Managing diabetes isn’t just about health. For many Canadians, it’s a financial balancing act.iStockPhoto / Getty Images
When Monika Jhaveri was diagnosed with type 2 diabetes, she quickly learned that managing the condition came with an unpredictable price tag. And as a self-employed real estate agent in Airdrie, Alta., her income can be inconsistent, compounding the stress.
It makes it harder for Jhaveri to feel financially secure in the long term.
While not all people with type 2 diabetes require insulin, some – like Jhaveri, now in her 50s – do rely on it as part of their treatment. For her, it’s one of a variety of costs that can complicate the routine of managing type 2 diabetes.
How diabetes impacts health, work, emotional well-being and saving for the future
Jhaveri is not alone. One in three Canadians live with diabetes or prediabetes, which includes type 1, type 2 diagnosed and type 2 undiagnosed. This amounts to more than 11 million people for whom financial planning can be a major concern, especially since life insurance approval rates are lower for people with diabetes.
Diabetes can have a long-term impact on your financial health. According to recent research commissioned by Sun Life to understand the attitudes of people with type 2 diabetes towards their personal finances, one in three respondents say living with diabetes makes it harder to save for the future.
For Jhaveri, these costs span everything from her continuous glucose monitor (CGM) to regular replacement patches. Even her grocery bills are higher, as managing type 2 diabetes requires a more tailored and health-conscious diet.
“The financial management adds stress and burnout. Sometimes, it feels overwhelming to manage both the physical and financial aspects together,” says Jhaveri. “The constant side effects of the illness make everyday life difficult, too.” She feels the mental effects of the stress sometimes get in the way of being a mom of two.
According to psychotherapist Joy Sereda, the parallel between the financial burden and physical and mental health isn’t unusual for people living with diabetes.
“The most common challenge that I see is diabetes distress,” Sereda says. “It’s the toll of day-in, day-out management – stress, anxiety, frustration, anger and that overwhelmed feeling. Up to half of individuals with diabetes experience it at some point.”
Sereda notes that counselling can help to manage stress and the stigma around living with a chronic condition. Knowledge is a key part of diabetes care. For example, demystifying devices and dosing helps reduce uncertainty and anxiety and increases confidence, she says.
The financial reality of living with type 2 diabetes in Canada
The expenses associated with diabetes extend into family budgets and long-term planning. That’s where financial tools, like life insurance, can provide stability and peace of mind – though people with diabetes have traditionally faced barriers in getting approved.
“Insurance should be seen as a foundational part of any financial roadmap, especially Canadians who may already be facing barriers to access the protection that they need,” says Rowena Chan, President of Sun Life Financial Distributors (Canada) Inc., and Senior Vice President of Retail Advice & Solutions. Chan noted that Canadians with diabetes are four times less likely than the average Canadian to apply for life insurance, and of those who apply, many were declined or offered unaffordable premiums.
“This gap in protection is exactly why we created Sun Life Term Insurance for Diabetes and believe it can be a powerful part of holistic financial planning,” she says.
Sun Life Term Insurance for Diabetes is an industry-first solution designed to make coverage more accessible and help people feel more supported.
“Knowing that access and affordability are barriers that hinder Canadians with diabetes from obtaining coverage, we designed this product to offer higher chance of approval and affordable premiums,” Chan says.
Sun Life clients can also sign up for the Diabetes Care Program¹. The program gives Canadians with diabetes access to healthcare professionals to help achieve their health goals – at no cost. Clients can also access the Online Pharmacy, by Pillway with benefits such as online prescription refills, pharmacist support and free medication delivery.
Sun Life also offers resources for living with diabetes, providing tools, programs and support to ease money stress and help Canadians focus on their health. These include planning aids like a budget calculator to help track expenses and plan ahead.
Smart strategies to manage diabetes expenses and plan ahead
Diabetes may be a life-long condition, but managing its financial impact doesn’t have to feel overwhelming.
While discussing health conditions with a financial professional may feel uncomfortable or too personal, advisors emphasize the importance of overcoming this hesitation.
“A good advisor will understand the unique challenges faced by those with diabetes and can help create a tailored plan to manage costs and address specific needs,” says Natalie Sachs, Sun Life advisor. “Being open about your condition allows us to provide more comprehensive and effective financial guidance.”
This openness can lead to better financial outcomes, as advisors can factor in diabetes-related expenses and potential tax benefits that clients may not be aware of.
Beyond Sun Life Term Insurance for Diabetes, Sachs recommends that clients look into employer-sponsored benefits and other planning tools to help ease the cost of chronic care. Your advisor may even recommend opening a Registered Disability Savings Plan (RDSP), which is aimed at individuals who are approved to receive the Disability Tax Credit (DTC). RDSPs offer government-matching grants and tax-deferred growth.
“Many clients come to me feeling overwhelmed. They have families who are affected by these decisions and want to know their expenses won’t impact their long-term goals,” she says. “Putting the right protection in place is crucial to help ensure their future is secure for generations to come.”
Sachs’s best advice is to start planning and budgeting early. For many families, life insurance can also play an important role in planning ahead. It’s not the only solution, but it can provide added security alongside budgeting supports, savings plans and programs.
Planning for your financial future can reduce the stress of living with diabetes
Canadians living with diabetes can take real steps toward greater control of their conditions and their financial futures – through protection plans like Sun Life Term Insurance for Diabetes and support tools such as its Living with Diabetes resources.
Working with a trusted professional, such as a Sun Life advisor, can also help alleviate the financial burden incurred by diabetes related costs. “They help clients create a financial roadmap that encompasses their health, wealth and protection needs so they can plan for added costs, make informed decisions and have peace of mind that their future is protected,” says Chan.
For those newly diagnosed, Jhaveri advises early research and planning, through work and available programs. “Don’t be afraid to ask your doctor for samples,” she says.
Sachs agrees: “Whether you have been diagnosed with diabetes or not, it is crucial to prepare yourself for unexpected expenses… The sooner the better.”
If you have diabetes or prediabetes and need support, visit Sun Life: Living with Diabetes for specialized planning tools and resources to help you plan with confidence. You can also learn more about Sun Life’s Term Insurance for Diabetes by visiting sunlife.ca/DiabetesSupport.
1 The Sun Life Diabetes Care Program is not available in Quebec.
Advertising feature produced by Globe Content Studio with Sun Life. The Globe’s editorial department was not involved.