Mutual of Omaha, a US-based insurance company, has unveiled a new Critical Illness insurance product that allows employers to extend their benefits coverage, while providing employees with added protection for critical illness.

Providing coverage for individuals and their dependents, the Critical Illness insurance provides insurer with lump-sum cash upon diagnosis of critical illness like heart/circulatory, major organ, childhood/developmental or cancer.

The new insurance plan also provides income protection during FMLA that may not be covered by traditional disability plans and optional features such as additional occurrence, reoccurrence and coverage for childhood critical illnesses conditions.

Available with voluntary, non-contributory and contributory options, the Critical Illness product can be joined with other ancillary products and can be easily underwritten for both employer and employee customers.

Mutual of Omaha benefit solutions division senior vice president Scott Ault said the rise of health care expenses is a major factor for their clients.

"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," Ault added.