What is diabetes insurance?

  • This insurance provides coverage for people suffering from pre-existing conditions such as diabetes, high blood pressure, and high cholesterol.
  • An alternative insurance option for people who have had applications rejected due to such underlying conditions.
  • The insurance policy usually does not come with any cash/surrender value.

Why is Diabetes Insurance Important?

 

Being diagnosed with diabetes can be life-changing with uphill challenges as it means altering your lifestyle, diet, and daily medications. Above all, one may face unexpected financial difficulties if there are further complications.

 

Typically, medical underwriting when applying for life and health insurance will be tricky if diagnosed with pre-existing conditions such as high blood pressure and/or diabetes.  With this in mind, insurers recognize that there is a need to address this protection gap.

 

The plans will provide a lump sum payout to the insured if there is a diagnosis of a condition that is covered under the policy. In addition, the risk of critical illness or a medical condition diagnosis increases if one has diabetes, high blood pressure or high cholesterol. The need to cover oneself with critical illness insurance for diabetics is ever more important if already diagnosed with diabetes.

What are the diabetes insurance plans available?

 

There are several plans available for someone who is diagnosed with diabetes.

 

For health and medical insurance, Raffles health has launched their flagship Raffles shield to provide hospitalization coverage. Together with medical doctors, Raffles Health will partner with policyholders with chronic conditions such as Diabetes to manage their health too.

 

Additionally in the health and medical insurance aspect, Income welcomes individuals with chronic conditions (subject to underwriting guidelines) to cover personal accidents with Income PA Assurance Plan. The plan will cover medical expenses incurred due to infectious diseases and accidents.

 

For individuals looking to cover for critical illness, look no further for Singlife Essential Critical illness and Manulife Critical Selectcare. The plans cover various advanced-stage critical illnesses such as Cancer, Heart Attack and Stroke.

 

Ranging from cancer-specific plans to critical illness plans, there are various other plans, including diabetes life insurance coverage, in the market to address concerns for people with Diabetes.

 

Plan Singlife Essential Critical Illness  Manulife Critical SelectCare Cancer Plans AIA Diabetes Care
Death Coverage 100% of sum assured

$10,000

$5000 $5000
TPD Coverage 100% of sum assured N.A N.A N.A
No. of Critical illness coverage 14 6 1 5 (optional to add in early Cancer)
No. of Diabetic complications benefit 4 2 N.A N.A

No claim reward

Refund of 20% of total premiums paid

Refund of 25% of total premiums paid

N.A N.A

 

Our Recommendation

The plans available are not limited to the plans discussed above. One may also consider Personal Accident plans, Raffles Shield, and/or AXA global Care to address the gap for Accident and Health medical needs. Speak to our trusted financial advisors to discuss and recommend the best plans for you.

 

Being diagnosed with diabetes can be life-changing. With the proper insurance in place, you can plan ahead to prevent any potential financial challenges that may arise due to diabetes complications. For instance, if you are diagnosed with type 1 diabetes, having the best life insurance for type 1 diabetes can save you money on out-of-pocket expenses. It is important to make sure you are protected with adequate health insurance. Speak to a licensed financial advisor to understand the various plans available to you today.

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