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Critical Illness Insurance

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Critical Illness insurance is underwritten by Mutual of Omaha ... Critical Illness policy/certificate forms CI, CI1, CCI, CCI1 ... Marius Barnard in 1983 ... – PowerPoint PPT presentation

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Title: Critical Illness Insurance


1
Critical Illness Insurance
  • Critical Illness Insurance
  • The coverage that pays you for living

Critical Illness insurance is underwritten by
Mutual of Omaha Insurance Company, Mutual of
Omaha Plaza, Omaha, NE 68175. Critical Illness
policy/certificate forms CI, CI1, CCI, CCI1 (in
ID, CI-20145,CI1-20146 in OK, CI-19655,
CI1-19656 in OR, CI-19913, CI1-19914 in
PA,CI-19936, CI1-19937 in TX, CI-19753,
CI1-19754) or state equivalent. This is a limited
benefit health insurance policy/certificate.
Exclusions, limitations and reductions apply.
Rates and availability may vary by state.
AFN39346_0206
2
Critical Illness Insurance
  • Due to medical advancements
  • People live longer
  • Average life expectancy at birth1
  • 1900 - 47.3 years
  • 2002 - 77.3 years

1 National Center for Health Statistics - 2005
Table 27 - Life Expectancy at Birth
3
Critical Illness Insurance
  • Due to medical advancements
  • More critical illnesses are diagnosed in the
    United States
  • More than 1.37 million new cancer cases are
    expected to be diagnosed in 20051
  • Every 26 seconds someone suffers a coronary
    event2
  • Every 45 seconds someone suffers a stroke2

1 2005 Cancer Facts Figures, American Cancer
Society 2 Heart Disease and Stroke Statistics -
2005 Update American Heart Association
4
Critical Illness Insurance
  • Due to medical advancements
  • People survive more critical illnesses
  • The 5-year relative survival rate for all cancers
    combined is 641
  • In 2003, the 1-year survival rate for heart
    transplants was 86.92

1 2005 Cancer Facts Figures, American Cancer
Society 2 Heart Disease and Stroke Statistics -
2005 Update American Heart Association
5
Critical Illness Insurance
  • Due to medical advancements
  • Survival has a price
  • Costs like
  • Loss of income
  • Out-of-network treatment
  • Experimental treatment
  • Transportation and lodging for family members and
    loved ones during treatment
  • Child care, housekeeping and other domestic
    assistance

6
Critical Illness Insurance
  • Critical Illness insurance meets a need not met
    by traditional productsthe price of survival.

7
Critical Illness Insurance
  • What is Critical Illness Insurance?

8
Critical Illness Insurance
  • What is Critical Illness Insurance?
  • Developed by Dr. Marius Barnard in 1983
  • Critical Illness provides you with a tax-free1
    lump-sum cash benefit when youre diagnosed2 with
    one of the covered conditions providing you

Financial independence when you need it most
1 According to current tax laws. Consult your tax
advisor. 2 As defined by the policy/certificate.
Exclusions, limitations and reductions apply.
9
Critical Illness Insurance
  • How do I use the cash benefit payment?
  • Critical Illness insurance is all about personal
    choiceyou may use the cash benefit payment on

Anything you wish
10
Critical Illness Insurance
  • You may be thinking
  • I already have health and disability insurance,
    so why do I need this?

11
Critical Illness Insurance
  • Traditional insurance wont cover all the
    expenses related to a critical illness
  • Medical Insurance
  • Pays for doctor visits and prescription drugs
  • Disability Insurance
  • Pays a portion of income during a period of
    covered disability
  • Life Insurance
  • Pays a beneficiary upon death

12
Critical Illness Insurance
  • Who do you know whos had
  • cancer
  • a heart attack
  • a stroke

Who planned to be on that list?
13
Critical Illness Insurance
  • Now think about what a difference a cash payment
    of 10,000, 50,000, 100,000 or more would have
    made to each person when their condition was
    diagnosed.

What difference would it make in your life?
14
Critical Illness Insurance
  • What events may impact or change your life?

Event Are you Insured? Stolen
vehicle _______________ Home
fire _______________ Home flood __________
_____ Death _______________ Diagnosis of
heart attack or cancer _______________
15
Critical Illness Insurance
  • Critical Illness Insurance from Mutual of Omaha
    Insurance Company

16
Critical Illness Insurance
  • Mutual of Omahas Critical Illness Insurance
  • Pays 100 of your maximum benefit amount when
    youre diagnosed1 with
  • Life-Threatening Cancer
  • Heart Attack
  • Stroke
  • Alzheimers Disease
  • Deafness
  • Multiple Sclerosis
  • Major Organ Transplant - when registered with
    United Network of Organ Sharing (UNOS) Paralysis
  • Renal (kidney) failure
  • Blindness

1 As defined by the policy/certificate
17
Critical Illness Insurance
  • Mutual of Omahas Critical Illness Insurance
  • Pays 25 of your maximum benefit amount when
    youre diagnosed1 with
  • First Carcinoma in Situ
  • First Coronary Angioplasty
  • First Coronary Bypass Surgery

1 As defined by the policy/certificate
18
Critical Illness Insurance
  • If 25 of policy benefit amount is paid, your
    policy still continues at a 75 benefit amount -
    with a 25 premium reduction

19
Critical Illness Insurance
  • Return of Premium Feature1
  • Youll receive the lump-sum benefit upon
    diagnosis, or if you die while this coverage is
    in force, your beneficiary or your estate will
    receive either
  • All paid premiums less benefits received or
  • Nothing, if the benefits paid are equal to or
    greater than the premiums paid

1 As defined by the policy/certificate. Not
available in Florida.
20
Critical Illness Insurance
  • Return of Premium Feature1
  • In Georgia, if you die while this coverage is in
    force, your beneficiary or your estate will
    receive an amount equal to or less of
  • Return of premium or
  • The maximum benefit amount in force at the time
    of death

1 As defined by the policy
21
Critical Illness Insurance
  • Reduction of Benefits
  • The maximum benefit amount will be reduced by 50
    at age 65 or 5 years after the issue date if the
    insured is age 60 or older at policy/certificate
    issue
  • If the policy/certificate or certain riders pay a
    portion of the maximum benefit amount, your
    maximum benefit amount and premium will be
    reduced accordingly

22
Critical Illness Insurance
  • Exclusions and Limitations
  • This policy/certificate does not cover any loss
    of the Insured caused by the following
  • (a) intentionally self-inflicted injury, while
    sane or insane (in CO and MO, while sane only)
  • (b) the use or intake of any drug, intoxicant or
    narcotic, other than as prescribed and
    administered by or in accordance with the
    instruction of a Legally Qualified Physician (not
    applicable in ID, OK, SC, SD and VT)
  • (c) the Insureds operation of a motor vehicle
    while the Insureds blood alcohol concentration
    is in excess of the legal limit in the state in
    which the incident occurs (not applicable in ID,
    OK, SC, SD and VT)
  • (d) committing or attempting to commit a felony
  • (e) loss resulting from, or service in the armed
    forces or auxiliary units (in SC, loss resulting
    from, or service in the armed forces or auxiliary
    units upon notice of entry into a service, the
    pro rata premium will be refunded
  • (f) while engaging in an illegal occupation or
  • (g) participating in a riot or insurrection.
  • (h) In ID, alcoholism or drug addiction.
  • (i) In OK, drug addiction.
  • (j) In OK, alcoholism.
  • (k) In SC, being intoxicated or under the
    influence of any narcotic unless taken on the
    advice of a Legally Qualified Physician.
  • This policy/certificate will cover only the
    following skin cancers
  • (a) invasive malignant melanoma in the dermis or
    deeper, and
  • (b) skin malignancies that have become Life
    Threatening Cancers.

No benefits are payable for any medical
conditions or surgical treatments other than the
Critical Illness Insured Conditions defined in
the policy/certificate. If cancer is detected
within the first 30 days following the
policy/certificate issue date, the
policy/certificate will be terminated and
premiums paid will be returned (provisions may
vary by state).
23
Critical Illness Insurance
  • Questions?

24
Critical Illness Insurance
  • Underwritten By
  • Mutual of Omaha Insurance Company
  • Mutual of Omaha Plaza
  • Omaha, NE 68175
  • mutualofomaha.com

Critical Illness policy/certificate forms CI,
CI1, CCI, CCI1 (in ID, CI-20145,CI1-20146 in OK,
CI-19655, CI1-19656 in OR, CI-19913, CI1-19914
in PA,CI-19936, CI1-19937 in TX, CI-19753,
CI1-19754) or state equivalent. This is a limited
benefit health insurance policy/certificate.
Exclusions, limitations and reductions apply.
Rates and availability may vary by state.
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