I’m 24 this year and I’m diabetic type 1 patient. Can I check what type of insurance plans are suitable me?

Hi anon,

I'm sorry to hear of your situation. Unfortunately at this point in time, you won't be able to get plans that will cover Type 1 Diabetes or their related complications. Manulife does have a plan called Critical SelectCare that covers type 1 diabetes, but that is only open to application for ages 40 to 70.

However, you will still be covered by Medishield Life for your hospitalization, as well as Careshield life at age 30, as these national schemes will cover pre-exisiting conditions.

Given your situation, you will have to set aside a higher than usual liquidty; this is to meet any unforseen medical related obligations. You will want to reach 12 months of expenses in your emergency fund, and then set aside another sum of money in the mean time for any possible medical expenditures. Such monies should be kept liquid and in zero risk instruments such as FDs and savings accounts. This amount can start small but you must continue to add on to it as medical costs will likely only go up.

I wish you all the best!

Hi there,

Previously in the market, most life policies do not cover consumers who have Type 1 diabetes. This is due to the increase risk of illnesses affecting other vital organs in the body. However, due to the insurance industry being progressive, we have started to make provisions for people that were previous excluded from getting coverage.

My company has recently started to provide coverage for people with certain exclusions, which you can take a look here. It is not a complete solution, but its a good start to protecting yourself from future financial risk.

As you will not be able to buy into most insurance policies, you should concentrate on building your liquidity and growing your funds to buffer against a scenario that might cause you financial strain.

If you are interested to know more, you can contact me to schedule a consult, and we can go over some strategies to overcome your situation.

I do hope i was able to answer your queries! Have a great week ahead!