Is Oxford Life a good annuity company?
Yes, for buyers who want a mid-size carrier built around the senior market. Oxford Life holds an A (Excellent) rating from AM Best with a positive outlook, and it has been in business since 1965 as part of the Oxford Group under parent company AMERCO, which also owns U-Haul International. Its annuity lineup is compact: a handful of fixed index products and a multi-year guaranteed annuity, rather than a sprawling shelf of options. If you want a company that knows the retirement-age market and an A rating clears your bar, Oxford Life is worth a look, though you should confirm the current rating since the last public affirmation on file dates to 2020.
Oxford Life at a glance
| Legal name | Oxford Life Insurance Company |
|---|---|
| Group affiliation | Oxford Group, alongside North American Insurance Company and Christian Fidelity Life Insurance Company |
| Parent company | AMERCO (also the parent of U-Haul International) |
| Founded | 1965, Arizona |
| Headquarters | Phoenix, Arizona |
| AM Best rating | A (Excellent), positive outlook, last affirmed July 2020 |
| What it sells | Fixed index annuities (Select Series) and multi-year guaranteed fixed annuities (Multi-Select) |
| Customer service | 866-641-9999 |
Where Oxford Life sits on the AM Best scale
A is grade 3 of 13. Most buyers look for A- or better for a long-term contract.
- A++
- A+
- AOxford Life
- A-
- B++
- B+
- B
- B-
- C++
- C+
- C
- C-
- D
Today's rates for Oxford Life
Rates change often and vary by state, term and deposit size. Get today's numbers for your state, side by side with other top-rated carriers. Free, with no obligation.
Oxford Life's history and structure
Oxford Life Insurance Company got its start in Arizona in 1965, and it has spent its six decades since then focused on a specific slice of the market: retirees and near-retirees. Alongside annuities, the company sells life insurance and Medicare supplement policies, all aimed at the same senior audience.
Oxford Life is one of three insurers under the Oxford Group umbrella, along with North American Insurance Company and Christian Fidelity Life Insurance Company. All three ultimately answer to AMERCO, a diversified holding company better known as the parent of U-Haul International. That pairing of a truck rental business and a life insurer under one roof is unusual, but it has been the ownership structure for a long time. Mark A. Haydukovich serves as President and CEO of Oxford Life.
The two sister companies play different roles inside the group. North American Insurance Company, founded in 1987, built its business administering Medicare supplement coverage for tens of thousands of policyholders nationwide, though it is currently in runoff and not writing new business. Christian Fidelity Life Insurance Company, with more than 50 years in the business, focuses on Medicare supplement and final expense life coverage.
Oxford Life financial strength ratings
| Rating agency | Rating | What it means | Outlook |
|---|---|---|---|
| AM Best | A | Excellent | Positive, affirmed July 2020 |
| S&P Global | Not rated | ||
| Moody's | Not rated | ||
| Fitch | Not rated |
An A from AM Best sits in the Excellent tier, one notch below carriers rated A+ such as Pacific Life. AM Best also assigns Oxford Life a long-term issuer credit rating of a-. By the company's own reported figures, its assets run about 10% ahead of its liabilities, a healthy cushion for an insurer of its size.
A rating measures the company, not the product. It tells you how likely the insurer is to pay claims, not whether a specific contract is right for you.
Confirm Oxford Life's current rating directly with AM Best, since the affirmation behind this review is several years old. Your state's guaranty association also backstops your contract up to a state-set limit; see our AM Best rating guide for how to read a rating like this one.
What annuities does Oxford Life sell?
- Index annuities. The Select Series, along with the Royal Select and Silver Select products, credit interest based on index performance while protecting principal. Some contracts offer an optional guaranteed lifetime withdrawal benefit rider for buyers who want a future income stream layered on top.
- Fixed annuities (MYGAs). The Multi-Select lineup locks in a guaranteed rate for a chosen term, with terms ranging from 3 to 10 years. As with any MYGA, your rate is set for the full term and does not move with the index or the market.
Oxford Life does not currently offer a single premium immediate annuity or a variable annuity, so buyers looking for either of those will need to look elsewhere in their carrier search.
How to reach Oxford Life
Oxford Life's home office is in Phoenix, Arizona, at 2721 North Central Avenue. Policyholders can reach customer service at 866-641-9999, and the general office line is 602-263-6666. A licensed strategist can also request current product and rate information from Oxford Life on your behalf.
Other annuity companies to consider
- American National: another mid-tier A-rated carrier with a broad senior product shelf
- Midland National: A+ rated, wide MYGA and index annuity lineup
- National Life Group: independent-channel carrier with a comparable regional footprint
Pros and cons
Pros
- A (Excellent) rating from AM Best with a positive outlook at last affirmation
- Reported assets exceeding liabilities by roughly 10%, based on the company's own balance sheet ratio
- Six decades in business, dating to 1965
- Built specifically around the senior market rather than a general audience
- Backed by AMERCO, a large and diversified parent company
- A focused, easy-to-compare lineup: one index annuity family and one MYGA family
Cons
- The public AM Best affirmation on record is from 2020; confirm the current rating before buying
- Rated by AM Best only, with no S&P, Moody's or Fitch rating on file
- Smaller and less nationally recognized than the largest annuity carriers
- Sister company North American Insurance Company is in runoff and no longer writing new business, worth understanding as part of the same corporate family
- No SPIA or variable annuity in the current lineup
Frequently asked questions
Who owns Oxford Life Insurance Company?
Oxford Life sits inside the Oxford Group, which also includes North American Insurance Company and Christian Fidelity Life Insurance Company. The ultimate parent of all three is AMERCO, the same corporation that owns U-Haul International. It is an unusual pairing, a moving and storage company alongside a life and annuity insurer, but AMERCO has held both for decades.
How strong is Oxford Life's AM Best rating?
AM Best last affirmed Oxford Life at A (Excellent), with a long-term issuer credit rating of a-, and set the outlook as positive. That places Oxford Life a step below the A+ and A++ carriers but still solidly in AM Best's upper tiers. Because that affirmation is a few years old, check ambest.com for the current rating before you commit money.
What annuities does Oxford Life offer?
Oxford Life's index annuity lineup includes the Select Series, Royal Select and Silver Select, with an optional guaranteed lifetime withdrawal benefit rider available on some contracts. On the fixed side, its Multi-Select product offers guaranteed rates for terms of 3 to 10 years. It does not currently offer a single premium immediate annuity or a variable annuity.
Written and reviewed by
James Forren Warren
Licensed Retirement Income Strategist · License #20551202
James Forren Warren is a licensed Retirement Income Strategist with Tax Free Wealth Plan. For the past five years he has helped individuals and families turn their savings into retirement income they can count on. He writes and reviews the annuity research on this site and keeps it plain: what a product does, what it costs you, and who it actually fits.
Sources
Educational only, not investment, tax or legal advice. Tax Free Wealth Plan LLC is a licensed insurance agency, not a registered investment adviser or broker-dealer. Annuities are not bank deposits, are not FDIC insured and are not guaranteed by any government agency. Guarantees are backed solely by the claims-paying ability of the issuing insurance company. Features, rates and availability vary by state and change over time; the contract and disclosure documents govern.
