"Diabetic?!"
That was my reaction, punctuations and all, when at the tender age of 34, I was served a lifetime sentence of a chronic condition. In truth, I shouldn't have been surprised. As a crazed foodie who had no limits or standards, an inborn disdain for any healthy physical activity (operative word: healthy), and a family history of Type 2 diabetes, I had set myself up for this verdict. Instead of taking heed over the years, I was busting my way through every single warning and signal before finally being grounded to a halt with a simple health review.
Alas, hindsight vision is always 20/20.
Riding the rollercoaster: My life with diabetes
Managing Type 2 diabetes is no walk in the park – it isn’t simply about popping a pill or two and hoping for the best. And even that has its troubles. I remember taking Metformin, one of the most common and affordable diabetes medications, for the first time. No one, not even my specialist warned me of the side effects which floored me for the first three months – horrible nausea and blinding migraines. Sure, it greatly reduced my appetite (who thinks about food when they’re constantly thinking of throwing up?) and as a result, I lost weight. While weight management was part of the plan, that definitely wasn’t the best way to do it!
Later on, a change in the brand of Metformin I was taking caused a downward spiral emotionally – yes, one of the lesser-known side effects but a side effect, nonetheless, is depression. While I managed to work it out eventually, the few months were absolutely bleak.
Then there’s the minor hassle of actually taking it – even though it’s a daily affair, it’s funny how often I can forget. So, I’ve resorted to labelling my pills which I do weekly. And when I travel, I have to lug it all along… a bit of a wet blanket, but that’s the life of a diabetic.
That’s just the medication alone! On a daily basis, it’s about managing my diet and trying to shoehorn in some physical, heart rate-raising activity. After 11 years, I still don’t know which is harder. Saying no to all the edible temptations in our glorious city of food is always an uphill battle, and despite trying all kinds of workouts, from trendy to traditional, I’m still not in love with working out! But I do my best. Some days are a win, and on others, I just tell myself to try harder the next day. (Pssst, walking is actually the easiest and most fuss-free way to get moving!)
It’s a constant cycle of monitoring, reminding, adapting and evolving along with a disease that doesn’t let up. I may have been able to take my foot off the gas when I was younger, but as I age, I can feel the difference if I let myself go… and I have to quickly pull back. Because the complications from diabetes can be horrific – heart disease, stroke, kidney disease, nerve damage… the grim list goes on.
The importance of securing insurance coverage
But what if (knock on wood) something were to happen?
Thankfully at the point of diagnosis, I was covered by my company’s insurance. On the personal front, I had my Integrated Shield insurance plan which would cover my hospitalisation bills if something were to happen to me. Well, to a certain extent… if my medical costs went above my coverage, I would have to fork out the additional from my own pocket as I had no other insurance coverage like a critical illness plan.
Wait, what does critical illness insurance cover? For starters, it offers a lump-sum payout in the event of a critical illness such as heart attack, stroke, kidney failure and cancer. This can go towards paying off any medical bills or simply alleviate any financial strain such as loss of income.
For healthy individuals, a critical illness plan is a great boost to their basic coverage of medical, hospitalisation and life insurance. But for someone like me with a chronic condition, this plan becomes essential. Remember what I said diabetes could lead to?
I knew then that this chronic condition would make me ineligible for critical illness insurance, or I’d have to pay through my nose for very limited coverage. This was back in 2013, when awareness of the disease wasn’t as prevalent as it is today, and before our government’s War on Diabetes.
What was I to do? Well, the follies of youth come with an ability to throw caution to the wind, so I just leveraged my then corporate insurance while managing my health and hoped for the best.
Finding peace of mind 11 years later
Fast forward to 2023. Being at a completely different life stage, I thought I'd get a financial review done. Enter my financial adviser representative, Chung Yee Lin, from Singlife Financial Advisers. She did a thorough check of my existing plans and started recommending some products for the gaps in my portfolio. Some financial investments to boost my retirement funds, and oh, I’d need a critical illness plan too.
I did a double take when she said that. Well, more like a snigger, laced very heavily with grief. “There’s no way I can get that,” I said. But she said, "Oh, didn't you know? Singlife has a plan called Singlife Essential Critical Illness for people with pre-existing Type 2 diabetes like you." Say what, now?
That day, it was like Christmas came early. You might not believe me, because who celebrates insurance like that? But for people like me, every little bit counts.
I’m one of over 400,000 people in Singapore living with diabetes. The number is estimated to soar to 1 million by 2050, with one in three Singaporeans facing a lifetime risk of developing diabetes and other chronic conditions like high blood pressure and high cholesterol.1 Let me repeat that – one in three Singaporeans. I don’t know about you but that’s scary.
Now let’s break down the cost, something I didn’t mention earlier: Back in 2010, each working-age diabetic in Singapore was estimated to have spent around S$7,678 on treatment. That’s almost $8,000… 14 years ago! By 2050, these costs could increase by almost 40%, reaching over S$10,000 per patient.2 (If I could add in a ‘shocked’ emoji here, I would.) These figures emphasise the crucial need for accessible and comprehensive insurance coverage for individuals dealing with Type 2 diabetes in Singapore.
How Singlife Essential Critical Illness gives diabetics financial assurance
Singlife Essential Critical Illness provides coverage for 14 severe stage critical illnesses, including Major Cancer, Heart Attack of Specified Severity, Stroke with Permanent Neurological Deficit, and four specified diabetic conditions like limb amputation due to diabetic complications.
What sets it apart from other critical illness plans? It's available even for individuals with any of the five pre-existing health conditions: Type 2 diabetes, pre-diabetes, and the “three Highs” – high blood pressure, high cholesterol, and high Body Mass Index. Plus, getting the coverage for the plan is a breeze as you only need to answer 6 questions and no medical check-up is needed3. And just to make the future a wee bit brighter, there’s a No Claims Reward for staying healthy, i.e. you will get back 20% of your total premiums paid (include any loadings) at the end of the policy term if no claims are made during the coverage period.
^ Example of how No Claim Reward works: Get No Claim Reward of S$23,803.20 (20% of total premiums paid) at the end of the policy term if no claim is made on any benefit.
The above table is for illustrative purposes only. For more details on coverage and premiums, please refer to the Product Summary and Policy Illustration. Premiums stated is accurate as of July 2024.
Notes:
Premiums for Type 2 Diabetes are based on a customer with a Haemoglobin A1c reading of 7.5%.
Premiums for High Cholesterol are based on a customer with a Total Cholesterol reading of 250mg/dl.
Parting thoughts
Living with Type 2 diabetes is a reluctant truce. Some days are a breeze, but on the more arduous days, it’s about being resilient and finding a way to navigate the challenges. As a friend reminded me recently – celebrate the wins, no matter how small! Also, how can I forget my loving and supportive network of cheerleaders made up of family and friends? They’re a sweet bonus to have along this journey!
One thing’s for sure though – having the right insurance coverage takes a load off my mind. Realistically, I know I can’t simply rely on corporate insurance. At some point, I’d retire and then what? Having the Singlife Essential Critical Illness plan is my financial safety net and with rising costs, having that backup just makes sense. So, while the road ahead might have its twists and turns, knowing I have the right financial support should anything happen in the future makes all the difference.
So, here's to a healthier, brighter tomorrow for all of us on this journey with Type 2 diabetes.
P.S. if you want to know more about your options, I strongly recommend a chat with a financial adviser representative. Take it from a finance noob, it could really help provide enlightenment on any questions you may have.
Notes
1. Source: Channel News Asia, “War against diabetes: Doctors seeing rise in patients below 40 due to lifestyle habits, early screening”, published on 15 November 2023.
2. Source: Channel News Asia, “What is the cost of diabetes? A look at the economic impact of the disease on patients”, published on date 13 November 2022.
3. Medical examination is not needed if your application does not require further medical underwriting.
As this product has no savings or investment feature, there is no cash value if the policy ends or if the policy is terminated prematurely. Buying a health insurance policy that is not suitable for you may impact your ability to finance your future healthcare needs.
