Aetna vs. Oxford Life Insurance Company [2024]

Aetna

Aetna Company History

Since its founding in 1953, Aetna has offered insurance in many different categories, including: dental, pharmacy, health care, disability insurance, group life insurance and employee benefits. Most of their products are designed for employers who wish to offer affordable company health plans and insurance options to employees. Every effort is made to provide useful information about the various insurance products, which allows each person to make informed choices.

Many offerings have set Aetna apart from other insurers throughout its 158-year history.

• New products and services have been developed to offer an extensive range of insurance policies and employee benefits products.
• The first national health insurance provider to offer a consumer-directed health plan.
• Aetna leads the way with a full line of consumer-directed health care offerings.
• Offers programs and services that are designed to control the costs associated with employee benefits packages.
• Provides access to convenient online tools and easily understood policy marketing materials and documentation.

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Oxford Life Insurance Company History

Founded in 1965 in Arizona, Oxford Life Insurance company specializes in insurance products for the senior adult market. After the first 32 years in business, Oxford acquired a Wisconsin-based insurance company, Encore Financial, in its effort to enter the Medicare supplement market.

Another step was taken in 2000 to broaden the company’s reach into the world of Medicare supplements when it acquired Christian Fidelity Life Insurance Company. Each company acquisition was intended to increase the experience level of the company, which now stands at 50 years in the Medical supplement market.

Today, Oxford Life offers life insurance coverage, annuity products and Medicare supplements to the senior adult market through a number of subsidiary companies.

• North American Insurance Company, founded in 1987, has become one of the insurance industry’s premier third-party administrators of Medicare supplemental insurance.
• Dallas General Life Insurance Company, acquired in 2006, has 7,500 Medicare supplement policyholders all over Texas.
• Christian Fidelity Life Insurance Company offers high-quality Medicare supplements and final expense life insurance at competitive rates.

Read more:

• Christian Fidelity Life: Customer Ratings & Reviews
• Oxford Life Insurance Company Review

Aetna: Life Insurance Division

Employers rely on Aetna Life Insurance company for affordable benefit packages that can be offered to employees at affordable rates and excellent coverage. Life insurance coverage is not sold directly to individuals, but group coverage is offered through employers. Basic, supplemental and dependent term life insurance coverage options are available under the AD&D Ultra product offering, which is Aetna’s Accidental Death and Personal Loss coverage. Questions like “What is term life insurance?” can be answered by Aetna’s staff as well.

Aetna Life Essentials is a program that allows policyholders to access resources and customer support throughout every stage of life.

• For the living – Aetna offers legal counseling, financial advice services and discount programs.
• When life comes to an end – One valuable option is called the “Accelerated Death Benefit” with medical case management. This coverage provides access to estate planning and legal advice as well as end of life services and support.
• For those who remain – Beneficiaries are offered access to grief counseling, legal advice and financial services to carry out the wishes of the policyholder.

Whenever an insured must provide valid evidence of insurability, the online tools make that process much easier.

• Reduced processing time for all life insurance applications is possible because of the complete online underwriting process.
• Approximately 40 percent of all applications are auto-adjudicated, which decreases the turnaround time for underwriting decisions.
• Intranet sites are provided to each employer to support all employees through the single sign-on feature.

Read more: What is evidence of insurability?

All Aetna claims are filed through a secure website that allows employees and administrative personnel submit and manage claims. Aetna beneficiary management services make all administration tasks easier to complete with faster turnaround.

Oxford: Senior-Oriented Life Insurance

Later in life, senior adults have different life insurance needs that are focused on end-of-life expenses and sharing a financial legacy. Oxford Life Insurance Company has offered life insurance and annuities to the senior market since its founding. Although most of the company growth has come from Medicare supplement products, the original mission has not changed in a significant way.

• Life insurance – Older people purchase life insurance that allows them to donate to a charity or provide for the needs of the younger generation. End-of-life expenses can be paid for through an affordable life insurance policy.
• Annuities – Sound savings strategies include the use of annuities in the portfolio to create additional income streams in retirement. Oxford Life offers many different annuity products to senior investors.
• Medicare Supplement Insurance – Medicare expenses that fall outside basic coverage are the responsibility of the Medicare patient. Supplemental insurance is an important part of the health care coverage for senior adults.

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Aetna Life Insurance Products

Employer-offered life insurance plans have been part of the Aetna product line for many years. Group rates make large policies more affordable for employees. Many different life insurance plans are offered to employers, including:

• Basic term life insurance – Almost any death benefit can be purchased under the term life insurance policy heading. Affordability is the reason most employers offer term life insurance.
• Supplemental term life insurance – Additional coverage can be purchased under the supplemental option to provide portability, premium waivers and accelerated death benefits.
• Accidental death and personal loss – Certain illnesses and injuries can cause temporary or permanent disability. Under this coverage, the policyholder will be compensated for these unforeseen events.
• Dependent life insurance – Parents sometimes decide to purchase life insurance for a young child to make certain that child is insurable after the age of 18. Another reason to carry this affordable option is to cover unexpected burial expenses if the unthinkable happens.
• Dependent AD&PL – In a similar fashion as the adult version, the child is covered against life-altering illnesses and injuries. Exact payout conditions are detailed in the policy documentation.

The additional cost of these policy features will vary based on the coverage levels you select.

Oxford Life Insurance Products

Along with the Medicare supplement policies offered to senior adults, Oxford Life Insurance sells specialized life insurance products for seniors. Family concerns are primary for those who have worked hard for decades and want to pass on their financial legacy to those they love. Two different products provide tax-exempt instruments to provide for those who will receive the legacy.

• Final Expense Whole Life Insurance – Medical bills and burial expenses can devastate the finances of those who must deal with the final details of a loved one. This type of policy has an affordable premium and will pay the death benefit to the stated beneficiary.
• Single Premium Life Insurance – One of the ways to transfer a significant sum of money to the next generation is to purchase single premium policies with death benefit payouts equivalent to the value of the estate. The Advance Wealth Transfer life insurance policy is the instrument to accomplish this goal.

Navigating Aetna vs. Oxford Life Insurance Company Claims Process

Ease of Filing a Claim

Both Aetna and Oxford Life Insurance Company offer convenient methods for policyholders to file claims. They provide online platforms for claim submission, allowing customers to easily initiate the claims process from the comfort of their homes. Additionally, both insurers offer phone-based claim filing options for those who prefer verbal communication.

Average Claim Processing Time

The average claim processing time can be a crucial factor when choosing an insurance provider. Aetna and Oxford Life Insurance Company have efficient claims processing systems in place, striving to process claims promptly. However, it’s important to note that claim processing times may vary depending on the complexity of the claim and the documentation provided by the policyholder.

Customer Feedback on Claim Resolutions and Payouts

Customer feedback is a valuable indicator of an insurance company’s performance in handling claims. Policyholders’ experiences with claim resolutions and payouts can shed light on an insurer’s reliability.

Both Aetna and Oxford Life Insurance Company have solid reputations in the insurance industry and are known for their commitment to customer satisfaction. It’s advisable for prospective policyholders to research customer reviews and ratings to gauge the overall satisfaction with the claims process.

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Unveiling Aetna vs. Oxford Life Insurance Company Digital and Technological Advancements

Mobile App Features and Functionality

In today’s digital age, insurance companies often provide mobile apps to enhance customer convenience. Aetna and Oxford Life Insurance Company offer mobile apps with various features and functionalities.

These apps allow policyholders to access their insurance information, view policy documents, check claim status, and even contact customer support on-the-go. Evaluating the user-friendliness and capabilities of these mobile apps can be crucial for policyholders who prefer digital interactions.

Online Account Management Capabilities

Efficient online account management is essential for policyholders to easily monitor their insurance policies and make necessary updates. Aetna and Oxford Life Insurance Company provide online account management platforms where customers can review policy details, update personal information, and make premium payments.

Understanding the usability and accessibility of these online portals is important for policyholders seeking convenient self-service options.

Digital Tools and Resources

Insurance companies often offer digital tools and resources to educate and assist policyholders. Aetna and Oxford Life Insurance Company may provide resources such as insurance calculators, educational articles, and FAQs on their websites.

These tools can be valuable for policyholders looking to make informed decisions about their insurance coverage and financial planning. Exploring the availability and quality of these digital resources can help policyholders make the most of their insurance policies.

Final Word

Aetna and Oxford Life Insurance Co. offer great customer service and reliability to their policyholders. Although the methods of offering their products to people differ, both insurers solid financial strength ratings and are well-known in the industry and respected by people all over the country.

Tired of overpaying for insurance? Enter your ZIP code into our FREE quote comparison tool at the bottom of the page to start saving to keep your group or individual life insurance expense cost low!

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