Finding senior life insurance can be challenging because there is tons of marketing directed at people 50 years and older. This marketing includes the Open Care final expense plans commercial, which runs often.
The most recent commercial advertises up to $50,000 of coverage for less than $1 a day. This article will examine their marketing claims and determine if the Open Care final expense plans are a good coverage option.
- Overview of Open Care Seniors
- How do the Plans Work?
- How Much Does it Cost?
- What the Commercial Didn’t Tell You
- Is Open Care Final Expense the Best Option?
Overview Of Open Care Final Expense Plans
The Opencare final expense plans made their mark through national advertising on tv commercials. Open Care Seniors is an independent insurance agency selling policies on insurance carriers’ behalf. This agency is located in Naples, Florida, and mainly sells final expense insurance, but also has term insurance and some medicare options.
How Do Open Care Final Expense Plans Work?
Opencare final expense plans are whole life insurance. This means your monthly premium will never increase, your coverage will never expire, and a cash value will build over time. You can secure coverage of up to $50,000 with Open Care Seniors if you qualify medically.
Opencare final expense plans offer two whole life insurance options, ranging from $5,000 to $50,000.
There are no medical exams with this type of coverage, but you will be required to answer a series of health questions. If you can answer all the questions favorably, you will be approved for life insurance with no waiting period. This means you are fully covered immediately and will receive the lowest possible price.
A guaranteed issue policy asks no health questions and approves every applicant that applies. The drawbacks to an automatic approval are limited coverage amounts and a two-year waiting period will be required. The premiums will also be more expensive than the simplified issue plan.
Term Life is also Offered
The third option that Open Care life insurance for seniors offers is the term life plan. These plans come in coverage amounts from $25,000 – $500,000, and the age range for acceptance is 18 – 75. The plan will come in a term length of 10, 15, 20, or 30 years. This means once the term ends, your coverage expires.
These plans will have lower rates but a more detailed health question process than the Opencare simplified issue plan. You must medically qualify for the term plan as there is no guaranteed acceptance offer.
How Much are Open Care Final Expense Plans?
Open Care final expense plans cost between $21 – $252 monthly for $8,000 of coverage. However, the monthly premium will depend on your health, age, gender, and coverage amount.
Open care life insurance advertises the tagline “rates start at $7.49 per month”. The only way your monthly premiums will be this low is if you are a healthy 50-year-old female and take out $2,000 of coverage. The actual price will be higher than $7.49 a month.
The following prices were taken from the Opencare life insurance website.
Open Care Final Expense Insurance Price Example
$8,000 of Coverage
|Age||Female Non Smoker||Male Non-Smoker||Female Smoker||Male Smoker|
Things The Open Care TV Commercial Didn’t Tell You
It Will Cost More Than $1 Per Day
In the most recent commercial, Open Care life insurance claims to offer $50,000 of coverage for less than $1 per day. This is a great marketing line similar to Globe Life Insurance, which claims “$1 for $100,000 of coverage”. The issue with these advertising catchphrases is that you will pay much more in most cases.
If you can secure $50,000 of coverage for $1 a day, it will most likely be a term insurance plan that is not permanent. Whenever you see marketing like this, it is just gimmicks and will not match your expectations.
Health Questions are Required for Lowest Price
The Open Care final expense commercial says that there are no medical exams. However, if you want to receive a rate that even resembles the advertising “$1 a day for $50,000 of coverage,” you will need to answer health questions.
There is a big difference between a medical exam and health questions. As far as the insurance company is concerned, a medical exam requires you to go to the doctor’s office, while health questions can be answered over the phone with the insurance agent.
There are Waiting Periods
If you do not answer health questions favorably or do not want to answer them at all, you will be given a guaranteed issue plan to apply for. These policies have a two-year waiting period before full coverage is issued. Guaranteed acceptance plans also come at a higher price than immediate coverage options.
Is OpenCare Final Expense Plans The Best Place To Buy?
The Opencare final expense plans reviews have shown this agency is a fine place to purchase life insurance. There are no major red flags, but they do lack transparency. The marketing tag lines “$7.49 for coverage” and “$1 a day for $50,000 of coverage” draw seniors in to ultimately not meet their expectations.
There is also a lack of information on which insurance companies Opencare final expense represents. This can make it challenging to understand the pros and cons of the company they pair you with before contacting them and ultimately making a purchase.
Taking a policy out with Opencare seems safe and legit, but the lack of details on this insurance agency’s website can lead to more questions than answers.
Why Willamette Life?
Our philosophy at Willamette Life is to show you which companies we represent and what price you can expect to pay before dialing our number. This will help you make an informed purchasing decision. Use our online quote tool to find prices and companies our agency represents.
Call Willamette Life at 844-576-0019
Final Thoughts About Open Care Senior Insurance
a. Open Care final expense plans review found this company is an insurance agency based out of Naples, Florida. They mainly focus on final expense insurance with term and medicare plans available.
b. Within final expense policies, they offer simplified issue and guaranteed issue products. The tv commercial tells you that you can get $50,000 of coverage for $1 a day, but this is unrealistic, and you should use caution before proceeding.
c. Open Care life insurance for seniors is credible and could be a good option for coverage. However, they lack clarity on what companies they represent, and their marketing of $7.49 for coverage can be misleading.
Jake Irving is a licensed life insurance agent in 26 states. He is the Owner of Willamette Life Group, which was created to help individuals educate themselves on small whole life insurance policies, also known as final expense, funeral, or burial insurance. Jake has also contributed to many financial publications, including GoBankingRates and Synchrony Finacial.