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Best Diabetes Insurance Plans Singapore: Singlife vs Manulife Comparison

Best Diabetes Insurance Plans Singapore: Singlife Aviva and Manulife Comparison

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: Singlife Essential Critical Illness vs Manulife

Singlife Essential Critical Illness Manulife Critical SelectCare
Coverage term Minimum of 15 years term, maximum age 85 Coverage until age 85, no other choices

Total Covered Critical Illnesses

 

14 conditions:

  • Major Cancers
  • Heart Attack of Specified Severity
  • Stroke
  • Blindness (Loss of Sight)
  • Coronary Artery By-pass Surgery
  • End Stage Kidney Failure
  • Other Serious Coronary Artery Disease
  • End Stage Lung Disease
  • Irreversible Loss of Speech
  • Major Burns
  • Deafness (Irreversible Loss of Hearing) *New*
  • Major Head Trauma *New*
  • Severe Bacterial Meningitis *New*
  • Angioplasty & Other Invasive Treatment For Coronary Artery

7 conditions:

  • Heart Attack of Specified Severity
  • Major Cancer
  • Alzheimer/Severe Dementia
  • Parkinson’s Disease
  • Stroke
  • End Stage Lung Disease
  • Fractures of specified sites as a result of an accident
No Claim Payout 20% of total premium paid after end of policy term 25% of total premium paid after end of policy term
Diabetic Conditions Covered 
  • Coma due to Hyperosmolar Hyperglycemic State (HHS)
  • Limb Amputation due to Diabetic Complications
  • Diabetic Nephropathy
  • Diabetic Ketoacidosis

20% of sum assured payable upon Diabetic Conditions as above

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

Entry Age Age 25 Next Birthday Age 40 Last Birthday
Last Entry Age Age 65 Next Birthday Age 70 Last Birthday
Age 65 Yes Yes
Diabetic Diagnosis Below Age 25 Not covered Covered but entry age at 40 Age Last Birthday
Type 1 Patient Not covered Covered but entry age at 40 Age Last Birthday
Premium Loading Premium varies depending on sugar level, high blood level, BMI, Cholesterol and Triglycerides Level Not subjected to loading
Max Sum Assured 500,000 250, 000

Singlife with Aviva Diabetes Insurance Plan: Singlife Essential Critical Illness

Singlife Essential Critical Illness 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 for the 4 Highs:

  • Diabetes Type 2
  • High Cholesterol
  • High Blood (Hypertension)
  • High BMI (Obese)

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.

Singlife Essential Critical Illness 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.

Learn More Here

Singlife Essential Critical Illness Plan Review

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Manulife Critical SelectCare

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.

Learn More Here

Unbiased Review – Manulife Critical SelectCare

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Premium At a Glance – Male, Non smoker, Aged 45

Insurer

Singlife Aviva Manulife

Sum Assured

$100, 000 $100, 000

Critical Illness Coverage

$100, 000 $100, 000
Diabetic Conditions Benefit

20% of Sum Assured

Coverage Term 31 Years

40 Years

(to age 85 is the only option)

Premium $3,045

$1,906.50

Verdict: Which diabetes insurance plan should you get?

As you can see, the different plans highlighted in this article have different strong points.

However, if you have Type 2 diabetes, you should consider whether you want diabetic complication coverage. If so, Singlife with 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. Singlife with 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, Singlife Essential Critical Illness offers TPD and death coverage and also 14 other critical illnesses, making it the most comprehensive plan here. With a wider coverage, the premium is also higher than AIA’s Diabetes Care, 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, entry age to purchase coverage is 40
Customer who wants diabetic complication coverage Singlife with Aviva
Customer who wants TPD and Death Coverage Singlife with Aviva
Customer who are below age 40 Singlife with Aviva

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

If you’re unsure about diabetic plan is best for you, it’s always a wise move to compare the options available in the market. Our team of expert Financial Advisors can assist you in this process by providing clear and straightforward advice on the features and benefits of the plans.

You don’t have to worry about any commitment or pressure to inquire in our plans as we prioritize your informed decision-making. Feel free to reach out to us today to gain further insights on the available solutions and how they can help you reach coverage and protection objectives.


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