14th November is World Diabetes Day
Diabetes is a condition that affects more than 400 million adults globally, and this number is expected to increase to above 640 million, which equates to one in ten adults, by 2040. In Singapore, over 400,000 Singaporeans live with the disease. Minister for Health, Mr. Ong Ye Kung, gave his speech on diabetes during World Diabetes Day. He mentioned the number of individuals living with diabetes has remained stable at around 8 in 100 from 2017 to 2020. We are able to maintain at this stable number because of the War on Diabetes which was declared in 2016. The most common type of diabetes are the “Type 2 diabetes”. The differences between Type-1 and Type-2 diabetes are shown as below
One reason the authorities view diabetes seriously is because of its potential risk on public health system. We know there are many other health problems such as cardiovascular disease, nerve disease, blindness, kidney failure, oral complications and lower limb amputation that are developed from diabetes. In Singapore, 34 per cent of young people aged 24 to 35 are expected to develop diabetes by the age of 65, and 35 per cent of people with pre-diabetes will progress to type 2 diabetes. With more people suffering from type 2 diabetes, insurers had also developed Diabetes Insurance Plan(DIP) for them. DIP are meant for individuals who are pre-diabetic, or type-2 diabetic patients. Although a person who has no diabetes can also purchase a DIP, it is better to get a normal insurance as the premium for DIP tends to be higher than a normal insurance. This is because the insurers are subjecting themselves to higher risk to insure diabetics.
Diabetes Insurance Plan(DIP) provides a lump sum pay-out on critical illnesses diagnosis, death and disability for chronic disease, pre-diabetic, or type-2 diabetic patients. The diabetic will face difficulties to get a normal insurance. Typically, a DIP will provide the following benefits.
- Total & Permanent Disability
- Critical Illness
At the moment, we are able to offer solutions from AIA, Singlife with Aviva and Manulife. Each plan has its pros and cons which are summaries below.
Do drop us a message if you need any information on Diabetes Insurance. Our representatives will assist you as soon as we can.