Sun Life Survey Takes a Closer Look at Unique Challenges Faced by Canadians Living with Diabetes
When health and wealth intersect, it can feel overwhelming to balance current needs with long-term planning. For the over three million Canadians living with Type 2 diabetes, this reality is particularly acute.
New survey data from Sun Life
1 in 3 people
living with diabetes say their condition makes it hard to save for the future.
28%
have delayed major life goals because of their illness.
Rowena Chan
"These findings serve as a wake-up call. They underscore the complex relationship between health and finances, particularly for those managing chronic conditions like diabetes. They also highlight the critical need for a more integrated approach to financial planning that considers a person's overall health and well-being.”
The conversation gap
Beyond the financial strain, the survey of 500 Canadians living with diabetes uncovered significant barriers to getting the support people need. Only 42% feel comfortable discussing their diabetes-related needs with a financial professional, with stigma and fear of judgment cited as key obstacles preventing open conversations.
The knowledge gap is striking too. Just 10% of respondents are aware of diabetes tax benefits that could help ease their financial burden. Younger individuals, women, and those with lower household incomes are even less likely to feel comfortable discussing their health when meeting with a financial advisor.
42%
of respondents feel comfortable discussing their diabetes-related needs with a financial professional.
10%
of respondents are aware of diabetes tax benefits that could help ease their financial burden.
Joseph Taylor
"As someone who lives with diabetes, I understand how difficult it can be to talk openly about your health. The connection between health and financial planning isn't always obvious, but the reality is that many Clients managing a chronic condition have unique spending and saving circumstances. It's critical that we have conversations around health and financial planning as an integrated process – and one that's simple, accessible and holistic.”
Meeting people where they are
At Sun Life, we believe no matter where someone is in their life journey, it's important that they feel empowered to live their healthiest life. That's why we've developed solutions specifically designed to address the unmet needs of Canadians living with diabetes.
Last year, Sun Life launched Term Insurance for Diabetes, an industry-first solution designed to empower Canadians living with diabetes to make health and financial decisions on their terms. This comprehensive life insurance offers a higher chance of approval and affordable premiums, removing a significant barrier many faced when seeking coverage.
Sun Life also offers the Sun Life Diabetes Care Program for individuals looking for more guidance with their diabetes care. The program provides personalized support that has made a real difference. Over three-quarters of people who completed the program have seen improvements to their A1C levels, and almost half have achieved an A1C range where deprescribing could be considered.
Looking ahead
Living with a chronic condition like diabetes impacts many aspects of daily life, including physical health, mental well-being, and financial security. But with the right support and management, individuals can thrive while keeping their condition under control.
By bridging the gap between health and wealth conversations, we can help Canadians living with diabetes feel more confident about their future. Because financial planning isn't just about numbers on a page. It's about understanding the whole person and creating solutions that support their holistic well-being, today and tomorrow.
