Mutual Of Omaha Cancer Heart Attack And Stroke Insurance Review, Rate 2022

Mutual of Omaha’s Critical Advantage Plans provide insurance protection if you experience a sudden critical illness, such as cancer, a heart attack, or a stroke.

Owning a critical illness policy can give you and your loved one peace of mind by reducing the potential risk of a financial burden after developing a life-changing medical condition.

Should you have a critical illness policy and experience a critical illness, the insurance policy will pay out a lump-sum benefit payment that you can use however you see fit.

The benefit payment received from any one of three Critical Advantage plans offered by Mutual of Omaha may help cover bills, healthcare deductibles, or debts while you recuperate from your illness.

These plans have become increasingly popular as the costs associated with intensive care, surgery, and major medical procedures have continued to grow each year. 

However, Mutual of Omaha is not the only company that offers critical illness insurance, and before choosing a policy, you should always review your options.

This article specifically reviews the complete details of the Mutual of Omaha Cancer, Heart Attack, and Stroke insurance plans. To learn everything you need to know about owning a Mutual of Omaha’s critical illness plan, keep reading so you can decide whether their coverage can match your needs.

Mutual of Omaha Insurance Company

Mutual of Omaha was founded in 1909 and sold health and accident insurance plans to residents of Nebraska. A decade later, the company was selling insurance coverage in 15 states.

Mutual of Omaha is now one of the largest insurance companies in the United States and offers insurance plans in all 50 states. The range of options available from Mutual of Omaha includes life insurance, annuities, long-term care coverage, disability insurance, and critical illness insurance.

Many people may also recognize the company from Mutual of Omaha’s Wild Kingdom television show. The company sponsored the popular wildlife series and produced 140 episodes across several decades.

Mutual of Omaha Insurance Company Ratings and Reviews

When researching an insurance company and its coverage options, you should always involve looking at the company’s financial ratings to gain a better sense of its financial stability. You want to ensure that the company can pay its claims. Mutual of Omaha has received high ratings from the major rating services, including:

• AM Best: A+ Superior
• Moody’s: A1 Good
• S&P Global: A+ Strong

Mutual of Omaha is a trusted insurance company with over 110 years of experience. You can count on them to fulfill financial obligations to their policyholders. In addition, they are a Fortune 500 company with over $43 billion in assets and close to $10 billion in annual revenue.

Mutual of Omaha Critical Advantage Plans

Mutual of Omaha Critical Advantage is a portfolio of three insurance plans intended to provide Americans with an additional form of coverage for dealing with unexpected medical costs resulting from a critical illness.

According to stroke statistics published in the National Library of Medicine, the average cost of stroke treatment is over $20,000.

Mutual of Omaha Critical Advantage Plans Include:

1. Critical Illness Coverage
2. Cancer Coverage
3. Heart Attack and Stroke Coverage 

The cost of coverage, covered conditions, issue ages, and optional riders will vary depending on the type of coverage you choose. However, all three plans include the following basic features:

• Lump-sum payment paid upon diagnosis of a qualifying condition
• Available for individuals, spouses, or the entire family
• Lifetime and temporary contract options
• Optional policy riders to choose from
• Express and simplified underwriting 
• No medical exams are ever required

Here is a complete and detailed breakdown of what the three Critical Advantage Plans from Mutual of Omaha can offer.

Mutual of Omaha Critical Illness Insurance

Mutual of Omaha Lump-Sum Critical Illness Insurance policy will benefit several people at all stages of life, such as single adults, young couples, families with children, and business owners.

The Critical Illness plan is the most comprehensive of the three available coverage options offered in the Critical Advantage portfolio. It includes coverage for cancer, heart attack, stroke, and several other critical illness health conditions. 

The insurance coverage works by paying a lump sum benefit payment should a qualifying critical illness occur. A payout received from the insurance policy can be used to provide income if your illness leaves you unable to work or even supplement gaps within your healthcare coverage.

After a diagnosis of a qualifying condition, you will receive a percentage of the benefit amount in a lump-sum payment. For example, Mutual of Omaha pays 100% of the benefit for most health conditions. However, coronary angioplasty surgery or coronary artery bypass surgery has a benefit payout of 25% of the total benefit amount.

The policy ends after you have received 100% of the benefit. If you die before the end of the policy, your beneficiaries will receive a return of all premiums you paid minus any claim payments. 

You may choose a benefit amount, policy term, and policy riders that suit your needs, as shown in the below coverage overview table.

Issue Ages

Issue ages for the Lump-Sum Critical Illness plan will be based on the desired contract length. Lifetime plans offer an issue age of 18 through 64. Plans based on a temporary period are available to applicants ages 18 through 54.

Benefit Amounts

You can choose a benefit amount of $10,000 up to a maximum of $100,000 in $10,000 increments.

Contract Options

Contract options include lifetime or temporary plans. Temporary policies are available with term contracts of 10, 15, 20, and 30 years. With a temporary policy, you have coverage until the end of the term.

Lifetime plans are permanent and only expire if 100% of the benefit amount is paid out or the coverage is canceled, or lapses due to non-payment.

You can also choose to obtain coverage for yourself, your spouse, and your children. Dependent children retain the coverage until the age of 25 or get married, whichever comes first.

Covered Conditions

The critical illness policy covers a variety of health conditions, including:

• Cancer
• Heart attack
• Stroke
• Deafness
• Blindness
• Alzheimer’s disease
• Kidney failure
• Paralysis
• Major organ transplant surgery
• Coronary artery bypass surgery

Policy Riders

This policy offers two optional riders if you purchase a lifetime plan. The optional policy riders are not available on any of the term contracts. Optional policy riders include:

• Cash Value
• Intensive Care

The Cash Value Rider pays a percentage of all premiums paid during the life of the policy. The percentage payable depends on the number of years that you maintain the policy. For example, if you keep the policy for six years, you get 3% of your premiums back. If you keep the policy for at least 25 years, you get 100% of your premiums back.

The Intensive Care Rider pays a daily benefit for each day that you spend confined in intensive care as the result of an injury or sickness. You can choose a daily benefit amount of $250, $500, $750, or $1,000 per day. This rider is only available for applicants aged 64 years old and younger.

In addition to the two optional policy riders, the critical illness plan comes with a return of premium feature that pays your beneficiary a return of all premiums minus any payout if you die while your coverage is active. This feature is different from the cash value rider as that pays a return of premium if you cancel your coverage.

Mutual of Omaha Critical Illness Insurance Rate Chart

Monthly unisex rates are current as of 5/16/2022 representing the cost of a $25,000 / $50,000 / $100,000 Mutual of Omaha Critical Illness plan with lifetime protection.

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Mutual of Omaha Cancer Insurance

Mutual of Omaha Lump-Sum Cancer Insurance policy works the same way as the critical illness policy. However, the cancer plans only pay a benefit payment for a cancer diagnosis. It does not cover other medical conditions or accidents and therefore costs less than the critical illness plan.

After receiving a cancer diagnosis, the insurance company pays a lump-sum payment equal to 100% of the benefit. The policy ends after receiving a benefit payout, or the term length ends.

Issue Ages

Issue ages for the cancer insurance plan are available to applicants between the ages of 18 and 89 when choosing lifetime coverage. Term coverage is only available to applicants between the ages of 18 and 54.

Benefit Amounts

The benefit amounts for cancer insurance range from a minimum of $10,000 to a maximum of $100,000. At an average cost of $150,000, cancer treatment is one of the most expensive medical treatments. This plan can cover a large portion of your bills or help with other financial obligations.

Contract Options

You can choose between a permanent lifetime plan or a plan based on term lengths. The available term lengths include 10, 15, 20, or 30-years. 

Spouse and dependent children may also be added to the cancer policy to receive protection. The maximum benefit for dependent children is $50,000.

Covered Conditions

Cancer insurance pays the policy’s full benefit if you are diagnosed with internal cancer or malignant melanoma. However, it does not cover any other diseases or accidents unless you have elected to add additional policy riders.

Policy Riders

The cancer insurance plan offers three optional policy riders:

• Cash Value
• Heart Attack and Stroke
• Intensive Care

The Cash Value Rider pays a percentage of all premiums paid during the life of the policy. The percentage payable depends on the number of years that you maintain the policy. Only available on lifetime plans.

The Heart Attack & Stroke Rider adds coverage for heart attacks, strokes, angioplasty surgery, and artery bypass surgery. Benefits are available in amounts of $10,000 to $100,000 for those between the ages of 18 and 89. You receive 100% of the benefit for a heart attack or a stroke and 25% for surgery.

The Intensive Care Rider pays a daily benefit for each day that you spend confined in intensive care as the result of an injury or sickness. You can choose a daily benefit amount of $250, $500, $750, or $1,000 per day. This rider is only available for applicants aged 64 years old and younger. Only available on lifetime plans.

Mutual of Omaha Cancer Insurance Rate Chart

Monthly unisex rates are current as of 5/16/2022 representing the cost of a $25,000 / $50,000 / $100,000 Mutual of Omaha Cancer Insurance plan with lifetime protection.

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Mutual of Omaha Heart Attack and Stroke Insurance

Mutual of Omaha Lump Sum Heart & Stroke Policy pays a benefit for heart attacks, strokes, coronary angioplasty surgery, and coronary artery bypass surgery. It does not cover cancer or any other diseases or accidents.

You receive a benefit payment after receiving medical care for one of the qualifying conditions. For example, Mutual of Omaha pays 100% of the benefit for a heart attack or stroke and 25% of the benefit for angioplasty and bypass surgeries.

As with the other plans, the policy ends after receiving 100% of the benefit or when the term contract period has ended.

Issue Ages

The minimum issue age for all plans is 18 years old. The maximum issue age is 89 for a lifetime plan and 54 for a term plan.

Benefit Amounts

The benefit amounts are $10,000 to $100,000 in increments of $10,000. A heart attack or a stroke may result in a hospital stay and a bill exceeding $20,000. The benefit amount may cover your medical care costs or provide an income replacement so you can focus on recovering.

Contract Options

You can choose between lifetime coverage and term coverage with a term of 10 years to 30 years. You can also add coverage for a spouse and dependent children.

Covered Conditions

The heart and stroke policy covers heart attacks and strokes. You may also receive a portion of the benefit if you must receive coronary angioplasty surgery or coronary artery bypass surgery.

Policy Riders

The heart attack and stroke insurance plan offers three optional policy riders:

• Cancer Coverage
• Cash Value
• Intensive Care

The Cash Value Rider pays a percentage of all premiums paid during the life of the policy. The percentage payable depends on the number of years that you maintain the policy. Only available on lifetime plans.

The Cancer Rider adds coverage for a cancer diagnosis. It is available between the ages of 18 and 89 and includes benefit amounts of $10,000 to $100,000.

The Intensive Care Rider pays a daily benefit for each day that you spend confined in intensive care as the result of an injury or sickness. You can choose a daily benefit amount of $250, $500, $750, or $1,000 per day. This rider is only available for applicants aged 64 years old and younger. Only available on lifetime plans.

Mutual of Omaha Heart Attack and Stroke Insurance Rate Chart

Monthly unisex rates are current as of 5/16/2022 representing the cost of a $25,000 / $50,000 / $100,000 Mutual of Omaha Heart Attack and Stroke Insurance plan with lifetime protection.

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Application Process for Mutual of Omaha Cancer, Heart Attack and Stroke Insurance Plans

The application process for Mutual of Omaha’s Critical Advantage plans is offered in paper and electronic options. The electronic application is completed with the help of a licensed agent and can provide faster processing time, often leading to quicker approval.

When completing the application, you will be required to provide personal information and answer a few medical questions listed within the application. The medical questions are based on the three plans you are applying for. These are also known as the elimination questions, as answering yes to any of the medical questions listed on the application will result in immediate disqualification for coverage.

The entire application should take 15 minutes to complete and then be sent to underwriting for processing.

Medical Exam Requirements

A medical exam is not required when applying for coverage. Mutual of Omaha uses two non-medical underwriting options for its Critical Advantage plans:

• Express Underwriting Plan – Available for coverage amounts of $50,000 and less 
• Simplified Underwriting Plan – Available for coverage amounts over $50,000

Both options require you to answer a series of yes/no medical questions. With Express Underwriting, your eligibility is based on your answers to the health questions in the application.

The Simplified Underwriting Plan requires a review of third-party underwriting sources. Mutual of Omaha contacts the Medical Information Bureau (MIB), runs a prescription medication check, and may require a telephone interview.

Mutual of Omaha Cancer, Heart Attack and Stroke Insurance FAQ

After covering the basics of the three Mutual of Omaha’s Critical Advantage plans, you may still need more information on a few of the plan’s features. Use the following FAQ to find additional answers you need, or leave a comment at the end of the review.

Is Mutual of Omaha a Good Company?

Mutual of Omaha has over 110 years of experience and millions of satisfied customers. The company became a BBB accredited business in 1940 and currently holds an A+ rating.

Mutual of Omaha handles complaints and concerns swiftly and is known for offering dependable service, whether you need insurance or any other product.

How Does Mutual of Omaha Process and Pay Out its Claims?

You must notify Mutual of Omaha of your diagnosis to initiate the claims process. The company then reviews your claim and issues the payout. The entire process may take 14 to 60 days.

Is There an Elimination Period Before Receiving a Claim Payment?

There is not an elimination period on any of the three plans. However, cancer coverage begins after the first 30-days the policy is active.

Are There Restrictions on the Use of Claims Money?

There are no restrictions on how you use the claims money. You can use it to cover medical and non-medical expenses, allowing you to focus on getting better.

The claims money may help cover your mortgage payments or daily living expenses. You may need the money to replace your income if you cannot work during your recovery. The payout can also help reduce the burden of medical costs, including the cost of a supplemental health insurance plan or out-of-pocket Medicare costs.

The advantage of this type of insurance is that you can use the money however you choose instead of solely dealing with medical expenses. Receipts or medical bills are not required.

What Determines Eligibility for Coverage?

Eligibility is based on several factors, including:

• Your age 
• Your height and weight
• Pre-existing conditions

You must meet the age requirements for the plan that you select. Critical illness is only available up to the age of 64 for lifetime coverage. You can get lifetime cancer or heart attack and stroke coverage up until the age of 89. The term coverage options are only available for those between the ages of 18 and 54.

The insurance agent who takes your application also checks a build chart when you apply for heart attack and stroke, critical illness, or a policy with the intensive care unit rider. The build chart compares your height and weight to determine if you are significantly underweight or overweight. 

Pre-existing conditions, often of high-risk, can disqualify you from obtaining coverage. AIDS is a disqualifying condition for all plans. If you are applying for the Critical Illness and have been diagnosed with any of the following in the past 10 years, you will not be eligible for critical illness:

• Kidney Function
• Alzheimer’s Disease/Dementia/Cognitive Impairment
• Chronic Liver Disease (to include Cirrhosis, Hepatitis B & C)
• Eye or Ear Disorder/Disease
• Neurological Conditions (such as Multiple Sclerosis, Parkinson’s, Seizures, Muscular Dystrophy)
• Organ Transplant
• Pulmonary Fibrosis
• Severe Chronic Lung Disease

Is a Medical Exam Required to Apply for a Policy?

Medical exams are not required when applying for any of the three Critical Advantage Plans offered by Mutual of Omaha. Instead, the underwriters will request information from the MIB, run prescription checks, and review the answers on the application to determine your eligibility for coverage.

How Quickly Is Approval for Coverage?

Approval for any one of the three Mutual of Omaha’s Critical Advantages plans is often quick. Electronic applications and coverage amounts under $50,000 will usually result in the fastest approval times as those plans fall under the express underwriting program. As a result, approval can be as quick as a few hours after applying.

Paper applications and coverage amounts over $50,000 may take a little longer, but applicants are still likely to receive approval for their coverage within a few days from applying.

Can I Cover My Entire Family (Including Children) Under One Plan?

All three Mutual of Omaha Critical Advantage plans allow you to insure your entire family, including dependent children, under one family plan.

Spouses and domestic partners may receive the same coverage amount as the primary insured, while children will be limited to $50,000 in maximum coverage.

Children will receive coverage up to age 25 as long as the primary insured coverage is active. When a child reaches the age of 25, they will have the option to convert their coverage into their own plan. 

What Happens After You Are Approved for Coverage?

If you are approved for coverage, your policy will be mailed or emailed to you along with any final forms that require signatures. The policy is in force after the first premium payment is processed.

All policyholders will have access to their own online account where you can manage your account, pay bills, update policy information, and much more.

Can You Qualify If You Already Have a Pre-Existing Health Condition?

You can qualify with certain pre-existing health conditions. As discussed, AIDS automatically disqualifies you from receiving coverage. Individuals applying for cancer insurance cannot have a past cancer diagnosis. If you apply for heart attack and stroke insurance, you cannot have a past treatment for heart disease.

How Affordable is Mutual of Omaha Critical Illness Advantage Plans?

There are three plans offered with Mutual of Omaha’s Critical Advantage. All three can provide affordable rates. However, the Critical Illness will be the most expensive as it allows for the most coverage.

In addition to the type of plan you choose, the length of the plan will also affect the cost. For example, a plan with a term length will cost less than a policy that offers lifetime coverage.

How Does Mutual of Omaha Plans Compare to the Competition?

Mutual of Omaha plans are a top choice compared to other insurance companies’ options. The plans are affordable and provide flexible options. However, we still recommend that you view all your available options as there may be better options available based on your individual needs.

For example, Assurity critical illness plans can offer protection up to $500,000 with multiple policy riders. Their plans also pay claims for each individual covered health condition versus a one-and-done pay-out plan. So if you were to have a heart attack and your policy paid out 100% of the benefit, the coverage doesn’t stop.

How Do You Get a Mutual of Omaha Cancer, Heart Attack and Stroke Insurance Quote?

You must work with a licensed agent to get a quote. Luckily, we are licensed to sell these policies. Use our online quoter to get a quote today.

What Is the Cancellation Policy with Mutual of Omaha?

You receive a 30-day free look period after accepting the contract. You get a full return of all premiums paid if you cancel within the first 30 days. After the free look period, you are refunded any unused premiums and the policy is terminated.

Pros of Mutual of Omaha Cancer, Heart Attack and Stroke Insurance Plans

Here are a few of the reasons to consider getting a Critical Advantage plan from Mutual of Omaha:

• No medical exam
• Lifetime and term coverage options
• Covers a wide range of critical illnesses
• Cash value rider 
• Family coverage

You do not need to complete a medical exam, which eliminates the hassle of getting a new insurance policy. You simply need to fill out a short application. You can also choose from flexible contract options, including lifetime coverage or term coverage.

The policies also cover a wide range of critical illnesses. If you choose the Cancer or Heart Attack and Stroke plan, you can add a rider to cover the other illnesses. 

The Cash Value rider is another advantage, as it allows you to recoup some of the cost of the insurance plan. Even if you cancel the policy after 10 years, you receive a portion of the money you spent on the policy.

Mutual of Omaha also allows you to add a spouse and dependent children. You can include a spouse on the same policy with up to $100,000 in coverage per individual. However, you can only obtain up to $50,000 in coverage for children.

Cons of Mutual of Omaha Cancer, Heart Attack and Stroke Insurance Plans

Critical Advantage plans from Mutual of Omaha do not suffer from any major drawbacks. All three plan options are affordable and flexible. However, you must work with a licensed agent. 

Mutual of Omaha does not provide options for applying yourself. Yet, working with an agent offers several benefits, including receiving help comparing options and finding a policy that best matches your needs.

Conclusion – Is Cancer Heart Attack and Stroke Insurance Worth it?

Mutual of Omaha Cancer Heart Attack and Stroke Insurance is worth it for those who want additional financial protection. These insurance plans may help cover a gap in healthcare coverage or provide income protection for specific periods of your life. 

For example, you may obtain a Critical Advantage plan to cover your mortgage, a child’s college education, or any other major expense. If you end up suffering from a critical illness, you will have money available to use in any way that you choose. 

A cancer insurance plan may be beneficial for those with a family history of cancer. A heart attack and stroke plan is a good idea for those with a family history of heart disease. 

Obtaining one of these policies is also simple, as you do not need to complete a medical exam. You just need to answer a few medical questions and authorize a check of your medical history and prescription history.

If you want more financial protection, consider applying for a Critical Advantage plan from Mutual of Omaha. Obtain a quote today to start comparing prices and options.

Additional Mutual of Omaha Coverage Options

• Mutual of Omaha Final Expense Life Insurance