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
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Plan covers for 5 CI conditions
To be eligible, you must be
- Age 30-65
- 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
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!
Most extra premium came from the CI and Diabetic conditions benefit.
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.
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 cheaper.
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. Click here to read on Raffles Shield to find out more and contact me if you need.
Last updated on December 31st, 2018 at 09:06 am