Best Diabetes Insurance Plans Singapore: AIA vs Aviva vs Manulife Comparison

Best Diabetes Insurance Plans Singapore: AIA vs Aviva vs Manulife Comparison
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Last Updated on by Tree of Wealth

Diabetes is a serious problem in Singapore. The Ministry of Health declared war on diabetes in 2016 and since then, we’ve heard repeated calls from the government to choose brown rice over white, exercise more, and go for pre-diabetes testing.

These measures aren’t without good reason. In the 2017 National Day Rally, PM Lee said that 1 in 9 Singaporeans has diabetes. The disease is worse among older people. 3 in 10 over the age of 60 has diabetes. The problem is made worse when you consider that diabetes is also linked with other diseases such as high cholesterol and high blood pressure.

What kind of diabetes insurance plans can you or your family member get? You may also be wondering if you can get a plan even with existing conditions like diabetes, high blood pressure, high cholesterol and high Body Mass Index (BMI).

Insurance plans that cover for diabetes are usually critical illness plans. But the breadth of coverage and premiums differ. We explain what each plan offers and help you do a comparison between top diabetes insurance plans from AIA, Aviva and Manulife.

Comparison of Diabetes Insurance Plans: Aviva vs Manulife vs AIA

Aviva MyCoreCI Manulife Critical Select Care AIA Diabetes Care
Coverage term Minimum of 15 years term, maximum age 85 Coverage until age 85, no other choices

 

Coverage until age 80, no other choices

 

Total

Covered

Critical Illnesses

11 conditions:

Major Cancers

Heart Attack of Specified Severity

Stroke

Blindness (Loss of Sight)

Coronary Artery By-pass Surgery

Kidney Failure

Other Serious Coronary Artery Disease

End Stage Lung Disease

Loss of Speech

Major Burns

Angioplasty & Other Invasive Treatment For Coronary Artery

6 conditions:

Heart Attack of Specified Severity

Major Cancer

Alzheimer/Severe Dementia

Parkinson’s Disease

Stroke

End Stage Lung Disease

 

5 conditions (must be diabetes-related):

Blindness

Coronary Artery Bypass Surgery

Heart Attack of Specified Severity

Kidney Failure

Stroke

 

*Add-on cancer cover available

No Claim Payout 20% of total premium paid after end of policy term

 

25% of total premium paid after end of policy term

 

N/A
Diabetic Conditions Covered Coma due to Hyperosmolar HyperglycemicState (HHS)

Diabetic Ketoacidosis

Diabetic Nephropathy

Limb Amputation due to Diabetic Complications

 

20% of Sum Assured up to 25,000

N/A Blindness, coronary artery bypass surgery, heart attack of specific severity, kidney failure and stroke.

 

Full coverage amount or 110% of the total annual premiums paid, whichever is higher.

Special Conditions Covered N/A Osteoporosis with Fracture

Severe Rheumatoid Arthritis

 

25% of sum assured up to $25,000

N/A
Death/

Disability Coverage

Full sum assured

 

$10,000 Only

Covers Full Sum Assured for Fractures of specified sites as a result of an accident

N/A
Entry Age Age 25 Next Birthday

 

Age 40 Last Birthday

 

Age 30
Last Entry Age Age 65 Next Birthday

 

Age 70 Last Birthday

 

Age 65
Coverage for Smokers Yes Yes No
Diabetic Diagnosis Below Age 25 Not covered Covered but entry age at 40 Age Last Birthday Not covered
Type 1 Patient Not covered Covered but entry age at 40 Age Last Birthday Not covered
Premium Loading Premium varies depending on sugar level, high blood level , BMI, cholesterol and Triglycerides Level Not subjected to loading Premium varies depending on sugar level, high blood level , BMI, cholesterol and Triglycerides Level
Max Sum Assured 500,000 250,000 250,000

Aviva Diabetes Insurance Plan: Aviva MyCoreCI

Aviva MyCoreCI is a critical illness plan that promises to cover against all major critical illnesses, diabetic conditions, total and permanent disability, terminal illness and death.

Specifically, it covers Type 2 diabetes, pre-diabetes and the three highs: high blood pressure, high cholesterol and high BMI.

However, take note of the restrictions. It is not coverable for Type 1 Diabetes. The minimum entry age is 25, and Type 2 diabetes diagnosed before the age of 25 is also not covered.

The minimum policy term is 15 years while the maximum is until 85 years. Considering the minimum entry age of 25, the maximum policy term is 60 years. It’s therefore a long-term savings protection plan.

Aviva MyCoreCI Highlights:

  • Maximum sum assured: $500,000. Lump-sum payout upon diagnosis of major critical illnesses (CI), total and permanent disability (TPD), terminal illness or death.
  • Extra protection for diabetic complication: Get additional 20% sum assured if you are diagnosed with any one of the four diabetic conditions (coma due to hyperosmola hyperglycemic state, diabetic ketoacidosis, diabetic nephropathy and limb amputation due to diabetic complications)
  • Early payout upon Angioplasty & other invasive treatments for Coronary Artery: Advance lump-sum payout of 10% of sum assured, up to $25,000.
  • No claims payout: 20% of total premiums paid back at the end of the policy term if no claim is made.

Find Out More About Aviva MyCoreCI Premium:

Interested to learn more?

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Manulife Critical Select Care

Manulife Critical Select Care is relatively easy to buy, as you simply have to fill up three questions and there are no medical check-ups required. The entry age is 40 to 70 years, and covers until 85 years old.

The plan is available to those with existing health conditions such as high blood pressure, high blood sugar, high cholesterol or diabetes. It covers heart attacks of specific severity, major cancer, Alzheimer’s Disease, severe dementia, Parkinson’s Disease, strokes, end-stage lung disease and fractures of specified sites as a result of an accident.

For special conditions such as osteoporosis with fracture or severe Rheumatoid Arthritis, the insured pays up to $25,000 or 25% of SA, whichever lower.

You receive a payout of 25% of your total premiums paid at the end of your policy term as long as no claim was made on your policy.

The unique thing about Manulife Critical Select Care is that it can cover people who have suffered or are suffering from Type 1 Diabetes. Even if you get Type 2 Diabetes under 25 years old, you still can sign this plan. The premiums are also competitive, and there is no premium loading no matter how serious your high blood pressure and high cholesterol is.

Manulife Critical Select Care Highlights:

  • Maximum sum assured: $200,000. Lump-sum payout upon diagnosis of major critical illnesses (CI), total and permanent disability (TPD), terminal illness or death
  • Special conditions coverage: 25% of sum assured up to $25,000 for Osteoporosis with Fracture and Severe Rheumatoid Arthritis.
  • No claims payout: 25% of total premiums paid back at the end of the policy term if no claim is made.

Find Out More About Manulife Critical Care Select Premium:

Interested to learn more?

Fill in the form below and we will get back to you!

AIA Diabetes Care

Like Manulife’s plan, AIA Diabetes Care is easy to buy as you just need to answer five simple questions. It protects you against Type 2 Diabetes and pre-diabetes, but not Type 1 Diabetes. If you got diagnosed with Type 2 Diabetes before the age of 25, you also do not qualify.

The plan includes coverage for five key diabetes-related conditions: blindness, coronary artery bypass surgery, heart attack of specific severity, kidney failure and stroke. In the event of the above conditions, you receive full coverage amount or 110% of the total annual premiums paid, whichever is higher.

To be eligible for AIA Diabetes Care, you need to be a non-smoker, diagnosed after age 25 and have no pre-existing diabetes-related complications. The payout is lump sum and once only (provided no payout for critical illness benefit).

The entry age is 30 years to 65 years old. The great thing about this plan is that the premiums remain the same throughout the whole policy up to age 80.

AIA Diabetes Care Highlights:

  • Maximum payout: $250, 000
  • Extra payout for special conditions: 20% payout for limb amputation as a result of diabetes-related complication
  • Add-on cancer cover available: Optional cancer cover upon diagnosis of early or intermediate stage cancer, you get 20% payout of coverage amount.
  • Entry to AIA Vitality: You get to earn AIA Vitality points. Existing AIA Vitality members enjoy up to 15% discount on future premiums.

Find Out More About AIA Diabetes Care Premium:

Interested to learn more?

Fill in the form below and we will get back to you!

Verdict: Which diabetes insurance plan should you get?

As you can see, the three different plans highlighted in this article have different strong points. If you have Type 1 diabetes or you were diagnosed before the age of 25, you cannot sign up for Aviva and AIA. That leaves you with Manulife’s plan.

However, if you have Type 2 diabetes, you should consider whether you want diabetic complication coverage. If so, Aviva and AIA offer better plans. For instance, amputation is sometimes necessary if wounds or ulcer on the skin of lower limbs do not heal as a result of reduced blood flow, a diabetic complication. Aviva and AIA plans offer 20% of sum assured as payout in the event of that.

But if you want something holistic and covers all bases, Aviva’s MyCoreCI offers TPD and death coverage and also 11 other critical illnesses. With a wider coverage, the premium is also higher than AIA’s Diabetes Care [*assuming, please confirm], which is primarily focused on providing coverage for diabetes. So, you need to balance affordability vs complete coverage.

Objective Best Plan
Customer with Diabetic Type 1 Manulife
Customer who was diagnosed with Diabetes before age 25 Manulife
Customer who wants diabetic complication coverage Aviva, AIA
Customer who wants TPD and Death Coverage Aviva
Customer who are below age 40 Aviva, AIA

 Type 1 vs Type 2 Diabetes

What the difference between Type 1 and Type 2 diabetes? Basically, people with Type 1 Diabetes tend to be born with it. There is usually no prevention and the cause is unknown. Type 2 Diabetes can be prevented by a healthy lifestyle. Here’s a summary table:

Type 1 Diabetes Type 2 Diabetes
Risk factors Genes and environmental factor; cannot be prevented Genes, lifestyle choices and being overweight; can be prevented by an active lifestyle and a healthy diet
Insulin production Immune system attacks beta cells in the pancreas, so it can no longer product insulin Pancreas no longer produces enough insulin, or the body is resistant to it. So there is still some insulin
Treatment Insulin injections and constant glucose monitoring Lifestyle changes such as healthy eating, exercise, or medication

 Get Professional Advice For Your Diabetic Plan Concerns Here

Want to consult a financial advisor for the best diabetes insurance plan? We work with professional financial advisors provide non-biased solutions based on your concerns and individual needs. Also adhering to your privacy, your given information will only be used to communicate with you.

Contact us below today.


 

 

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