Chelsey Tucker graduated with a Bachelor of History degree from Metropolitan State University in 2019. She now writes about insurance with her specialty being life insurance and has been quoted on Help Smart Phone and MEL Magazine.

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Dan Walker graduated with a BS in Administrative Management in 2005 and has been working in his family’s insurance agency, FCI Agency, for 15 years. He is licensed as an agent to write property and casualty insurance, including home, auto, umbrella, and dwelling fire insurance. He’s also been featured on sites like Reviews.com.

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Reviewed by Daniel Walker
Licensed Auto Insurance Agent

UPDATED: Dec 2, 2020

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Aetna vs. Oxford

Major insurance providers are different from each other in many ways, including their offerings and market emphasis. Aetna is the best known provider of employer benefit packages. Oxford operates in a specialty niche to offer insurance coverage to senior adults. Both companies have a strong reputation in the insurance sector and are trusted by policyholders.

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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.
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Aetna: Life Insurance Division

Employers rely on Aetna 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.

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 senior adults 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 retirement income streams. 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.

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 a life insurance policy with a death benefit equivalent to the value of the estate. The Advance Wealth Transfer life insurance policy is the instrument to accomplish this goal.

Final Word

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

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