translates into better persistency, meaning you keep more of your money.

Underwriting Advantages

https://www.youtube.com/watch?v=lZSRNHcovRE

Building off of the last section discussing competitive premiums, Oxford’s final expense product has generally competitive underwriting that should make it simpler to write with than with other carriers.

Oxford setting rates lower than the competition means we should expect some underwriting restriction.

However, I believe such restriction is less than you’d think, and you can still get a variety of your final expense prospects approved with Oxford.

Here are some of the underwriting advantages the Assurance product offers:

- Good For Diabetic Clients: As long as your client was not diagnosed with diabetes BEFORE age 30 and does NOT have diabetic complications like diabetic neuropathy, she is considered for coverage, EVEN if she takes insulin.

- Liberal Cancer Look-Back: Clients with a history of cancer are considered for coverage if cancer has been removed/in remission for 2 years or longer in combination with the client only having any form of cancer one time.

- Liberal Cardiac Condition Look-Back: Non-congestive heart failure cardiac events like heart attacks, strokes, and stents are considered for coverage if occurred 2 years ago or longer. Atrial Fibrillation (Irregular Heart Beat) is considered for coverage at any time.

- Marijuana Use: Marijuana use is considered for Standard coverage and is NOT a knock-out question.

Drawbacks

While no carrier will always be the perfect solution for all of your clients, Oxford Life final expense has done an amazing job with its Assurance product that there is little room to hold criticism.

I suppose one “drawback” would be tighter underwriting versus other carriers.

No other mental health disorder other than depression is considered for coverage.

There are no weird underwriting niches that offer coverage to hard-to-place clients.

To me, this isn’t a drawback. It’s just a reality all agents deal with when working with a low-price leader product.

Bottom line, if you want competitive final expense prices, expect sacrifices made in the underwriting flexibility market.

Want To Sell Oxford Life’s Final Expense Product?

To learn more about Oxford Life agent contracting, reach out here.

We have access to all sorts of benefits for final expense agents, including:

- Top contracts for new and experienced agents. David Duford recruits and operates at FMO/IMO levels, giving him buying power to offer commission levels to agents and agencies others cannot match.

- Affordably-priced, high-quality final expense lead programs for direct mail, Facebook, and telemarketing leads. David does not profit from the sale of leads, only referring you to sources with a track record of success.

- An endless supply of top-notch prospecting and sales training at your fingertips.

- Weekly sales training calls with David, ride-along training opportunities with David and his team, and direct phone/text access to David when you have case placement and sales questions (yes, David answers his own phone =).