Oxford Life Select 10

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The Select annuity by Oxford Life Insurance Company is a Fixed Indexed Annuity (FIA) with a single premium deferred annuity provision. The annuity has a ten-year surrender charge period and contains a market value adjustment provision. The product is not available in AL CT DE MD MS MT NH PR VA VT and WV. The rate guarantee assures the annuitant an interest rate credited to the annuity on the first year.

Oxford Life Select 10 Facts

Rate Guarantees

Once the guarantee period ends, the annuitant is given a thirty-day window to renew the guarantee. If no election happens, the company will renew the annuity for the same period. If the annuitant withdraws or surrenders, no MVA charge applies. Renewal rates will depend largely on current market interest rates and other prevailing financial circumstances. The rates may be different from the initial guaranteed rate but are guaranteed to never go below 1.00%.

Minimum and Maximum Premiums

The minimum single premium for this annuity is $10,000 while the maximum single premium is $350,000. Flexible premiums are not allowed with the Select Annuity. The minimum and maximum single premium amounts apply equally under the qualified and unqualified status.

The annuity also provides for market value adjustment

Issue age

The Select annuity is issued to people aged between 0-80 years for the policy owner. Annuitants have an age restriction band ranging between 18 and 80 years. The age restriction for annuitization stands at 95 years.

Rider availability

The Select Annuity has one available product rider. This is the Optional Guaranteed Lifetime Withdrawal Benefit. The rider is not available in NY.

Free Withdrawals

This annuity allows policy holders to make free withdrawals per policy year each limited to a maximum 10% the value of the annuity. The withdrawal is based on accumulation. Holders can also withdraw the interest amount only if they wish to. This is however only available after 1 year. The minimum withdrawal amount is $600 and the minimum account value is $2,000.

Above the 10% free withdrawal amount, additional withdrawals will be charged for early withdrawals. The charges start at 10.00% for the first years and reduce gradually as follows: 9.00%, 8.00%, 7.00%, 6.00%, 5.00%, 4.00%, 3.00% and 2.00%, and 1.00% for the tenth year.

Market Value Adjustment

This is based on the Treasury Constant Maturity Rate. If the annuitant withdraws or surrenders their policy, the amount they receive will change depending on the aforementioned rate. The amount will either increase or reduce depending on the changes in interest rates.


The annuitization option is not available in all states. Annuitants have three annuitization options available to them. These are period certain payments, lifetime income equal payments and lifetime income with guarantee. Most states have a maturity age of 95 but there exist early annuitization options.

Systematic Withdrawals

Systematic withdrawals are available with the Select annuity. These can only be done on a monthly, quarterly, semi-annual, or annual basis. The minimum amount that can be withdrawn is $100 while the minimum account value is $2,000.

Terminal illness

If the annuitant is diagnosed with terminal illness and this happens at least a year after the annuity’s date of issue, then the annuity’s surrender charges will be waived for the entire period of the annuitant’s illness. This option is however not available in all states.

Nursing home confinement

If the annuitant is confined in a nursing home for at least 90 days and after at least a year after the date of issue, then the surrender charges for withdrawal will be waived on during the confinement period. The nursing home waiver is not available in CA CT FL MA NJ OR and PA.

Death Benefit

The death benefit for the annuitant is the greater amount between the accumulation value or the GMV (Guaranteed Minimum Value) at the date of death. If the annuity was jointly owned, the benefit is paid after the death of the first joint owner.

State specific

This product is not available in AL CT DE MD MS MT NH NY PR VA VT and WV As of May 1, 2015.

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