Open Care Final Expense Plans Review

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  • Post last modified:August 12, 2021

TIf you are looking for the best final expense plans, you have come to the right place.

Here you can learn about the Open Care final insurance program that helps you find ideal insurance, irrespective of your age and health condition.

Read the article further to understand the benefits, features, and several other things about this plan that offers you a peaceful life.

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What is the Final Expense Plan?

what is funeral insurance

Suppose you get retired and don’t have a life insurance plan through your employer. Plus, you don’t even have individual life insurance coverage or enough savings.

What will you do to manage your final expenses or medical care? If you don’t want to leave any burden on your family after death, you need to think about these expenses.

In this case, you will contact a life insurance agent and begin your insurance process, which includes some basic questions about your overall health.

Usually, the death benefit is excellent, but the monthly premiums are more than you can afford because of health and age.

Thus, it will be difficult to find a policy with a significant death benefit and insurance premiums. At this point, most people give up and think they can’t get life insurance.

The final expense plan resolves your problem. Open Care insurance company has established this plan to help seniors with the risk of serious medical problems.

Therefore, older adults can secure a policy, even if they have poor health.

Open Care Final Expense Plan

It is a form of a whole life insurance program. It helps seniors to pay for their medical and final expenses while giving them and their families peace of mind.

Your family may not be able to gather more emergency finances to cover the unexpected expenses of your funeral.

In this case, you need a low contribution monthly insurance plan where you can pay even $7.49 monthly for insurance.

The primary reason why people opt for the final expense plans is that when they purchase the policy, the rates get fixed for life.

This way, the earlier you start, the affordable and cheaper it is for you.

For instance, a 50-years-old policyholder only needs to pay $15 for 25 months to enjoy the death benefit of the financial expense policy.

However, if you wait until you get 80, or more than 85 years old, the monthly payments will get higher. So, it’s better to save your money by enrolling in the insurance plan as early as possible.

With this insurance plan, your family can easily pay for the medical bills or final expenses such as cremation or burial. They can also easily pay for the caskets and urns used in your funeral.

Moreover, this insurance also never gets expired if you pay your premiums regularly.

How Does an Open Care Senior Plan Works?

The final expense plan can give you coverage of more than $50,000. The best part is that you don’t need to go through any medical exam.

It is a whole life program where the cost doesn’t change over time and coverage never decreases.

However, if you need flexible payment terms, go for modified whole life insurance.

It will also build a cash value that you can easily borrow.

The final expense plans usually have two options:

Guaranteed Acceptance

In this insurance plan, you don’t need to answer any medical questions. Every senior citizen, no matter what their health conditions are, will get the approval.

Simplified Issue

You don’t need to go through an extensive medical exam procedure, but you need to answer a few basic health questions. The company will check your health history to qualify you for the insurance plan.

Apart from this, the guaranteed approval plan has a waiting period of 2 years. This means that during the waiting period, you won’t get the death benefit if you die.

In this case, the company will refund the premiums you have paid and the interest amount, but not the entire death benefit.

On the other hand, a simplified plan requires you to answer some health questions, has no waiting period, and gives death benefits immediately when needed.

Benefits of Final Expense Plans

As we have discussed, purchasing the final expense plan is much more beneficial for you than any other policy.

If you want to learn more benefits, here are the advantages of choosing this insurance.

Permanent Protection

Most of the insurance policies have an expiration date. This force insurer to opt for another insurance plan if their older one expires.

The worst part is that most seniors find it challenging to find the right insurance based on their health and finances.

When it comes to the Open Care program, you don’t need to worry about finding insurance after some time.

The insurance plan is permanent and doesn’t get canceled because of health and age. So, as long as you are paying your premiums on time, you will not outlive coverage.

Stable Premiums

Another amazing advantage of this insurance plan is that it offers fixed premiums. Unlike other final insurance programs, their premiums don’t increase over time.

This means, if you have purchased an insurance plan for $7 today, you have to pay $7 for your entire life until your want to keep the insurance.

The stable premiums help you plan your expenses without worrying about increasing insurance costs anytime in the future.

First Day Full Coverage

If you get the approval of the simplified insurance plan, you don’t need to wait for a certain period to get the benefits.

This means, if you die soon after purchasing the insurance, your family will get the complete death benefit.

This way, your family doesn’t have to find a way to collect money or manage funds for your funeral or final medical care.

Affordable Premiums

If you are looking for an affordable insurance plan, then the final expense insurance program is ideal. The starting premium is $7, which is significantly less than other insurance plans.

Another thing you need to know is that the highest monthly premium is $205. It is for people aged more than 90.

Greater Age Limit

Many seniors don’t find the insurance plan because of their age. As they get older, the insurance options also get less, and the premiums get high.

However, Open Care Final Expense program offers insurance plans for seniors, even people aged over 90, read this.

So, don’t worry if you are getting older, as you still have some great insurance options.

No Medical Exam

Whether you qualify for the simplified or guaranteed life insurance plan, you don’t have to go through extensive and troublesome medical exams.

Of course, no one wants to waste their time and effort on tests and doctor checkups.

Not to mention, people suffering from any health condition also find it a good opportunity. This is because, even after having a chronic health problem, they can still get insurance.

Hence, it gives them complete peace of mind.

Death Benefit

Lastly, you also need to know that it offers an incredible death benefit.

Depending on your age and health, you can enjoy the death benefits starting from $5,000 to $50,000.

This way, you not only can cover your funeral expenditures, but you can leave some money for your family as support.

Drawbacks of Final Expense Plans

The disadvantages of purchasing the final expense insurance plan are minimal, but you need to know them to make the right decision.

Here are some drawbacks that we like to share with you.

Limited Coverage Amount

People who want to leave a great amount of money for their families may not find it appealing. The plan only offers you $50,000 coverage.

You also need to know that these death benefits are significantly less than the other insurance benefits, such as term life insurance.

Waiting Period

People who get the approval for the guaranteed insurance plan need to know that it has a two-year waiting period. Thus, you can’t get coverage during this time. If you want to skip the waiting period, check this.

In case of your death, your family will only get the amount you have paid in the shape of monthly premiums. They will also get the interest amount that you have built on your premiums.

No Living Expenses Coverage

Another drawback of this final expense insurance plan is that they only cover your final expenses.

But if you purchase other types of insurance programs, you get enough money to cover your living expenses, funeral expense, and debts.

In other words, if you have debts and you die, your family has to pay for the debts on their own.

Who Needs Open Care Final Expense Insurance?

If you think that you can’t find the right insurance policy that is affordable, you need to opt for this one.

Because of low cost, no expiration date, and no age limits, the plan is ideal for people who are not eligible for traditional insurance coverage.

Hence, if you can’t qualify for term insurance, life insurance, and others, you better purchase this one.

Seniors who fall into the falling categories need to buy Open Care burial plan.

  • Individuals who are aged 40 or, above
  • Those who have low or no income
  • Older adults who have chronic health conditions
  • Individuals who have no savings and assets

The best part is that people who have severe health conditions such as cancer, Parkinson’s disease, or HIV are suitable candidates to purchase this insurance.

Whether or not you have any chronic illness, you can purchase the plan.

How Much Does Final Expense Insurance Cost?

You can say that the Open Care funeral insurance is for the less healthy shopper and older adults. The cost varies depending on your age and health issues, but it is much less than the other life insurance plans.

The cost begins from $17 and gets to $24 for adults aged 40. The difference occurs because of the individual’s smoking habit.

So, if the buyer smokes, they have to pay $24 as a monthly payment. However, if they do not, they have to pay $19 per month.

People who are 90 or above have a starting monthly premium of $205. The maximum premium they have to pay is $252 each month.

In short, if you want to know your possible monthly premiums, you need to discuss them with the company. They will ask you about your age and health, but you don’t have to go through a medical exam.

Lastly, no matter what your monthly premium is, it will be a fixed cost. This way, you have to pay the same premiums your entire life once you purchase the insurance.

Who Qualifies for the Full Coverage?

Generally, people with the following health conditions have the chance to purchase this life insurance.

  • Type I and Type II diabetes ( whether or not use insulin)
  • Lung Diseases ( sarcoidosis, COPD, emphysema)
  • Liver and kidney problems (kidney insufficiency, Hepatitis C)
  • Heart disease or heart history (stroke, heart attacks, aneurysm, stents, pacemaker history, bypass)
  • Cancer history
  • Neurological disease (Parkinson’s, multiple sclerosis, Lupus)
  • Mental health history

You can see that there is a good chance that you qualify for the final expense insurance.

However, it is also better to call and just take quick details, so you understand whether you will get the approval for the insurance.

Also, don’t try to hide your health conditions, as they will check your health history.

This way, your chance of getting the insurance will get minimal.

Qualifying Questions That You Have To Answer

If you are planning to purchase the simplified insurance program, you have to answer a few basic questions.

Furthermore, if you answer some major questions correctly, you will get insurance.

Let’s have a look at some questions that they may ask.

Not to mention, your answers need to be “no” to qualify for the simplified insurance plan.

  • Have you got treatment or diagnosed with dementia?
  • Ever got treatment for diabetes before the age of 50?
  • Have you got treatment for any health condition in the last two months?

If your answer to any or all the questions is “yes,” you will not qualify for the simplified plan. But don’t worry, you still have the option.

The company will qualify you for the guaranteed life insurance plan. This way, you can purchase an insurance plan that can secure your family.

Your family gets the amount to pay for your final expenses rather than taking any debts to pay for it.

How to Ensure Your Death Benefit Gets Used as Planned?

The final expense plan is a kind of burial insurance that helps your family pay for the funeral expenses.

But the best part is that you don’t need to select a beneficiary who will legally or technically use the insurance for only your expenses.

Hence, there is no limitation on how your beneficiary wants to spend the death benefit after your demise.

They can spend it wherever they want, whether it’s your funeral, debt, or for their personal expenses. This is best for the people who only want to leave a good amount of money for their family as support.

But it also has some drawbacks, as your beneficiary may not use it according to your preferences. If you want to make sure that the money you are leaving is used the way you want, you can plan for it.

Here are the few steps that you can take to make sure that your money goes to the right person and gets spent on the right task.

Beneficiary Name

Many seniors make this mistake, and they don’t choose a trustable beneficiary. In this case, some individuals don’t ever pay for the funeral expenses after the insurer’s death.

For this reason, you need to provide the name of an individual that you can trust. It is the best way to plan for your funeral process.

Another thing you need to consider is that the person should be someone who will get impacted by your death, such as your spouse, and they can use the coverage accordingly.

Funeral Home

If you don’t have any family members or friends that you can make as your beneficiary, you have other better options.

There are some funeral homes in your location that can help you with insurance policy death benefit payout. It means that the death benefit will go directly to the funeral home after you die.

So, the funeral home will pay for your funeral expenses from your coverage. Apart from this, you can even ask them to organize your funeral in the way you want.

Final Wishes

Another thing that you can do is to use your final expense plans the way you want is to share your final wishes with your financial advisor.

You can also write your wishes and hand them to your financial advisor.

Make sure to determine how to allocate the money from your coverage and how you want to arrange your funeral.

This will serve as a way of guidance for the individual who will take care of your final expenses after your death.

Bottom Line

Open Care final expense plans give peace of mind to the individuals worried about their funeral expenses and final medical care expenditure.

People who are unable to find perfect life insurance with less monthly premiums and good death benefits can also purchase this insurance plan.

Besides that, if you are struggling to find an insurance policy just because of your age and health, now you don’t need to look further.

The Open Care burial plan is ideal for every senior. All you need to do is to contact an insurance agent to look for your options.

Depending on your health and age, you will either get approval for the guaranteed or simplified insurance plan.

No matter what you get, you can live a happy and peaceful life.

Linda Chavez

I'm a burial & senior life insurance expert, independent agent, Founder & CEO of Seniors Life Insurance Finder. I have been working in this sector since 2004 and established my own company in 2014. I have a team of seven members, and we are trying hard to share the knowledge we've gathered. We know how difficult often it is to find an affordable policy. Hence, we are doing our best to help you.