On Feb. 1, 2017, Mutual of Omaha will be releasing a new Critical Illness, Cancer, Heart Attack and Stroke portfolio: Critical Advantage. Critical Advantage is a Critical Illness, Cancer, Heart Attack, and Stroke insurance policies that provides a lump-sum benefit upon diagnosis.
The current Critical Illness and Critical Illness at Work policies will no longer be available starting February 1, 2017. They will be replaced by the Critical Advantage portfolio. Filing for approval in remaining states is continuing. The current Cancer, Heart Attack and Stroke policies will also fall under the Critical Advantage portfolio.
The Critical Advantage portfolio is a simple concept- it pays a lump sum upon diagnosis of a covered condition. This money can then be used in any way your client chooses such as:
- Medical/Non-medical expenses
- Paying for health insurance deductibles
- Travel costs if they need to receive treatments elsewhere
- Replacing their income while they are unable to work
There are three products within the Critical Advantage portfolio. Your clients can choose between a critical illness policy, cancer policy or heart attack and stroke policy. Critical Advantage will be a great addition to your product portfolio and can increase your opportunity for collateral sales!
Features with Critical Advantage:
- Coverage types- Critical Illness, Cancer, Heart Attack or Stroke
- Benefit amounts from $10,000-$100,000 payable upon diagnosis
- Lump-sum benefit upon diagnosis
- Individual, Individual plus child/children, or family coverage options
- Issue Ages
- Critical Illness: 18-64 (18-54 Term)
- Cancer, Heart Attack and Stroke: 18-89 (18-54 Term)
- Critical Advantage replaces Critical Illness and Critical Illness at Work in all the states that have been approved
- January 31, 2017 – Applications for Critical Illness and Critical Illness at Work must be signed on or before this date
- January 31, 2017 – The last applications will be accepted in the Home Office for Critical Illness and Critical Illness at Work. No exceptions will be made
- Any pending applications will be processed as applied for
The Critical Advantage portfolio has the following underwriting criteria:
- Express underwriting for policies $50,000 and under
- Yes/No knock-out questions
- Simplified Underwriting for policies $50,000 and above
- Yes/No knock-out questions
- Addition of MIB, Pharm inquiry and random telephone interview
You will be able to reference the Critical Advantage Product and Underwriting Guide (190074) for any other rules, criteria, underwriting guidelines, and uninsurable health conditions you may need to know.
Critical Advantage Marketing Materials
Approved Critical Advantage marketing materials including applications will be available on SPA, in Forms and Materials or through your regular ordering channels.
Don’t forget the critical illness, cancer, heart attack and stroke policies are added to Winflex. This means you’re able to provide a quote using the software you’re already using for other products.
If you have any questions, please contact Mutual of Omaha’s Sales Support at (800) 693-6083 or e-mail firstname.lastname@example.org.