Mutual of Omaha, a leading provider of group benefits, has announced a new Critical Illness product that allows employers to enhance their benefits coverage, while providing employees and their loved ones with added protection if a critical illness occurs.
“Many employers have been forced to move to high deductible health plans - which means higher deductibles and out-of-pocket expenses for their employees. Mutual of Omaha's Critical Illness coverage provides a simple and affordable way for our clients to offer their employees extra financial security from a trusted benefit carrier.”
Critical Illness insurance provides individuals with a lump-sum cash benefit (for the individual or their covered dependents) upon the diagnosis of a critical illness in one of the following categories: heart/circulatory, major organ, childhood/developmental, or cancer.
Mutual of Omaha's product:
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Complements a high-deductible health plan
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Provides income protection during FMLA situations that may not be covered by traditional disability plans
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Covers most common critical illnesses
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Pays a lump-sum cash benefit upon diagnosis
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Provides optional features such as additional occurrence, reoccurrence and coverage for childhood critical illnesses conditions
"The rise of health care expenses is a major factor for our clients," said Scott Ault, senior vice president of Mutual of Omaha's Benefit Solutions Division. "Many employers have been forced to move to high deductible health plans - which means higher deductibles and out-of-pocket expenses for their employees. Mutual of Omaha's Critical Illness coverage provides a simple and affordable way for our clients to offer their employees extra financial security from a trusted benefit carrier."
Mutual of Omaha's Critical Illness product is available with voluntary, non-contributory and contributory options. It can be packaged with other ancillary products on one convenient bill. In addition, it is easily underwritten for both employer and employee customers and supported by dedicated enrollment professionals, implementation and service teams.