If you’ve watched television and seen a commercial for Open Care Life Insurance, it might seem too good to be true. According to their website, Open Care’s monthly premiums start at $7.49, which sounds even better than Colonial Penn’s $9.95 Plan. However, the $7.49 monthly premium only applies to a $2,000 death benefit for a healthy, 50-year-old woman. So what exactly does that cover and what life insurance policies can you get through Open Care?
We’ll reveal all the truths behind every Open Care Life Insurance policy and answer any questions you have about your policies. However, at Final Expense Benefits, we suggest you go with an insurance broker company that is transparent with their policies and premiums.
Our agents await your call every weekday from 9 a.m. to 5 p.m. at (866) 786-0725. We will help you find the most affordable final expense insurance for your needs and give you all the details on your policy. If you aren’t comfortable talking with someone yet, we also have a unique quoting tool to show you the options.
Open Care Life Insurance History
Unfortunately, there isn’t much meaningful or official information regarding Open Care Life Insurance’s history. We know they are a Florida-based brokerage agency specializing in final expense insurance and prefer to give information through commercials rather than their website.
According to their commercials, they offer “same day coverage” and “competitive rates”, but how valid is this statement? Like Colonial Penn, we found that Open Care may promise gold, but most of the time, you’re getting brass.
It’s important to note that Open Care isn’t an insurance agency, but rather, a brokerage firm located in Naples, Florida. They do not underwrite any insurance offered through their services. Instead, they pair with various national agencies to underwrite on their behalf.
Open Care Life Insurance Plans
Currently, there are four types of life insurance policies you can get through Open Care Life Insurance. Unfortunately, you won’t know exactly what policy you’ve signed up for until you ask for the information or receive your policy.
Here are the different plans Open Care Life Insurance offers:
1
Open Care Senior Plan Whole Life Plan
Whole Life Insurance, or traditional life insurance, is a permanent form of life insurance that contains multiple forms. The most common form of Whole Life Insurance involves a fixed premium and lifetime coverage in which a payout will be received so long as premiums are paid. The policy payout contains a cash value that may be grown over time. In most cases, whole life insurance does not require you to answer a questionnaire or undergo a medical exam. Most of the time, Open Care’s final expense plans apply as a guaranteed whole-life policy.
2
Open Care Senior Plan Guaranteed Life Insurance
Guaranteed acceptance policies accept all applicants regardless of status, although at an adjusted rate based on your qualifications. These policies do not have a medical exam. However, you might be asked questions to assess your current health status. Guaranteed life insurance contains the highest relative monthly premium rates and is reserved for those who need insurance regardless.
3
Open Care Senior Plan Term Life Insurance
Term life insurance policies offer coverage in different lengths. For example, if you sign up for a 20-year policy, you’ll have guaranteed payment as stated by the death benefit if the policyholder dies within the stated term.
Open Care Senior Plan Life Insurance plans are offered from $25,000 to $500,000. The term’s length can be 10, 20, or 30 years and is determined by your age upon application. Term insurance is the most lucrative type of policy regarding financial affordability, and you must qualify for term insurance with a medical exam.
If alive at the end of term, one may renew for an additional term, or convert the existing coverage to permanent coverage.
4
Open Care Senior Plan Burial Insurance
Open Care Senior Plan Burial Insurance, or Open Care Senior Plan Final Expense plans, involves final expenses such as a funeral, ceremony, cremation, burial, or other end-of-life expenses.
On average, the cost of a funeral with a viewing is around $9,000. This figure does not include additional spending such as flowers, grave markers, or obituaries. Considering the costs associated with a funeral, the $2,000 death benefit Open Care offers will not cover much.
These policies are similar to a guaranteed whole life policy, although at a lower premium for a lower overall payout value. Although marketed for final expenses, the payout does not actually withhold any restrictions, meaning the beneficiary may use the funds for whatever they wish.
Where Do Open Care Life Insurance Plans Come From?
Open Care Life Insurance isn’t an independent insurance agency, therefore they don’t offer any final expense insurance plans of their own. So whose are you getting? Unfortunately, there is no information on their site under whose policy you’ll be purchasing. The only thing on the website giving us an indication says, “A -rating carriers across the United States”. At Final Expense Benefits, we are always transparent about the carriers you will be in touch with on the front page of any site.
Without this critical information, you won’t know the price of the policy, which conditions are covered, or any details about the plan until after you have applied. You might end up with an expensive plan that provides very little coverage with Open Care.
The Open Care website makes it easy for users to fill out an application and apply for insurance. This can simplify the process, but it is easier to purchase a plan through a licensed agent. We can help you figure out just how much coverage you need and find a plan that is the best for you and your family.
Our agents are available every weekday from 9 a.m. to 5 p.m. at (866) 786-0725. We are dedicated to connecting you with the policy that works best for you.
Our quoting tool is available 24/7 in case you are unable to connect with one of our agents during operating hours.
Open Care Life Insurance Reviews
Open Care Life Insurance Pros & Cons
Pros
- First-Day Coverage Plan
If applicable, first-day coverage is an option for those who qualify. The only caveat to this, though, involves the strict underwriting process. You must be able to say no to every question in the underwriting process if you wish to qualify for a first-day coverage term policy.
- Online Quote Tool/Application
The website does offer you the ability to receive a quote directly from the website.
- Variety of life insurance products are offered
Open Care offers final expense life insurance, guaranteed acceptance whole life insurance and term life insurance.
Cons
- Lack of Information Verifying Them Online
Their website leaves much to be desired, with a complete and utter lack of information. There’s no About Us page, they don’t list the insurance companies they write for — just not much to work with.
- Rates Aren’t As Competitive As Advertised
Open Care states that their rates start at $7.49 a month, but it’s only available for a 50-year-old woman wanting $2,000 in coverage, an incredibly low rate.
- No information regarding which states they service
The website does not include any information about where they provide service and whether or not certain states are not included.
- Strict Underwriting
Applying for the advertised low rates will require a strict underwriting process. Their process involves a four-year lookback period with all conditions involved in the underwriting process, such as cancer, heart disease, etc. Most companies only have a two-year waiting period.
- Unknown which company will be your provider
There is no public information available regarding whose policy you are purchasing. You will not know until after you have applied and been approved.
Best $10,000 Burial Insurance Companies
| Company |
Male 50y/o |
Female 50y/o |
Male 60y/o |
Female 60y/o |
Male 70y/o |
Female 70y/o |
|---|---|---|---|---|---|---|
|
$34 |
$27 |
$50 |
$40 |
$70 |
$56 |
|
|
$31 |
$26 |
$43 |
$35 |
$71 |
$53 |
|
|
$31 |
$24 |
$44 |
$33 |
$75 |
$53 |
|
|
$34 |
$29 |
$45 |
$35 |
$79 |
$59 |
|
|
$33 |
$26 |
$48 |
$36 |
$82 |
$58 |
These figures are estimates only, based on a $10,000 final expense insurance policy with no applicant pre-existing conditions.
If you’re interested in these or any of our other policies, contact us Monday through Friday, 9 a.m. to 5 p.m. ET by calling us at (866) 786-0725.
Conclusion
Overall, the lack of information regarding Open Care Life Insurance hurts one’s ability to trust what they promise.
There’s no credibility or way to make an informed decision yourself. The saving grace regarding this topic involves the lack of negative information online. Unless you find yourself applicable for same-day coverage term policy, we recommend utilizing other resources to achieve the desired policy.
At Final Expense Benefits, we are willing to work with you to reach an informed decision on your terms and partner with the best carriers in the nation. Here are just a few of the insurance providers we work with:
We do all the heavy lifting to reduce the stress of finding final expense insurance. Call us at (866) 786-0725 from 9 a.m. to 5 p.m. on weekdays, and our talented agents will help you find all the affordable plans with great coverage. Our quoting tool is available 24/7 to help you find insurance premiums whenever you need them.
FAQ
How are Open Care Senior Plan reviews?
Unfortunately, there are no online reviews for Open Care Senior Plans.
Is Open Care Senior Plan legit?
Yes, Open Care Senior Plans are legitimate but not transparent on their carriers or rates.
Does Open Care Senior Insurance have a waiting period?
Yes, with four years being the minimum.
How much is Open Care Senior Insurance?
A death benefit is the money paid out by the life insurance policy to the beneficiaries when the insured person dies. Usually, a death benefit is paid as a single lump sum, but some plans will pay it as an annuity, which are smaller amounts paid over several years.