Burial Insurance Companies
Burial Insurance Topics
Oxford Life Insurance Company is a Phoenix, Arizona-based firm that has been selling insurance products since 1965. Over the course of its existence, it has acquired Encore Financial and Christian Fidelity Life Insurance Company.
Oxford currently offers two options for final expense or burial insurance. The first is a level premium policy that is available to individuals aged 50 to 85. Death benefits range from $5,000 to $30,000. The policy’s premiums will never increase, nor will coverage decrease. There are no required medical exams, though there is a required medical questionnaire. The second option is a single premium policy with similar benefits and restrictions. Contact an Oxford agent using the information at the bottom of this document to determine which policy is right for you.
What is burial insurance?
When shopping for burial insurance, you may see it referred to as funeral insurance or final expense insurance. It is a type of life insurance that pays a lump-sum amount to a specified beneficiary whenever the policy holder dies. Burial insurance is usually less expensive than regular life insurance. You’ll pay lower monthly premiums for burial insurance than you will for life insurance, and it’s also easier to qualify for the former as opposed to the latter. Burial insurance is specifically designed by insurance companies to assist families with funeral expenses.
Why is burial insurance necessary?
Even the simplest funerals costs thousands of dollars, so burial insurance is an important part of making sure that your family is protected after your death. If you don’t have any savings set aside to cover your funeral expenses, you probably need burial insurance. If you don’t have it, your family will have to pay for the cost of your funeral services, which average around $10,000 in the United States. Burial insurance leaves your family with a cash payout after your death. It may be a viable alternative to life insurance if you have been turned down for a policy in the past.
How much burial insurance is necessary?
As stated above, even small funerals can cost several thousand dollars. Burial insurance policies reflect this, and many companies offer a range of payouts starting around $2,000 and going up to as high as $35,000 in some cases. Policies with higher payouts will require you to pay higher monthly or annual premiums and may also have some qualification restrictions in terms of age or health conditions. If you plan on having a small, simple funeral, $10,000 is a reasonable estimate of your final expenses for most locations in the United States.
How to get started
If you are already a Oxford Life insurance customer, you should contact your local office and inquire about a final expense policy. If you are a prospective customer, you can request a quote via the company’s website or contact an agent directly using the information below. You may also shop for policies using our comparison tool by clicking on the following link.
Financial Strength Ratings
AM Best – A-, Stable outlook
Moody’s – No rating
Standard & Poor – No rating
Company contact info
Oxford Life Insurance Company
2721 N Central Ave
Phoenix, AZ 85004
Call Monday – Friday, 5:00 a.m. to 4:00 p.m. Pacific