Financial Support When You Need It Most
A serious health diagnosis can turn life upside down – not just physically and emotionally, but financially too. Critical Illness Insurance provides a lump-sum cash payment if you or a covered dependent is diagnosed with a covered condition like cancer, heart attack, stroke, or major organ failure. This benefit helps cover out-of-pocket medical expenses, household bills, or anything else you need while focusing on recovery.
This coverage complements your medical insurance by filling in the financial gaps – so you can spend less time worrying about money and more time healing.
What’s Covered?
Critical Illness Insurance offers a wide scope of protection, including but not limited to:
- Heart attack or Stroke
- Invasive cancer and carcinoma
- Major organ transplant
- Severe burns
- ALS, MS, Parkinson’s, Alzheimer’s, and more.
How It Works
If you’re diagnosed with a covered critical illness, you’ll receive a cash payout – up to your elected benefit amount. That money is yours to use however you need, whether it’s for treatment, everyday expenses, or financial peace of mind.
You choose the benefit amount when you enroll, from $10,000 to $40,000 (in $10,000 increments).
If covered, a child dependent will receive coverage of 50% of your elected amount, at no additional cost.
Additionally, you may choose to enroll in coverage for your spouse or domestic partner, with coverage options ranging from $10,000 to $40,000 (in $10,000 increments), not to exceed 100% of your own coverage amount.
Why Critical Illness Insurance Matters
Even with a solid medical plan, a critical diagnosis often leads to unexpected costs like copays, travel, childcare, time off work. This coverage provides a financial cushion when you need it most, so you can focus on getting better, not on making ends meet.
And there are extra benefits built in
- Guaranteed Issue: No medical questions required. Everyone eligible can enroll.
- Portable Protection: Take your coverage with you if you leave Saks Global.
- Family Coverage Available: Add your spouse or domestic partner and children, too.
- Wellness Benefit: Receive $50 per person per year just for completing a health screening like a flu shot, mammogram, or dental exam.
Tobacco / Nicotine Attestation Requirement
As part of enrolling in Supplemental Health Benefits – including Critical Illness coverage – colleagues are required to complete a tobacco / nicotine attestation during enrollment. This attestation helps determine accurate premium rates based on tobacco / nicotine use status. Be sure to answer the attestation question carefully when making your benefit elections to ensure your coverage and costs are set correctly.
| BENEFIT AMOUNT | AGE 0-29 | AGE 30-39 | AGE 40-49 | AGE 50-59 | AGE 60-69 | AGE 70+ |
| $10,000 | $1.71 | $3.32 | $7.66 | $15.60 | $31.15 | $31.15 |
| $20,000 | $3.42 | $6.65 | $15.32 | $31.20 | $62.31 | $62.31 |
| $30,000 | $5.12 | $9.97 | $22.98 | $46.80 | $93.46 | $93.46 |
| $40,000 | $6.83 | $13.29 | $30.65 | $62.40 | $124.62 | $124.62 |
| BENEFIT AMOUNT | AGE 0-29 | AGE 30-39 | AGE 40-49 | AGE 50-59 | AGE 60-69 | AGE 70+ |
| $10,000 | $1.43 | $2.45 | $4.85 | $9.51 | $18.74 | $18.74 |
| $20,000 | $2.86 | $4.89 | $9.69 | $19.02 | $37.48 | $37.48 |
| $30,000 | $4.29 | $7.34 | $14.54 | $28.52 | $56.22 | $56.22 |
| $40,000 | $5.72 | $9.78 | $19.38 | $38.03 | $74.95 | $74.95 |
