senior care plan open ads look like a great deal.
but when you read the fine print, you quickly realize that the prices they advertise are unrealistic for most people.
Reading: Final care review
in this open care final expense plan review, you’ll learn who they are, if they’re trustworthy, how their plans work, what they really cost, and much more.
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who are the open care seniors?
open care seniors is an independent insurance agency based in naples, florida.
final expense life insurance is the main product they sell.
they also sell term life, accidental death, long-term care, and medicare-related products.
run national TV commercials claiming you are eligible for $30,000 in final expense coverage.
Their website features incredibly low prices, such as “rates starting at $7.49 per month.”
just like the colonial penn $9.95 plan, you shouldn’t take those quotes seriously.
You should by no means expect to pay $7.49 per month for coverage (or anything close) if you choose to purchase an open-care life insurance plan.
if you read the fine print, they deny that $7.49 per month refers to a $2,000 death benefit for a 50-year-old woman in good health.
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how do open care final expense plans work?
Open care senior burial insurance plans are available with coverage up to $50,000 and no medical exam required.
it is a whole life insurance policy where prices stay the same and coverage does not decrease.
plus, the policy will never expire and builds cash value.
The policy payout is intended to cover funeral costs and other end-of-life expenses.
the insurance provider will give your loved ones a tax-free cash payment when you die.
There are no restrictions on how your recipients spend that money.
they have two options to choose from:
- guaranteed acceptance: You are not required to answer health questions. everyone, regardless of health, is guaranteed approval.
- simplified problem: no exam required, but there are medical questions. eligibility is based on your past and current health conditions.
Guaranteed issue plans have a two-year vesting period. the insurance company will not pay a death benefit during the waiting period.
if you die within the first two years, you will only be reimbursed for premiums plus interest (interest is based on your premiums, not the death benefit).
the other plan with health questions has no waiting period. with that option, insurance providers would pay the full amount of coverage, even if you die the next day.
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what is the open care senior plan?
Open care “senior care plan” is just a marketing phrase.
This is similar to how “senior life insurance” is often used by insurance companies to describe insurance products that seniors typically purchase.
so when open care uses this phrase, it simply refers to your final expense whole life insurance.
it is a permanent policy that lasts forever, has fixed insurance rates, and a guaranteed death benefit that will never decrease.
provides lasting peace of mind knowing that your funeral expenses will not become a burden on your family.
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term life insurance option
open care also has a term life insurance policy in amounts from $25,000 to $500,000 for adults ages 18-75.
this type of life insurance will expire after a few years.
This life insurance coverage will expire after 10, 20, or 30 years, unlike your funeral insurance plan.
Please note that your age determines the length of the term for which you may qualify. for example, a 60 year old will not be eligible for a 30 year term.
plus, their term life plan is underwritten, so your health history determines your eligibility (no guaranteed acceptance term life insurance).
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How Much Do Open Care Life Insurance Plans Cost?
according to their website, they claim the $8000 coverage will cost between $17 and $252 per month. your exact rate depends on your age, health status, and the amount of coverage you purchase.
As a general rule of thumb, the cost of final expense coverage typically ranges from $50 to $100 per month for a $10,000 whole life policy.
Below is a table taken from their website showing how much open care burial insurance plans cost.
Health issues such as COPD, diabetes, or other chronic conditions will likely make you ineligible for these prices.
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Is open care legitimate?
First, your website could be so much better. they have no licensing information or anything about the history of the company.
nor do they have a toll-free number.
they appear to be legitimately licensed to offer insurance services in florida.
It is unknown if they are authorized to sell life insurance products in other states.
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the fine print
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the only fine print policyholders need to be aware of is the waiting period.
open care frequently and prominently advertises how its acceptance is ensured.
that’s true for people 85 and under.
however, all guaranteed acceptance plans have a 2-year waiting period.
this is not bad or exclusive to the open care senior plan.
all life insurance companies that sell guaranteed issue life insurance have a waiting period.
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Which insurance companies offer open care?
open care is an agency like family first life or insurance.
Your insurance agents represent several funeral insurance companies on your behalf, which is great.
Their TV commercials do not mention which final expense companies they represent, nor does their website.
however, the application on their website is omaha final expense insurance mutual.
other than mutual of omaha, it is completely unknown what other companies they represent.
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should you buy from them?
There is nothing negative about open care on the internet, so there is no reason to believe that they are unreliable.
however, they should clarify which insurance companies they represent and how many.
When shopping for burial insurance coverage, you should compare offers from various providers to ensure you get the best deal for you and your family.
it is unknown if open care can do that.
If you want a second opinion, give choice mutual a chance to earn your business.
We are an independent agency that specializes in final expense insurance to cover cremation and burial expenses.
we work with more than 15 companies to find the lowest rates.
call us at 1-800-644-2926 or use the quote tool on this page to get started.
our quote software will show you insurance quotes from almost every provider in your state.
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Learn about our rating methodology.
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