Open Care Life Insurance and their coverage options look too good to be true. Claiming to offer rates starting at $7.49 per month, they appear to be an even better deal than the Colonial Penn 995 plan, but how are they really?
Just like Colonial Penn, Open Care Life Insurance’s $7.49 monthly offer is misleading. You may think their website quotes competitive rates for benchmark $10,000 final expense coverage, but $7.49 pays for just $2,000 of coverage with Open Care Life Insurance’s partners.
Open Care Life Insurance struggles with transparency. It’s hard to tell at first glance that it’s a brokerage that sells from multiple life insurance companies because they don’t share which companies they partner with.
If you don’t know what insurers your brokerage works with, how will you know you’re getting quality rates and coverage? Here at Final Expense Benefits, we stand by our life insurance partners and are proud to work with over 20 of America’s top burial insurance providers.
To learn more about your life insurance options, call us at (866) 786-0725 Monday through Friday, 9 a.m. to 5 p.m. ET, or check our free online quoting tool for a personalized pricing estimate.
Key takeaways
- Open Care Life Insurance advertises that $7.49 per month provides coverage, but it’s misleading.
- Open Care Life Insurance is an insurance brokerage, not an insurance provider.
- You can choose from two final expense policy types and term life plans from Open Care.
- Third-party rating services, like the BBB and NAIC, have not rated Open Care Life Insurance.
What is Open Care Life Insurance?
There isn’t much public information on Open Care Life Insurance’s origin. They are classified as a life insurance brokerage agency based in Naples, Florida, specializing in final expense insurance.
However, they seem to prefer sharing policy information through commercials, rather than their website. In their commercials, they claim to offer “same-day coverage” and “competitive rates”. But without seeing their partners or a list of rates, it’s hard to validate this statement.
Like Colonial Penn, Lincoln Heritage, Big Lou, and other unreliable life insurance providers and brokerages, Open Care promises a lot but offers very little.
What Does the Open Care Senior Plan Cover?
Open Care Life Insurance sells numerous policies and is most known for the “Open Care Senior Plan”. However, this name hides the actual life insurance company you sign with.
Here are the different plans Open Care Life Insurance offers:
1
Open Care Final Expense Whole Life Insurance
Also called final expense insurance or burial insurance, final expense whole life insurance is the best type of whole life insurance for seniors. Typical burial insurance policies feature relaxed health underwriting requirements, affordable monthly rates, and benefits focused on covering hospice and memorial costs.
Actual burial coverage payouts for final expense policies typically range from about $2,500 to $50,000.
Open Care Life Insurance’s final expense plans offer two policy options: Simplified Issue, a whole life plan with simplified underwriting, and Guaranteed Life, a specialized burial coverage. Like most whole life insurance plans, rates are locked when the policy starts, and the cash value can grow over time.
2
Open Care Simplified Issue Life Insurance
With the simplified issue plan, a health exam is not required for applicants, but a health questionnaire must be completed. Eligibility is based on past and current health conditions, and, upon approval, there is no waiting period, unlike the Guaranteed Acceptance policy.
3
Open Care Guaranteed Issue Life Insurance
With Open Care Life Insurance’s guaranteed acceptance plan, applicants have a two-year waiting period. The company will only refund policyholder premiums upon the holder’s death during the first 24 months of plan enrollment.
A specialized type of final expense insurance, guaranteed life insurance offers coverage regardless of pre-existing health conditions, making it one of the only choices these seniors have.
4
Open Care Term Life Insurance
Term life insurance policies don’t offer permanent coverage. It only pays out if the policyholder dies during the term. Terms typically range from 10 to 30 years.
Open Care Life Insurance offers term life coverage from $25,000 to $1,000,000, but it’s still not a great choice for seniors. Term life policies usually require near-perfect health for eligibility, making it tough for most seniors to qualify. If seniors qualify for term policies, they typically pay high rates.
How Much Does Open Care Life Insurance Cost?
Open Care Life Insurance costs will depend on the amount of coverage you’d like, age, gender, health status, and smoking status. Unfortunately, Open Care doesn’t provide these rates openly. However, they do provide a few rate charts for healthy, non-smoking applicants looking for $8,000 in burial insurance:
Open Care Life Insurance Cost Per Month for Seniors: $8,000 Coverage
| Gender | 40 | 50 | 60 | 70 | 80 | 90 |
|---|---|---|---|---|---|---|
|
Female |
$17 |
$21 |
$29 |
$42 |
$84 |
$205 |
|
Male |
$19 |
$25 |
$36 |
$60 |
$111 |
$242 |
At Final Expense Benefits, we recommend seniors seek around $10,000 in coverage since the cost of funerals is around $10,000.
Is Open Care Life Insurance Legit?
Yes, Open Care is a legitimate life insurance brokerage company. However, they aren’t always upfront with their rates or share who they partner with. The lack of transparency makes it difficult to recommend Open Care as a brokerage.
Open Care Life Insurance Reviews
Unfortunately, Open Care Life Insurance reviews are difficult to find. Most life insurance brokerages have reviews from customers or third-party rating services like the Better Business Bureau, AM Best, and the National Association of Insurance Commissioners, but Open Care Life Insurance reviews either don’t exist or are hidden.
This lack of customer information is concerning; it’s tough to trust a company without any customer feedback. Final Expense Benefits proudly displays our thousands of positive customer reviews, so you know we are a trustworthy source.
Open Care Life Insurance Pros & Cons
Pros
- Same-day coverage
Open Care Life Insurance advertises policies with first-day coverage, but strict underwriting may mean you need to be in great health to qualify for same-day term or whole life coverage. - Online quotes and application
Open Care Life Insurance does share online quotes, but this is a normal service for brokerages. - Flexible life insurance options
Open Care offers final expense life insurance, guaranteed acceptance policies, whole life insurance, and term life insurance.
Cons
- Lack of information and transparency
Open Care Life Insurance’s website does not have general information about the company or their credentials available for the public. - Rates aren’t as competitive as they claim
Open Care states that rates start at $7.49 a month, but it’s only available for a 50-year-old woman seeking $2,000 of coverage, the minimum most final expense policies offer. - No information regarding which states they service
Open Care’s website doesn’t share information about where services are offered or if any states are excluded. - Unknown which company will be your provider
Open Care doesn’t share what companies they partner with, making it tough to tell if you’re getting a good deal using their services.
How Does Open Care Compare to Other Final Expense Companies?
Unlike Open Care Life Insurance, we’re proud to share our partners and their rates. Below are sample rates for benchmark $10,000 policies from some of our top life insurance companies. These rates are for a non-smoking applicant with no pre-existing medical conditions.
Sample Burial Rates for Seniors (Whole Life Insurance)
| Company |
Male 50y/o |
Male 60y/o |
Male 70y/o |
Female 50y/o |
Female 60y/o |
Female 70y/o |
|---|---|---|---|---|---|---|
|
$34 |
$50 |
$70 |
$27 |
$40 |
$56 |
|
|
$32 |
$59 |
$105 |
$27 |
$46 |
$79 |
|
|
$31 |
$44 |
$75 |
$24 |
$33 |
$53 |
|
|
$34 |
$45 |
$79 |
$29 |
$35 |
$59 |
|
|
$34 |
$45 |
$79 |
$29 |
$35 |
$59 |
For $10K policies with non-smoking applicants with no pre-existing conditions.
If you’re interested in these or any of our other life insurance providers, call Final Expense Benefits at (866) 786-0725.
Who Should Consider Open Care Life Insurance for Seniors?
In general, it is difficult to find information about Open Care Life Insurance, putting their trustworthiness into question. They also have a history of purposely misleading possible clients through their advertising. Add the fact that they hold no credentials with third-party rating services or customer feedback online, which makes it difficult to recommend the brokerage.
If a brokerage isn’t transparent about its partner insurers and customer experience, how can you trust that you’re getting the best coverage or rates?
Final Expense Benefits works with some of the best burial insurance companies on the market, including:
We share our providers to help you make an informed decision and ensure you find the coverage you need. Call us today, and we can help with the stress of finding final expense insurance.
To learn more about your options, call Final Expense Benefits at (866) 786-0725 Monday through Friday, 9 a.m. to 5 p.m. ET, or check our free online quoting tool for a no-obligation pricing estimate.
FAQ
Is Open Care Life Insurance a scam?
Open Care Life Insurance is a legitimate life insurance brokerage, but they don’t share their partner providers, demonstrating a serious lack of transparency.
How much does Open Care Life Insurance cost per month for seniors??
Open Care Life Insurance claims and advertises that their policies start at $7.49 per month, but that is misleading. The quote in question specifically refers to $2,000 in coverage for a 50-year-old, non-smoking female policyholder without pre-existing health conditions for $2,000 in coverage.
Does Open Care Life Insurance have a waiting period?
Depending on the kind of life insurance plan you receive from Open Care, you could be looking at a two-year waiting period.
How good is Open Care Life Insurance?
Open Care Life Insurance has a reputation for misleading advertising across the market. Additionally, they are not recognized or registered with any third-party rating organization nor do they have any visible customer reviews online referring to their services.
What companies does Open Care use?
Open Care Life Insurance doesn’t state the companies they work with on their website. The only way to know which insurance you receive is if you get a quote from them.