As we grew older, more and more uncertainties in life surrounded us, including when we would leave this world, our jobs, and the dreams we had.
Open Care Life Insurance
What is Open Care Life Insurance? Open Care Life Insurance provides “Burial Insurance”. Usually, up to$25,000 This includes the cost of your burial as well as any remaining medical bills. They are a highly rated independent agent that sells insurance from other companies.
Pros
- BBB Rating: No negative ratings found
- Affordable policies for healthy customers,
- They provide selection & value
- Average Rating Found On Google: 4/5
- Medical exam is not required.
- Online reviews. However, you should speak with an advisor to answer your questions.
Cons
- Read the fine print.
- Terms can be confusing.
- 2-year waitlist for some plans.
- Look back period for diseases, health issues
- Low prices may not apply to your age or health condition
It’s important to note that an Open Care senior plan is not an insurance company but an independant agent.
To put it another way, you give your loved ones the funds they’ll need to meet your ultimate costs.
This includes the cost of your burial as well as any remaining medical bills.
Their final expense policy is a straightforward matter (no medical exam required) that allows your loved ones to concentrate on other things rather than worrying about how they will pay for your final expenses.
Although it appears that they also sell Medicare supplements, they primarily sell ultimate expense insurance from other insurance companies.
OPEN CARE LIFE INSURANCE: PLANS AND GOALS
Open Care’s final expense plans are defined as “burial insurance”
- Burial insurance is designed to cover funeral costs.
This means there is no need to take an exam (in most cases).
- Their goal is to provide the best value in terms of cost and coverage for our clients.
They represent several life insurance companies and work hard for our clients to provide the finest service possible.
- Moreover, this is an independent agent, and they work as a partner with several different life insurance providers to get the greatest pricing and coverage for our clients.
The reason for this is that independent agents may shop around for you and discover the greatest combination of cost and coverage for your specific needs.
Why is it vital to work with an independent agent?
Perhaps you suffer from chronic obstructive pulmonary disease (COPD), or diabetes, or have a family history of cancer.
Or you or a loved one are having trouble locating burial insurance that will cover someone who is 85 years old or older.
With an independent agent who has access to possibly a superior coverage amount of alternatives, you may have greater options for Open Care senior plans.
Working with a captive insurance agency is in direct contrast to this.
In most cases, a captive insurance firm represents only one company. As a result, their insurance alternatives are severely constrained.
If you have a specific disease, like heart disease or a terminal illness, it’s very possible that you won’t obtain the best coverage value.
In many circumstances, these businesses include:
- Colonial Penn
- Globe Life
- AARP
- Other burial insurance providers
These companies may require you to wait a waiting period of two years before receiving full death benefit with full death coverage for natural and accidental death.
Again, it’s unclear whether OpenCare final expense plans are an independent insurance agency based on the way the commercial is portrayed on television.
However, they can’t guarantee that you’ll be able to receive a reasonably priced, well-shopped life insurance premium with this option.
Despite its higher-than-average charges, Open Care appears to be a reliable insurance provider.
We have no way of knowing which firms Open Care works with, so we can’t say whether they’ll be able to get you the best deal, especially if you have serious health conditions or prescriptions.
Furthermore, if you have a health condition like COPD or are a smoker, you could find better rates than Open Care.
Their goal and purpose are:
Permanent defense or protection.
-This means that you can’t cancel your burial insurance because of your age or health.
-You cannot outlive coverage as long as you pay your premiums.
There will be no premium hikes in the future.
-The finest funeral insurance is never designed to increase premiums at any age.
Full coverage on the first day.
-Burial insurance fully protects you from the first day of both natural and accidental causes of death, as long as you’re medically eligible.
-This will help you address your medical bills.
- If you need coverage to cover things like your burial, cremation charges, or other final expenses, burial insurance is an excellent option.
Depending on your budget and eligibility, an Open Care last expense plan can provide coverage ranging from $5,000 to $50,000 in burial insurance.
The National Funeral Directors Association estimates that the national median burial costs of $8,700.
And, with each passing year, burial expenses costs have risen faster than the general rate of inflation for everyday items.
This is important because you need coverage that will cover you far more than the average sum needed to bury you.
It adds a little extra to account for inflation if possible.
Burial insurance is an excellent option if you want to cover your final expenses.
If you have other demands, such as paying off a mortgage or providing a substantial lump-sum death benefit to your family, there may be alternative products that might assist you out even more.
Details Final Expense Plans
In OpenCare insurance policies, there are no medical exams required with coverage up to $50,000.
Today’s typical funeral costs roughly $10,000, so making sure you have at least that much will offer your family peace of mind when it comes to planning your funeral.
You can apply for coverage online, and it will take you less than five minutes to do.
You’ll supply information on your personal identity, beneficiaries, basic height and weight, smoking history, medications you use, and basic medical history.
It’s a whole-life policy with no increases in premiums or reductions in coverage over time. The policy has no expiration date and accrues cash value over time.
Two Options
1. Acceptance is guaranteed because you are not needed to answer health-related questions.
Everyone is guaranteed to be accepted, regardless of their health.
2. Simple issue: You don’t have to take an exam, but you do have to answer health-related questions.
Your health history determines your eligibility.
In exchange for the guaranteed approval option, you’ll have to wait two years to be covered.
The insurance company will not pay out a death benefit during the waiting period.
They would instead simply refund your premium payments with interest (interest is on your premiums, not the death benefit).
The other plan with health questions has no waiting period, so if you’re approved, you’ll be covered right away.
Term Life Insurance Options.
The Opencare senior plan is a $25,000-$500,000 term life insurance coverage for persons aged 18 to 75. This strategy is only temporary.
The term life policy, like their final expense insurance, does not require a medical exam; instead, you must answer a few medical questions to be covered.
Unlike their final expense plan, their term life option will expire after 10, 20, or 30 years.
Please keep in mind that the length of the term you are eligible for is governed by your age.
A 60-year-old, for example, will not be eligible for a 30-year term.
It’s also important to keep in mind that you must be medically qualified for their term life insurance. A term life policy does not have a guaranteed acceptance option.
Furthermore, let me clarify what OpenCare’s final expenditure plans do not always provide.
Term insurance is the first option.
OpenCare final expense plans are a fantastic and best way to address “temporary commitments,” even if they aren’t often used to pay final expenses.
For example, if you pass away before your mortgage is paid off, a term life insurance plan for seniors performs an excellent job of covering that expense.
The same can be said for income replacement. Have you ever considered what would happen if you died while still working and holding a job?
Your family’s finances would be in serious jeopardy.
While your death would be heartbreaking, you can avoid financial ruin and can have financial protection by purchasing a low-cost term life insurance policy.
Term life insurance plans come in a variety of lengths and increments, including ten years, twenty years, and thirty years.
Benefits of Term Life Policy Insurance
- The premiums are significantly lower than those of a whole life insurance policy for the same level of coverage.
- Offers term life insurance for ages 18 to 75, with coverage ranging from $25,000 to $500,000.
This policy’s term can be 10, 20, or 30 years, after which it will expire and you will be without coverage.
- Rates for whole life insurance could be 5 to 10 times higher.
You must qualify for their term life insurance by answering health questions, similar to the simplified issue of ultimate expense product.
Not everyone is eligible. That isn’t to say that funeral insurance is a terrible investment.
It simply means that, depending on your objectives, term insurance may be a better option than an Open Care senior plan for covering things like your mortgage or lost income.
FAQs
What is in the fine print?
To see the fine print of Open Care Life Insurance, scroll down to the 58-second mark of the advertisement video. Pause the video.
Take note of the fine print, which implies you’re covered for both natural and accidental deaths, although natural death coverage doesn’t kick in for another two years.
This is common for most guaranteed insurance policies because it’s how insurance companies protect themselves.
What does open care cost?
Opencare claims to have coverage starting at $7.49 per month. While this is true, the majority of candidates spend a lot more.
They provide insurance that ranges from $2,000 to $50,000 and does not require a medical checkup.
Your exact will rating is determined by your age, gender, and overall health.
Is life insurance and burial insurance the same?
Burial insurance is a sort of life insurance that covers final expenses only. It’s also known as final expenditure insurance or funeral insurance.
Burial insurance is basically a complete life insurance coverage issued in modest increments, ranging from $5,000 to $25,000.
What is the standard life insurance plan?
Traditional life insurance plans are a type of life insurance that offers a variety of benefits.
These include risk coverage, a fixed income return, safety, and tax advantages. They cater to people who have a low-risk appetite.
The Main Highlights of Open Care Life Insurance:
- OpenCareSenior provides both whole life and term life insurance for seniors.
- You can get up to $50,000 in coverage.
- You only need to complete a medical questionnaire, not a physical examination.
- A two-year waiting period applies to the policy.
- It’s ideal for the elderly who don’t have life insurance.
Advantages:
- Premiums that are within your budget
- There will be no medical examination.
- Premiums are never raised.
- Your family will be able to meet your final expenses.
The Disadvantages:
- The amount of coverage is restricted.
- A two-year waiting period applies.
There are also other Final Expense Companies like Mutual of Omaha and Gerber Life.
Mutual of Omaha
Mutual of Omaha offers a final expense insurance coverage that not only pays for final expenses but also builds financial value for your loved ones.
- You can utilize the cash value to pay for medical or other important bills while you’re still living.
- You can apply between the ages of 45 and 85 and receive up to $40,000 in coverage.
- Mutual of Omaha demands a health background check, as well as a review of your medical and medication information.
- The policy also offers an accelerated death benefit, which allows you to receive assets sooner if you are diagnosed with a terminal disease.
Gerber Life
While on the other hand, Gerber Life provides excellent ultimate expense coverage if your health isn’t ideal.
- Medical tests and health questionnaires are not required.
- Gerber Life offers insurance with premiums ranging from $5,000 to $25,000 at some of the lowest rates available.
- They do, however, have a two-year wait time, unlike Transamerica.
- If you died within two years, the only way your beneficiaries would be compensated is if you died in an accident.
- The premiums on a Gerber Life policy never go up and the policy remains in force as long as the premiums are paid.
How to Apply?
The procedure for submitting an application is easy.
- Identify yourself and your location.
- Gender, SSN, and DL number.
- Your smoking history, employment status, and the sort of health insurance you have are all crucial factors to consider.
- a list of your current drugs
- Should You Answer These Health Questions (Multiple Choice)?
Summary
If you are still looking for final expense insurance, you may Include Open Care Seniors in your list of possibilities, and you may get their phone number to contact.
Like with any insurance, it’s recommended that you get at least three quotes.
In most situations, you can obtain quotations online in minutes, making it simple to compare coverage, riders, and premiums to find the best price.
