Open Care Senior Insurance Plan: Everything You Need to Know

Last Updated on: December 6th, 2024

Reviewed by Kyle Wilson

Open Care Senior Expense Insurance is one of the most popular options for seniors when covering end-of-life expenses. It is specifically a type of life insurance known to cover funeral, burial, or cremation services so that the needy do not bear the costs of your passing. Here’s everything you need to know about Open Care Senior Expense Insurance: its costs, benefits, and a few drawbacks.

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What Is Open Care Senior Expense Insurance?

Final Expense Open Care Insurance is specially designed to pay final expenses and provide for your funeral. That will decrease many of the financially staggering burdens left to your family, as they won’t be burdened with paying your funeral costs, medical bills, or other end expenses at such a hard time in your grieving period.

- Key Features of Open Care Senior Expense Insurance

Open Care Senior Expense Insurance provides several valuable benefits that place it as one of the most popular among seniors and families.

No Medical Exam Necessary This is probably why one finds Open Care Senior Expense Insurance rather appealing-that does not require any medical exam. This would be the perfect solution for a senior person or an elderly individual with some health-related issues who would face challenges to qualify for conventional life insurance policies.
With this policy, premium amounts are usually fixed; that is, they remain the same throughout the life of your policy. This helps stabilize finances and prevent the family from having to deal with surcharges at a later date due to unwarranted premium increases.
Flexible Coverage Amount Coverage is from $2,000 to $50,000 for you to choose the appropriate amount of protection according to your needs. Whichever it is, be it a modest service or an elaborate funeral, Open Care Senior Expense Insurance works for you according to your requirements.

Why Choose Open Care Senior Expense Insurance?

Peace of Mind for Your Family The ultimate mission of Open Care Senior Expense Insurance is to help lighten the load on your family financially. The assured coverage of final expenses such as funerals, gives your loved ones peace of mind during some challenging and emotional moments of life.
Guaranteed Coverage Open Care Senior Expense Insurance is guaranteed acceptance coverage, so you are all but assured that you will qualify for coverage regardless of your health. This is important to seniors who might have some health issues and can’t be approved for other types of life insurance.

Ideal Candidates for Open Care Senior Expense Insurance

This policy is great for seniors who want to pay off funeral costs, grave expenses, and other final expenses without leaving their families in dire financial situations. If you seek an uncomplicated, reasonably priced life insurance that is easy to qualify for, Open Care Senior Expense Insurance might just be what you need.

- How Does Open Care Senior Expense Life Insurance Work?

Designed with an easy-to-understand and accessible structure, Open Care Senior Expense Life Insurance can cover burial and final costs. The application process is simple and stress-free, which especially comes in handy for seniors or those with pre-existing health conditions, who may find it difficult to pass traditional life insurance policies.

- Application Process

No Medical Exam Needed One of the features Open Care Senior Expense Insurance boasts is that there is no need for a medical examination. That makes the process easier to apply and eliminates possible hurdles for people with health issues or those who are uncooperative towards traditional medical examinations.
No Complicated Health Questions Rather than answering a long list of health questions, applicants need only fill out basic personal information. This is easy and fast and makes the process smooth for elderly people who may be applying for coverage.
Fast Approval Process Open Care Senior Expense Insurance is generally approved quickly. The no-medical-exam policy and low administrative requirements for approval enable a decision as to coverage to be made in a minimum amount of time.

- Types of Coverage Offered by Open Care Senior Expense Insurance

There are two main forms of coverage options available under Open Care’s final expense insurance: both are suited for different needs and health situations, respectively.

Guaranteed Issue Life Insurance
- Eligibility: This plan is also open to aged persons in the bracket of 50-85 years old.
- No Health Questions: Based on the name, there’s no health question included, so basically anyone in this age group can qualify.
- Waiting Period: The policy ensures that the accepted amount will be paid as a death benefit; however, this can take anywhere from 2 years. If a death occurs before the end of the waiting period, the beneficiaries are returned the premiums paid with interest.
- Best for Seniors with Health Concerns: This plan is suitable for people who may fail a medical checkup yet still want to provide insurance for their families in case of final expenses.
Simplified Issue Life Insurance
- Health Questions Mandatory: This program requires a few basic health questions. If the person being solicited is in good health, there might be instant coverage.
- Immediate Coverage: For those who are healthy enough to pass the basic health questions, this plan gives fast access to a death benefit that does not involve waiting periods typically associated with the guaranteed issue plan.
- Better for Healthier Individuals: This plan is more favorable if you are generally a healthy individual since it covers you right away.

- Choosing the Right Coverage

While both types of coverage make sure your final expenses are covered, the plan best for you is based on your health and age. The guaranteed issue plan provides peace of mind to those who may have difficulty qualifying for other forms of life insurance, while the simplified issue plan gives a more immediate solution for those with better health. Be it plan A or B, Open Care Senior Expense Insurance will ensure that the family is provided with financial assistance at the right moment.

Open Care Senior Expense Life Insurance Costs

- Premiums Start Low

Basic Coverage Starting at $7.49 a Month The prices for Open Care Senior Expense Insurance range as low as $7.49 a month, so you could get this product as a means of covering many aged people. This basic coverage will ensure that you can begin protecting your family from the financial cost of final expenses, no matter how great or little the burden is on your wallet.

Price Variations Based on Personal Factors While premiums may start low, the price you pay could increase depending on certain factors, including:

Age: The older you are, the higher the cost of premiums.
Health Status: If the individual suffers from pre-existing health conditions, premiums may be high because they are at higher risk to the insurer.
Coverage Amount: Your premiums will increase as you choose greater coverage.

- Guaranteed Issue vs. Simplified Issue Plans

Guaranteed Issue Plan Premiums
- The premium of guaranteed issue plans is usually higher than that of simplified issue plans. That is because no health questions have to be presented to an applicant, and the insurer bears a heightened risk by issuing coverage to applicants regardless of their health status.
- Example: Under the guaranteed issue plan, an elderly person aged 60 years may pay an average of $29 for a $10,000 annual policy. The premium captured the added risk since no health screening was conducted.
Simplified Issue Plan Premiums
- The cheapest and most basic issue plans have lower premiums, mostly if you’re in good health. This plan would just require answering a few basic health questions that are enough for insurers to be able to offer competitive pricing for healthier applicants.

A premium tends to be cheaper than the guaranteed issue plan, as there is less risk to the insurance firm.

Fixed Premiums Once Enrolled

Once you enroll in Open Care Senior Expense Insurance, your premiums will not change for the life of the policy. Therefore, although the premium might be higher since you age or if you increase the coverage, the premium does not increase once you enroll.

Cost Comparison with Competitors

While the policy is generally costlier than many of the other final expense policies available on the market, it offers greater flexibility in underwriting. This makes it ideal for seniors or individuals with health concerns who may have difficulty qualifying for other life insurance policies. For those eligible for traditional plans, other insurers are likely to offer cheaper plans, but Open Care’s loosened eligibility criteria make an important trade-off for those who need it.

Arguments Against Buying Open Care Senior Expense Insurance

As beneficial as Open Care Senior Expense Insurance can be to some seniors, it is certainly not the best for everyone. Here are several reasons why you might want to reconsider before committing to this policy:

- High Premiums Compared to Other Providers

Premiums Could Be More Expensive to Older Persons Open Care Senior Expense Insurance premiums tend to be more expensive than most other life insurance companies, especially for older people. If you want cheaper coverage, you may find a good price or better terms at competing insurers that offer similar or better benefits.

Differences in Cost for Comparable Coverage Although Open Care guarantees acceptance and does not require a medical exam, the benefits come at a cost. More than likely, other insurers will provide the coverage for less in many instances, particularly if you’re in decent health and qualify for other types of life insurance policies.

- Waiting Period for Guaranteed Issue Plans

2-Year Waiting Period A guaranteed issue plan comes with a waiting period of 2 years before they pay out the death benefit. In case of the death of the policyholder within this time frame, the beneficiaries receive only a refund, including interest on the premiums paid, rather than the full death benefit. This could be a significant drawback for a person looking for immediate coverage of final expenses.
Possible Financial Burden Waiting Period: If you are purchasing a policy that’s intended for coverage of final expenses and are concerned about dying suddenly, then, for your loved ones, the waiting period means that at a critical time, they will not have the necessary funds. Therefore, in such cases, another policy that doesn’t have a waiting period would be ideal.

- Limited Coverage Options

Coverage Limit of $50,000 Open Care Senior Expense Insurance provides coverage between $2,000 and $50,000. That may be appropriate for most, but it is a bit too little if you require much higher coverage amounts to pay for more expensive funerals or other final expenditures. The best bet, if you require more than $50,000 in coverage, is to consider another life insurance product that offers higher coverage limits.
Not Suitable for Those Seeking Large Policies If your financial circumstances demand a more substantial life insurance policy to fund serious debts or extra expenses, then probably Open Care’s limits may not be large enough.

- Deceptive Advertising Practices

Low, Misleading Premiums Some of the more deceptive advertisements Open Care uses are for very low premiums that may not reflect the actual cost for policies. These ads build an expectation of being affordably covered and then the premium can be much greater than one expected when they apply, especially if they fall into some of those higher-risk age brackets or worse health brackets.
Important to Read the Fine Print Before purchasing a policy, it’s very important to read the fine print to avoid any surprises. Appealing to people can be advertisements; however, their appeal only goes towards the full scope of coverage, premium costs, or exclusions and limitations that can affect your policy.

Open Care Senior Plan: Pros and Cons

Let’s take a closer look at the advantages and disadvantages of Open Care Senior Expense Insurance:

- Pros:

No Medical Exam: With some plans, you won’t need to undergo medical exams and detailed health questions. This is excellent for seniors with health problems.
Fixed Premiums: Once you are enrolled, your premiums will not escalate at older ages, so you have peace of mind knowing that your costs will be predictable.
Permanent Coverage: Open Care offers whole life insurance, which means coverage will be effective for your entire life as long as premiums are made.
Quick and Simple Application Process: With minimal paperwork and no medical exam, the application process is fast and easy.

- Cons:

Higher Premiums: Compared to other life insurance providers, Open Care may be costly, especially to more mature seniors who are of older ages or who have conditions.
2-Year Waiting Period: Under the guaranteed issue policy, a waiting period ensues before coverage kicks in, thus, no benefits will be paid if you die during the first two years.
Limited Coverage: With over $50,000 in coverage, Open Care may not be a good fit.

Open Care Senior Expense Insurance Review: Is It Worth It?

Finally, Open Care Senior Expense Insurance is a good option for seniors who are looking for an easy way of saving for the burial cost. It is relatively cheap and carries no requirement for a medical exam, which is a major convenience for many seniors. However, one must take pains to compare the costs with other providers before settling on one of these plans.

If you don’t have any health issues, you can then have a better deal by paying for a policy that does not have a waiting period, which can offer more flexible coverage options. You also should meet with a licensed agent to explain your options and get the right policy for you.

Conclusion about Open Care Senior Expense Insurance

Open Care Senior Expense Insurance allows the elderly to get coverage on end-of-life expenses using relatively easy terms and no medical exam. Of course, it may seem more costly than some other providers and has limits, so when anyone qualifies with difficulty for traditional life insurance, this will be a good choice. Remember to always shop around and compare rate quotes for the best pricing and most suitable coverage.

FAQ’s of Open Care Senior Expense Insurance

1. What is Open Care Senior Expense Insurance?

Open Care Senior Expense Insurance is actually another type of life insurance that can pay for end expenses upon your death, which could include funeral costs, medical bills, and other final expenses. This insurance provides comfort for families knowing that a death benefit will be available to pay for all final expenses.

2. Who is eligible for Open Care Senior Expense Insurance?

Generally, most policies depend on your age and your health status. Mostly, individuals between the ages of 50-85 are covered. Most policies do not require medical checkups to be covered. However, serious health conditions can influence the premium or even necessitate medical underwriting.

3. How much coverage does Open Care Senior Expense Insurance provide?

Coverage amounts can vary, but most policies offer death benefits ranging from $5,000 to $25,000. The amount of coverage you choose depends on your personal needs and financial situation.

4. Are premiums for Open Care Senior Expense Insurance fixed or can they increase?

Premiums for Open Care Senior Expense Insurance are usually fixed, meaning that they stay the same throughout the life of the policy. However, some plans will have different structures, so it's always a good idea to review the fine print before buying any coverage.

5. Can I use the death benefit for anything other than funeral expenses?

The death benefit of a Final Expense Open Care policy can be used on any expense that your beneficiaries need to pay for medical bills, debts, or other costs-they don't necessarily have to be related only to funeral expenses.

Resources

Iqra Malik

Senior Writer & Licensed Life Insurance Agent

Iqra is a dynamic and insightful senior writer with a passion for life insurance and financial planning. With over 8 years of hands-on experience in the insurance industry, Iqra has earned a reputation for delivering clear, actionable advice that empowers individuals to make informed decisions about their financial future. At Burial Senior Insurance, she not only excels as a licensed insurance agent but also as a trusted guide who has successfully advised over +1500 clients, helping them navigate the often complex world of life insurance and annuities. Her articles have been featured in top-tier financial publications, making her a respected voice in the industry.