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Should Seniors Purchase Final Expense Plans from Open Care?

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    You must have come across Open Care senior plans on TV advertisements and wondered if one of their plans would suit you. They promote incredibly low rates, making senior life insurance accessible to any budget.

    But, should seniors purchase from Open Care? 

    Let’s explore Open Care Seniors to learn more.

    Open Care Final Expense Insurance

    Open Care Seniors provides final expense insurance to seniors up to the age of 85. Additionally, it offers term and whole life insurance to adults as soon as they turn 18.

    However, it is important to note that Open Care is not a life insurance company. Instead, it operates as an independent broker agency. 

    According to its website, Open Care provides life insurance from numerous “A”-rated carriers all around the United States. Open Care Seniors provides final expense insurance coverage ranging from $5,000 to $50,000. 

    Open Care promises rates as low as $7.49 a month. However, that only gets you final expense insurance of $2,000, and to be eligible, you must be a 50-year-old woman who does not smoke and is in good health.

    Looking at the current average funeral costs, we are sure you would require a death benefit of much more than $2,000.

    Open Care Final Expense Burial Insurance

    Final expense insurance is often called burial insurance, as it is usually bought to pay for your funeral. The average funeral cost, including burial and viewing, is around $9,000. When you factor in the cost of a burial plot and a grave marker, the funeral costs can easily exceed $10,000. 

    Therefore, despite the extremely low rates Open Care Seniors promote, the benefits you can get for such low rates won’t be particularly useful.

    There are companies offering as low as $2,000 as final expenses. However, to protect your loved ones from the burden of your funeral expenses, it is advisable to opt for a policy of at least $10,000.

    Open Care Final Expense Life Insurance for Seniors

    For seniors, enrolling in Open Care final expense life insurance can be as straightforward as getting a quote online and filling out the application on the website.

    If you have a good medical record or have minor health conditions, you’ll most likely qualify for simplified issue final expense insurance. However, if you have a poor medical record or have major health conditions, you will be eligible for guaranteed final expense insurance. While guaranteed issue life insurance for seniors is more expensive, you are guaranteed approval regardless of your health situation.

    One key thing to remember is that if you apply for final expense insurance of over $40,000 with Open Care, you might need to undergo a medical examination.

    Open Care Final Expense Funeral Insurance

    Open Care’s final expense funeral insurance may not be the best option despite having reasonable rates. When selecting a life insurance company, you should consider additional benefits such as riders.

    For example, if you are diagnosed with a terminal disease, an accelerated death benefit rider allows you to obtain your death benefit while you are still alive. Another important rider to consider is the confined care and nursing home waiver. If you are hospitalized or placed in a nursing home, the insurance provider will waive your premium until you are released from the facility or pass away.

    Open Care final expense plans do not provide any riders. Hence, If you want the most bang for your buck, you might want to look elsewhere for life insurance.

    Open Care Final Expense Life Insurance Costs

    Now that you have a better understanding of Open Care Final Expense Insurance, let’s take a look at their rates. We have provided a comparison between the rates offered by Open Care and some of the other insurance providers.

    The table below shows the sample rates for healthy and non-smoking seniors. The costs are calculated for a $10,000 final expense insurance policy. Your premiums will vary based on your age, health condition, coverage requirements, and state.

    Insurance Provider Name50 male50 female60 male60 female70 male70 female
    Liberty Bankers Life$31 $26 $46 $35 $73 $55
    Open Care$34 $27 $51 $41 $73 $58
    Mutual of Omaha$29 $25 $43 $33 $73 $53
    Prosperity Life Group$34 $29 $46 $36 $80 $59

    The table shows that age plays a major role in determining the rate of your senior life insurance policy. Most insurance providers mentioned in the list match or beat Open Care Senior’s rates.

    Additionally, each provider has its perks and benefits that could make it the right option for your insurance needs. 

    For instance, Liberty Bankers Life provides options for a family life insurance plan. You can include a rider to your final expense insurance that provides coverage to your children or grandchildren up to age 25 for pennies a day.

    Additionally, Liberty Bankers offers insurance to people as young as 18 and has the most flexible height and weight requirements, which is fantastic for anyone who is overweight.

    On the other hand, Mutual of Omaha has some of the most affordable final expense insurance prices available. If you have major health conditions, you can also access Mutual of Omaha’s guaranteed issue plans at extremely competitive prices. 

    Seniors who suffer from heart problems, circulatory problems, or organ transplant recipients can consider Prosperity Life Group. You can also use your benefits card for your premium payments if you are on social security.

    Final Thoughts!

    Open Care Seniors might offer competitive plans for final insurance coverage, but they aren’t that transparent. You do not have visibility of which companies Open Care partners with. Additionally, if you want to apply for final expense insurance over $40,000, you might be required to undergo a medical examination. 

    Despite the extremely low prices Open Care offers, only the youngest and healthiest will be eligible, so practically speaking, we do not consider Open Care a good option for seniors.

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    * Based on website quote requests, through 2/28/23.
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