Open Care has stirred quite a buzz with its advertisements for its Open Care Senior Plans. The ads promote how incredibly cost-effective the Open Care senior plan is. So, we’ll give you the rundown on how the senior plan works and if you should consider buying.
Open Care Senior Plan Review
Open Care Seniors is not an insurance company. It is a licensed independent insurance brokerage based in Naples, Florida. It represents various funeral insurance companies and not an insurance company. They sell final expense life insurance as their primary product alongside term life, accidental death insurance, and other healthcare products.
Is the Open Care Senior Plan Worth Buying?
Although the Open Care Senior plan isn’t a scam, it won’t cost $7.49 monthly as they advertise. Like any other insurance policy, factors like your age, health, gender, and how much coverage you want will determine the price.
There are a host of other insurance companies that offer good business to customers. Unlike Open Care’s misleading price advertising, you can find many others who will be honest with you. It’s less than ideal to conduct business with companies that blatantly mislead consumers.
Open Care Seniors: How It Works
Open Care Seniors offers three types of life insurance products:
Term Life Insurance
Final Expense Insurance
Guaranteed Issue Life Insurance
Open Care provides its insurance to individuals from ages 18 to 85, without requiring a medical exam to qualify for the Open Care Seniors life insurance plans. Like other insurance plans, your Open Care senior plan depends on various factors like age, gender, and location.
Open Care Term Life Insurance
Open Care’s term life offers these main benefits:
Budget-friendly, flexible terms
Affordable premium payments
Doesn’t require a medical examination.
Open Care’s term life policy is a cost-effective choice, with coverage options of $25,000-$500,000 for ages 18 to 75. If the policyholder passes away during the policy term, beneficiaries will receive a death benefit.
Note: Term life coverage can expire after 10, 20, or 30 years. Your age and health history determines the term length you are eligible for. For instance, a 70 year old will not be eligible for a 30-year term.
How Much Do Open Care Life Insurance Plans Cost?
While the exact rate you pay depends on your age, health, if you’re a non-smoker, the amount of coverage, their website lists that $8,000 in coverage will cost $17-$252 per month.
The final expense coverage typically costs from $50-$100 monthly for a $10,000 whole life policy. You can find the monthly cost of an $8,000 Open Care burial insurance policy in the following table.
Age
Female Non Smoker
Male Non Smoker
Female Smoker
Male Smoker
40
$17
$19
$21
$24
50
$21
$25
$27
$33
60
$29
$36
$39
$51
70
$42
$60
$59
$94
80
$84
$11
$102
$167
90
$205
$242
$229
$252
Open Care Seniors: How It Works
Open Care Seniors offers three types of life insurance products:
Term Life Insurance
Final Expense Insurance
Guaranteed Issue Life Insurance
Open Care provides its insurance to individuals from ages 18 to 85, without requiring a medical exam to qualify for the Open Care Seniors life insurance plans. Like other insurance plans, your Open Care senior plan depends on various factors like age, gender, and location.
Open Care Seniors: Before You Buy
There’s no clarification on which insurance companies Open Care represents or which states it operates in. Although it has multiple positive reviews on the internet, its misleading advertisement leaves a sour taste.
It doesn’t take away from Open Care’s simplified approach to life insurance, making it accessible and easy to understand. The policies it offers makes it a good choice for seniors and those with serious health conditions. Despite that, we recommend thoroughly reading the policy details, including any exclusions or riders.
Remember to do your research, read customer reviews, and compare multiple options with other providers. Even though Open Care is highly rated, you might find people sharing different experiences and judge how well it fits you.
If you’d like to look at other insurance providers for your life insurance needs, you can read our other articles about life insurance and life insurance providers, here.
Recommended Reads>>>
Know about Whole Life Insurance:Is it a Good Investment?
