Everything on insurance for diabetes condition – How we can help!

If you have Type 2 diabetes, it is a long-term metabolic disorder that is characterised by high blood sugar.


Looking for insurance plans would have been difficult previously.

But today, plans have developed to factor in a possible coverage to you.

I'll share with you 3 plans to look at

1) AIA diabetes care plan

2) AVIVA MyCoreCI

3) Raffles Shield A with Raffles hospital option

Why should I look for coverage when I have diabetes?

The simple reason is that you are at high risk for major health issues.

Diabetes contributes to MUCH HIGHER risk of heart attacks, kidney failures and stroke.

1) AIA diabetes Care plan

Click here to see AIA diabetes care brochure

Plan covers for 5 CI conditions

To be eligible, you must be

  • Age 30-65
  • non-smoker
  • diabetic condition was diagnosed after age 25, with no pre-existing diabetes-related complications
  • condition is type 2 diabetes or pre-diabetes

Coverage limits are $250,000.

Plan also pays 20% of sum assured  for amputation of the foot at or above the ankle or hand at or above the wrist. 

Claims for this does not reduce the plan sum assured and can be claimed once.

Optional rider to cover for cancer.

This cancer rider will pay only 20% of the rider sum assured for Early CI and Intermediate CI . The full sum assured is for a CI condition.

2) AVIVA MYcore CI plan

Click here to see AVIVA MyCoreCI brochure

AVIVA MyCoreCI plan covers wider the AIA Diabetes Care plan

This plan covers for 11 CI conditions.

There are 4 Diabetic Conditions covered. For the diabetic conditions, you also can claim an additional 20% of the sum assured if you're diagnosed.

No claim reward at the end!

If you bought the plan and did not claim, at the end of the term, 20% of your premiums will be returned to you. Like a no-claim rebate.

A simpler application process

The AVIVA MyCoreCI Plan has inbuilt underwriting questionnaires to get an immediate premium estimate. No need for medical checkups.


To be eligible, you must be

  • Age 25-65
  • condition is type 2 diabetes

Coverage limit is up to $500,000.

Apparently, you may apply (with extra premiums) if you have a smoking status.

Note: This AVIVA MyCoreCI plan is also suitable if you have high BMI and/or high blood pressure and/or high cholesterol that would be difficult to find traditional life insurance with.

Special: Case study

I've a private client who has diabetes and cholesterol. He is aged 56.

This are actual figures for $100,000 coverage.

Original premium for the MyCoreCI plan till age 80 for him would be only $2,450.

With the medical declarations, total loading is almost 3x! This is mainly due to the Type2 diabetes condition.

Most of the extra premium came from the "Critical illness" and "Diabetic conditions" benefits.

The AIA Diabetes care plan was even more expensive.

Premiums would be $6,930 for $100,000 sum assured.

With cancer care rider added, it would be $9,530.

Conclusions

Quite clearly, the AVIVA's MyCoreCI plan was preferred.

The premiums are cheaper and more conditions are covered as compared to the AIA Diabetes Care plan.

The AVIVA's MyCoreCI plan also has a no-claim benefit.

If you are younger, the premiums will be much cheaper. As shown below, even though there's loading, the plan is around $200/m for a $200,000 sum assured.

3) Raffles Shield Plan A with Raffles Hospital option

The ONLY medical plan offered by Raffles Health insurance for you is the Plan A with Raffles Hospital option. This is one of the newest integrated shield plans in the market.

Note: Other integrated shield plans would have declined your application.

To read more, I've a separate blog on it. Click here to read on Raffles Shield

In a nut shell, Raffles health can offer you their medical insurance coverage BUT with extra premium from 25% to 200%. In addition, this is subjected to other health status that you may have. 

Premiums would be few hundred to few thousand dollars more from the brochure amount but at least you can get covered.


A further requirement is that you would need to be in the Raffles Care network and submit all your medical reports at point of application.

To find out more and contact me at 9006 0446 or click on the WhatsApp button below NOW.

Last updated on April 3rd, 2019 at 03:25 pm

Josh Tan Jian Liang (CHFC) Principal Author

REVIEWS: https://www.josh-tan/wall-of-reviews. COMPANY: Promiseland Independent Pte Ltd. EXPERIENCE: 11years.

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