Understanding the Policy

Critical illness insurance is a unique life insurance product by Mutual of Omaha that can be used not in case of death but in case some critical illness befalls the policyholder. It offers ample financial assistance if the holder is diagnosed with a serious illness like cancer or heart condition or a stroke etc. In effect, it works like a health benefits plan for major diseases.

Mutual of Omaha offers 2 individual health condition plans for Cancer and Heart Attack + Stroke. And then a combined policy that covers cancer, heart problems, and stroke in one plan. You can choose any one of them and relax.

How it Works

Once you’ve bought the Critical Illness Policy you are eligible for the benefits of the plan. In case the policyholder is (God forbid) diagnosed with a condition covered by the plan during the term of the policy, they just have to report their diagnosis and they will receive the amount of coverage through a check or a direct funds transfer.

1. Cancer Insurance Plan

 

  • Covers cancer and malignant melanoma
  • Coverage amount: $10,000 – 100,000
  • Offered for ages 18 – 89
  • Benefit payment: Lump Sum after diagnosis
  • Sample Monthly rates for a 40-year-old with lifetime coverage: $24 for $25,000 and $49 for $50,000.
  • Upon the diagnosis of cancer or melanoma, you will receive 100% of your benefit amount.
  • Doesn’t insure HIV, AIDS, or Cancer patients with a history of cancer in the last 10 years. Or treated for conditions for which cancer hasn’t been ruled out, in the past 3 years. Contact us for further details.

 

2. Heart Attack & Stroke Insurance Plan

 

  • Covers Heart Attack, Stroke, Bypass surgery, and Angioplasty
  • Coverage amount: $10,000 – 100,000
  • Offered for ages 18 – 89
  • Benefit payment: Lump Sum after diagnosis
  • Sample Monthly rates for a 40-year-old with lifetime coverage: $22 for $25,000 and $45 for $50,000.
  • 100% coverage benefit paid in case of a Heart attack or Stroke. 25% in the case of Coronary artery bypass or angioplasty.
  • Doesn’t offer insurance to HIV, AIDS or Diabetes patients; those with major heart conditions, disorder or disability other than cholesterol or blood pressure and those who have been diagnosed, treated or tested for any problem for which a heart condition has not been ruled out in the past 3 years. Contact us for further details.

 

3. Combined Critical Illness Insurance Plan

 

  • Covers cancers and malignant melanoma, Heart conditions along with bypass and angioplasty surgery, stroke, organ transplants, Alzheimer’s disease, renal failure, CABG surgery, blindness, deafness, paralysis PTCA surgery.
  • Coverage amount: $10,000 – 100,000
  • Offered for ages 18 – 89
  • Benefit payment: Lump Sum after diagnosis
  • Return of premium if the policyholder dies while the policy is in effect
  • Sample Monthly rates for a 40-year-old with lifetime coverage: $61 for $25,000 and $123 for $50,000.
  • Does not cover HIV, AIDS, cancer patients, or those having been tested treated or diagnosed with conditions that haven’t ruled out cancer or heart conditions in the past 3 years. For the complete list of uninsurable conditions as per the medical underwriting guidelines, please contact us.