Who is Open Care Insurance Company? First and foremost they are an insurance agency, not an insurance company BIG difference. This is our opencare final expense plans reviews full truth guide.
When it comes to final expense whole life insurance to protect your family from the financial burden of your final expenses getting the right product for you is imperative.
The best way to get the best policy for you and your unique situation is to work with an independent insurance agency like us with access to all of the top major carriers nationwide. That being said the question is “Is Opencare Final Expense Plan good for you and your unique needs?”
We will find out in this Opencare Final Expense Plans Review. We will go over everything you need to know about this company and plans to help you make a properly informed decision to protect your loved ones from your burial expenses.
Quick Tip: To see pricing for insurance companies like Mutual of Omaha & speak with one of our agents fill out the form to your right.
Opencare Senior Plan Products
Open Care Seniors is a company that specializes in life insurance for final expenses also known as “whole life insurance” or “burial insurance”.
Their plans do not require a medical exam which is common for most final expense life insurance plans. What this means is that you would answer health questions on the life insurance company application.
At that point, they will look at your health history and prescriptions, and based on those you would most likely be approved or denied.
Their products are as follows:
- Whole Life
- Term Life
- Accidental Death
Now their Open Care Senior Plan is advertised through their opencare final expense commercial on TV that they run. We have warned in previous blogs about the issue of buying into TV advertised policies. The reason being is that more often than not we have encountered clients that bought policies with a 2 year wait period for their death benefits.
Most notably Colonial Penn policies.
Open Care advertises $25k of “free benefits” we often refer to this as a gimmick because it can imply that the coverage is free… It’s not.
This is why it is crucial to do your due diligence on opencare final expense plans reviews before letting the power of marketing sway you into a policy that isn’t the best option for you. We believe firmly here at ParamountQuote that client comes first always!
We help 90% of our clients get approved for day one level coverage despite even some moderate health conditions like COPD or CHF. A guaranteed issue policy is always a last resort and if you cannot get a day one coverage policy our agents will tell you.
Open Care Whole Life Options
There are 2 plans they offer.
- Guaranteed Acceptance Plan
This is a guaranteed issue product it does not have medical questions or require medical examinations of any kind acceptance is guaranteed. However, this is the kind of plan we refer to as a last resort. If you are healthy you should not ever have to settle for this plan. This policy will not pay any benefits if death occurs within the first 2 years of having the plan and is much more expensive than day one coverage.
- Simplified Issue Plan
Here we have a plan that you have to qualify for. This is cheaper because it is underwritten therefore if you qualify you get a better rate. For this you would answer their health questions and they would perform a Medical Information Bureau Health Report and a prescription check. Depending on your answers you will either be approved or denied.
The bottom line is providing your family peace of mind that they deserve and based on the fact that Open Care Senior Plan is not transparent with what companies or products are being marketed to seniors, it might not be a good idea.
Furthermore, Open Care Final Expense plan does not even compare to Great Western which is a much-better-guaranteed issue product with a Return of Premium Benefit. This means if you were to die within the first 2 years of having your policy your beneficiary would receive the premiums plus 10% which is a great rate of return.
Again if you do not have HIV, current Cancer, CHF & COPD together or are on Dialysis, you should not have to settle for a 2-year wait policy.
Open Care Final Expense Plans Cost
When it comes to life insurance the cost of the coverage is based on your age health and lifestyle. If you are healthy then their going rate for $2000 worth of coverage is $7.49. This is a non-tobacco rate meaning it applies to non-smokers.
Now if you are someone with health issue’s that will make a difference in rates shown. The coverage will be more expensive depending on those factors and ultimately on how much coverage you actually want.
Here are some example rates based on our research:
Open Care Final Expense Insurance Plans Highlights
Now we are going to highlight the most important factors when it comes to Opencare Final Expense Plan Reviews and get down to the bottom line.
Based on our assessment and research:
- You should not bother with their Open Care Senior Plan unless you really do not mind the 2 year waiting period in which case you should consider Great Western which is a superior policy.
- Their Simplified Issue policy is better but still without transparency of what companies they could offer you. You have no idea if you are getting the best rate.
- Their Term life insurance product can be good for covering a mortgage or for loss of income because it offers 25,000 – 500,000 but it can be hard to qualify for and we never recommend it as burial insurance for seniors because it terminates and is not permanent.
- They are gimmicky with misleading commercials of “$7.49” per month which is not going to be the same for everyone.
So to answer the question:
“Is opencare life insurance legit?”
Yes, they are a legitimate agency however they are not transparent on their final expense options. You should work with a national independent agency that can look at all your options and offer transparency.
All you have to do is fill out the quote form to your right to see our carriers and rates.
If you are anything like me I love transparency when working with a company and if they cannot show the carriers they work with it is a major red flag.
That is why when it comes to opencare senior plan reviews we rate them very low.
Transparency is everything when it comes to opencare reviews. You should be able to see the plans they offer and their coverage amounts to make sure it will cover a funeral. This is just another reason to not go with open care insurance services.
Open Care Senior Plan Reviews Policy Riders
They heavily promote their products as acceptance is guaranteed. This being the case this would mean that particular policy would be a guaranteed acceptance plan. There is no medical exam and they do not look at health history. A big red flag when it comes to opencare final expense plans reviews.
If you think that sounds great keep in mind to always read the fine print. Plans like that have a 2-year waiting period for benefits. No exceptions this is the type of product open care final expense plans are offered.
With guaranteed issue policies there are no riders that can be purchased they do come with accidental death in all GI policies.
- Gerber Life
- Great Western
Both products have accidental death.
Apparently they do offer:
- Mutual of Omaha
It is a well known fact that Mutual of Omaha offers an excellent life insurance plan for seniors. However their underwriting is also very strict making it difficult for most seniors with moderate health issues to get day one coverage.
That being said they do offer a level death benefit so if you are healthy enough to answer no to all of their health questions then we recommend that carrier.
The riders they offer are:
- Grandchild Riders
- Accelerated Living Benefit Riders
- Accidental Death and Dismemberment
Open Care Reviews The Gimmicks
They are gimmicky plain and simple.
They offer their plans at 7.49 per month which is the same as Colonial Penns 995 plan gimmick. This is not true, they are an independent insurance agency that are using the rates shown to get you to call them.
You will most likely end up with a 2 year waiting period policy if you work with them given the information we have gathered. This is also only available for seniors below 85 years old. So acceptance is guaranteed with their life insurance company unless you are over 85.
The amount of problems this creates is concerning.
Open Care Final Expense Background
Open Care Seniors is an insurance agency.
- Based out of Naples,FL
- They sell primarily Final Expense
That is all we know about them. What carriers they represent is a mystery.