Is Burial Insurance Necessary
Burial insurance is a very good way to protect your family from having to take care of thousands of dollars related to your end-of-life expenses.
According to the National Funeral Directors Association, the national median burial cost was approximately $8,700.
And with each passing year, burial costs have increased higher than the average inflationary increase on standard, everyday products.
When you pass, if you do not have a funeral expense plan and your family cannot cover your funeral, the local government will have to bury your buddy.
In this case, your family must sign over your body to the local government who will then decide where, how, and when you are buried. This is NOT a very comforting way to say goodbye to a loved one.
It is so important to prepare for this event because you need to find coverage that will cover you well above the normal amount that would be required to bury you, including a bit extra to account for inflation purposes, if possible.
So, you do not have to get burial insurance, but there are MANY good reasons every adult should get it!
Americo: Eagle Premier Series
Best for Quick Coverage
Founded in 1946, Americo has been providing financial services and insurance products for over 70 years. It offers a strong portfolio of life insurance policies in particular, including several whole life insurance policies.
The quick application process is similar to that of other companies. But in addition to simplifying the process, Americo also has one of the quickest wait times between the time of approval and the time coverage begins. Once approved, theres no waiting period for the policy, so full coverage starts from day one. This can provide much needed reassurance for anyone who is worried about passing away within the first few years of purchasing the plan. Americo is one of the few companies that provides immediate coverage for people with COPD and other high-risk health conditions.
To qualify for this policy, you must be a nonsmoker between the ages of 50 85. If you do smoke, you must be between the ages of 50 80. While there is no medical exam required, there are some simple health questions on the application that will determine your eligibility. The quick-issue application process means that approved applicants get their coverage quickly usually within 48 hours of approval. Americo does not provide coverage to residents of New York.
Senior Lifes Term Life Insurance Plans
When it comes to Senior Lifes term life insurance plans they have two different options. They are available for individuals who are between the ages of 20-65 and face amounts that range from $10,000 to $50,000. Similar to their whole life policies the premiums will never increase, the benefits will never decrease, and the policy can not be cancelled unless premium payments are missed.
Is Term Life Affordable With Open Care Senior Plan
First, we would never recommend term life insurance for final expense purposes. Term Life, terminates. This is why is cheaper. The life insurance company knows you have a 90% of chance of outliving the term. For example, lets say you are 55 years old, and you took out a $50,000 20 year term life policy. By the time it terminates, you are already 75 yrs old. At this point you cannot extend the term, and good luck qualifying for permanent life insurance then. The Open care term life insurance plan offers between $25,000 and $500.000 of protection without any blood or urine testing. In fact, if you are between ages 18 75 you may qualify for coverage. However, you may go through a PHI , and your prescription records may be requested. This is Why is called simplified issue. It is simple, but it does not mean is as easy to get as final expense insurance.
Therefore, it is always a good idea to compare Term Life Insurance Quotes with other top-rated Life insurance companies. We have many options on our website with the help of our Life Insurance Calculators.
Compare Term Life Insurance Rates
Senior Life Insurance Is A Worthwhile Investment
The one thing most seniors forget to do is secure life insurance.
The one thing most seniors forget to do is secure life insurance. Its also the most important thing to include when formulating a financial plan for the senior years and it doesnt have to be difficult. Its actually really easy to secure the right coverage at the right price.
There is a life insurance policy for everyone. It all depends on how much coverage is needed and how much the coverage will cost. With a budget in mind and a needs analysis in place, then securing life insurance can be easy.
Its easy to get overwhelmed when researching life insurance companies and their life insurance products. Remember to keep it simple. Typically seniors want a policy that wont be canceled because of increasing age. Finding a policy that doesnt require a medical exam is also possible. Many companies only require a simple application.
Most seniors want a life insurance policy that will at the very least cover the expenses of a funeral and burial. The cost of funerals can be high, depending on location and all the different options that may be available. Funerals are among the most expensive purchases seniors can make. Funeral costs can average over $6,500 and Social Security only provides a death benefit of $225. Most families struggle to come up with that much money quickly in a time of grief.
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Open Care Senior Plan In Summary
Selecting the right Open Care Senior plan is important, not just for you, but for your loved ones too. One Care offers three main options for life insurance coverage, with up to a $500,000 death benefit depending on the policy selected.
No matter how you live your life, a senior plan through Open Care Seniors can be hugely beneficial to your family after your passing. Be sure to take a look at all of Open Care Seniors senior plan offerings before making a decision, and take time to find the policy that best suits your needs.
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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.
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Open Care Life Insurance For Seniors
Open Care life insurance for seniors is whole life insurance, so coverage is permanent and premiums will never increase. Such benefits of Open Care life insurance for seniors.
- Face value generally ranges from $2,000 to $25,000, although some policies have face amounts as high as $50,000.
- Eligibility ages are normally between 50 and 85 years old.
- Open Care life insurance for seniors is a great choice for seniors because they are guaranteed to have insurance for as long as they live and as long as they continue to pay their premiums.
- Most seniors have a fixed income, so Open Care life insurance for seniors allows them to have a predictable insurance payment each month.
It also gives them peace of mind knowing that their insurance will never be canceled and their premiums will never increase.
Open Care Life Insurance: Plans And Goals
Open Cares final expense plans are defined as burial insurance
- Burial insurance is designed to cover funeral costs.
This means there is no need to take an exam .
- Their goal is to provide the best value in terms of cost and coverage for our clients.
They represent several life insurance companies and work hard for our clients to provide the finest service possible.
- Moreover, this is an independent agent, and they work as a partner with several different life insurance providers to get the greatest pricing and coverage for our clients.
The reason for this is that independent agents may shop around for you and discover the greatest combination of cost and coverage for your specific needs.
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Is Opencare Final Expense Plans Worth It
Heres how to calculate: Suppose a female age 60 decides to buy a $10,000 final expense insurance. She will pay $32/month to ensure her family has $10,000 for any final expenses. She will be at risk of:
Death within two years if our insured passes away within the first two years of her policy, she may have paid 24 x $32 = $768 in premiums, but her family will be entitled to a lump-sum payment of $10,000 at her death.
Living to age 85 Our insured would have paid $9600 in premiums if she lived to age 85 because she would have paid: 25 years x 12 months x 32 = $9600, but her family would receive a $10,000 benefit.
Getting A Second Opinion
If you believe its important to get a second opinion:
I hope you enjoyed this review.
Please feel free to leave a comment below if you have any questions.
Disclaimer: We are not in any way affiliated with Open Care Seniors. In fact, we are a direct competitor of theirs. This article is our personal review and our personal opinions of the company. If you are looking to contact Open Care Seniors directly, call them at 1 300-1446.
About David Duford
David Duford is the owner and operator of BuyLifeInsuranceForBurial.com. He’s helped over 1,500 people with their life insurance needs across the country. He is the author of 3 best selling insurance sales and marketing books, and helps insurance agents across the country help their clients with insurance needs.
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Open Care Final Expense Insurance Plans How Do They Work
Open care senior plan is final expense life insurance or burial insurance that provide peace of mind. Its just like regular life insurance from an insurance company, but with one important difference: you dont have to take a medical exam.
Simply buy a policy and be on your way itll cover everything from headstones right down to urns for cremation ceremonies so that when someone close dies there are no questions left unanswered at their funeral home reception desk. Just like a Gerber life policy.
Get the best burial insurance and never worry about outliving your death benefit, unlike a term life insurance plan.
Open Care Senior Plan Final Expense whole life provides:
- Permanent protection, as long because you pay your premiums , no one can cancel due to age or health issues
- No premium increases for LIFETIME! The best Burial policy is designed not to have any at all agesits an investment for today AND tomorrow Forever!!!
- First day coverage covers the full regardless if its natural causes like cancer death. Even though were talking about life here but hey who knows what could happen anymore so why take chances
Burial life insurance is a great way to ensure that you have all your bases covered. An Open Care senior plan is a final expense plan that offers between $5K and 50k in protection with no medical exam, so its never too late for peace of mind!
Guaranteed Whole Life Insurance
You can apply for Colonial Penns Guaranteed Acceptance policies if you are between 50 and 85 years old. This whole life policy does not require a medical examination, but there is a two-year limited benefit period if applicants want guaranteed coverage. This waiting period means that your policy will not pay out a full death benefit to beneficiaries within the first two years of owning the plan.
- Pro: The policy can build cash, beginning after the first year of coverage, and allows you to choose the death benefit limit.
- Pro: As long as you continue to pay the premium, their Guaranteed Acceptance plans will cover you for your entire life. The policy has a fixed rate, so you will always pay the same premium.
- Con: Colonial Penn Insurance Companys guaranteed acceptance policy offers a restricted death benefit that is frequently who wish to decrease the financial burden on their families upon their death.
- Con: There are no questions about your health and there is no medical exam. However, youre paying a hefty premium for not providing personal information. You can get a cheaper premium from other insurance companies if they take more information into account, like your health and age, and a medical examis required.
Coverage amounts depend on the person. But if the insured dies during the first two years, you wont get all of the money you paid.
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Alternatives To Open Care
As Im sure you understand now, Open Care is not the best option for a funeral expense insurance plan. You may be asking, So now what? Well, now you need to look at different alternatives to an Open Care plan.
I cannot just rattle off appropriate alternatives because the appropriate alternative for you specifically may be different from another one of my customers. However, we work with over 15 different insurance providers.
I have no doubt that we at Buy Life Insurance For Burial can find a well suited alternative plan that provides better coverage at a competitive or even lower rate than Open Care.
If you would be interested in getting answers to different questions you have about insurance or taking a look at the options available to you give us a call at 888-626-0439.
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, itâs 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.
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Benefits Of Final Expense Insurance
Like other types of life insurance, final expense insurance pays out a death benefit to your beneficiaries, which they receive as a lump sum. This means your beneficiaries have the option to use the proceeds of your policy however they want.
With that being said, final expense life insurance is intended to cover you guessed it your final expenses. This can include the cost of your funeral and burial or cremation, the cost of liquidating your possessions, living expenses incurred at the end of your life and more.
Families also use final expense insurance to cover expenses you may not even think of ahead of time things like flowers, obituaries in the newspaper and even outstanding medical or credit card bills.
Its even possible to assign a final expense life insurance policy directly to a funeral home, although your heirs can also pay in cash for services and wait for reimbursement from the final expense policy. If your heirs choose to use the life insurance policy to pay a funeral home directly, they should ask for an itemized bill for all the goods and services theyre requesting, which is their right under the Federal Trade Commissions Funeral Rule.
Its All About You We Want To Help You Make The Right Coverage Choices
Advertiser Disclosure: We strive to help you make confident life insurance decisions. Comparison shopping should be easy. We are not affiliated with any one life insurance provider and cannot guarantee quotes from any single provider. Our life insurance industry partnerships dont influence our content. Our opinions are our own. To compare quotes from many different companies please enter your ZIP code on this page to use the free quote tool. The more quotes you compare, the more chances to save.
On This Page
- Open Care Seniors plan options include guaranteed issue, final expense, and term life insurance options
- Senior plans can start as low as $6.96 per month with up to $500,000 in coverage
- Open Care Seniors plans are low contribution, rates dont increase, coverage doesnt decrease, and almost no one is turned down
End-of-life planning can be a monumental task, even for those who are prepared. With all the healthcare and life insurance options on the market, it can be difficult to weed out the plans that are right for you. To help ease the burden, weve taken a look at independent insurance agency Open Care Seniors senior plan offerings below.
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