Diabetes Mellitus is one of the pre-existing conditions whereby patients find it hard or almost impossible to get any life or health insurance coverage once diagnosed. Yet, it is also one of the health conditions that, if not properly managed, will lead to a series of serious debilitating health complications.
Health complications of diabetes patients
Some of the health complications that diabetes patients in Singapore are prone to develop include eye diseases such as cataract and glaucoma, kidney disease, cardiovascular disease, and nerve disease (leading to amputation from undetected infections). Diabetes patients also tend to have hypertension and dyslipidemia, which greatly leads to an increased risk in stroke.
Further, one of the risk factors for cancer includes being diagnosed with Type-1 or Type-2 diabetes.
With the introduction of AIA Diabetes Care, Type-2 diabetic patients may finally have some reprieve when it comes to getting health and life insurance coverage.
Yes! Tell me more! Specifically, what does AIA Diabetes Care cover?
This newly introduced plan (the first and the only insurance plan for diabetes patients) is specially designed to cover all the above-mentioned complications. The benefits of the plan include coverage for 5 diabetes-related critical illnesses, a special amputation coverage and an optional rider that covers early to advanced stage cancer:
- Coronary artery bypass surgery
- Heart attack of specified severity
- Kidney failure
Optional add-on rider
- Early to advanced stage cancer rider
The plan covers diabetic patients up to a substantial age of 80 and the premiums are guaranteed and level!
Based on the above example, Jane, who is a 30-year-old diabetes patient can get up to $240,000 worth of coverage when the total premiums paid is only $47,800.
However, because the intent of this plan is to serve as an illness coverage plan for diabetics, the death coverage is only $5,000.
Wah so good, is the underwriting gonna be very tedious then?
You would expect that the insurer will impose a set of lengthy health underwriting questionnaire for this coverage. Yet, the plan only requires 5 simple underwriting questions and no medical examination, simpler than that of a normal insurance’s underwriting!
Okay, sounds good! How can I sign up?
If you would like to understand more about the AIA Diabetes Care plan and whether it is suitable for you, or whether you fulfill the underwriting requirements, I will be happy to get in touch with you. Just drop me a message in contact box right at the bottom of the page 🙂
Note: Author is a Certified Financial Planner® with one of the largest financial advisory firm that partners with most of the insurers in Singapore.