The Double Burden: Navigating Financial and Health Hurdles with Diabetes
MWN-AI** Summary
A recent survey conducted by Sun Life highlights the financial and health challenges faced by Canadians living with diabetes, emphasizing the need for integrated financial planning. With over three million Canadians diagnosed with Type 2 diabetes, the study, which involved 500 respondents, reveals that one in three participants struggle to save for the future due to their condition. Additionally, 28% of respondents reported having to delay major life goals, and only 42% felt comfortable discussing their diabetes-related financial needs with a professional.
Rowena Chan, President of Sun Life Financial Distributors (Canada) Inc., stresses the importance of recognizing the complex interplay between health and finances. There exists a significant communication gap, with only 10% of survey participants aware of potential tax benefits for diabetes management. This lack of knowledge is exacerbated among younger individuals, women, and those with lower incomes, who often feel stigmatized or fear judgment when discussing health issues with financial advisors.
To address these unique needs, Sun Life has launched tailored products like Term Insurance for Diabetes, aimed at offering affordable coverage with a higher chance of approval for those living with diabetes. Moreover, the company’s Diabetes Care Program has already shown promising results, with 76% of participants improving their A1C levels.
The findings underscore the necessity for comprehensive support that bridges health and financial well-being, empowering individuals to navigate their lives without sacrificing important goals. Sun Life remains committed to enhancing diabetes awareness and solutions, having invested over $60 million globally since 2012 in education, research, and awareness initiatives related to Type 2 diabetes and its complications.
MWN-AI** Analysis
The recent findings from Sun Life highlight an urgent need for financial advisors to address the complexities faced by Canadians living with diabetes. As one in three respondents report that diabetes hampers their ability to save for the future, professionals must recognize the intertwined nature of health and wealth for their clients with chronic conditions. This intersection presents a unique market opportunity for financial professionals who can offer a tailored approach to financial planning that incorporates health considerations.
The significant gap in awareness regarding diabetes-related tax benefits suggests a crucial area for advisors to educate their clients, particularly younger individuals and those from lower socioeconomic backgrounds who may feel uncomfortable discussing health issues. To foster more open conversations, financial planners should create a supportive environment that encourages clients to share their health needs. This strategy not only enhances client relationships but can also set advisors apart in a competitive financial services market.
Moreover, the recent introduction of products like Sun Life’s Term Insurance for Diabetes showcases the demand for insurance options designed specifically for individuals with chronic conditions. Financial institutions should aim to develop more inclusive and customized products to meet the financial needs of this demographic.
In addition to creating financial products, advisors should emphasize a holistic approach that integrates health management coaching, such as programs that support diabetes care. By positioning themselves as advocates for their clients’ overall well-being, advisors can deepen their client engagements and drive retention.
In conclusion, those in the financial advisory space should prioritize education, product innovation, and holistic support for clients managing diabetes, capitalizing on this pressing need to strengthen their market positions while improving client outcomes.
**MWN-AI Summary and Analysis is based on asking OpenAI to summarize and analyze this news release.
Canada NewsWire
- Sun Life data exposes unique long-term planning challenges for Canadians with diabetes
- 1 in 3 respondents say living with diabetes makes it hard to save for the future
- 28% delayed major life goals because of their condition
- Only 42% feel comfortable discussing their diabetes-related needs with a financial professional
TORONTO, Jan. 15, 2026 /CNW/ - Sun Life survey data sheds light on the financial challenges faced by Canadians living with diabetes and the unique needs of those navigating life with a chronic health condition. The data from 500 respondents, collected by Element54 on behalf of Sun Life, signals that when health and wealth intersect, it can feel overwhelming to balance current needs with long-term planning. Over three million Canadians are living with Type 2 diabetes1 and one in three survey respondents say that living with the illness makes it hard to save for the future.
"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," said Rowena Chan, President, Sun Life Financial Distributors (Canada) Inc. and Senior Vice-President, Retail Advice & Solutions. "They also highlight the critical need for a more integrated approach to financial planning that considers a person's overall health and well-being."
Holistic health and financial conversations
The survey also reveals significant knowledge gaps and communications barriers surrounding chronic conditions. Only 10 per cent of respondents know about diabetes tax benefits, and younger individuals, women and those with lower household income are less likely to feel comfortable discussing their health with a financial advisor. Stigma and fear of judgment are also key barriers preventing people living with diabetes from discussing health-related needs when consulting a financial professional.
"As someone who lives with diabetes, I understand how difficult it can be to talk openly about your health," said Joseph Taylor, Sun Life advisor. "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."
No matter where an individual is in their life journey, it is important that they feel empowered to live their healthiest life. Last year Sun Life launched Term Insurance for Diabetes, an industry-first product designed to empower Canadians living with diabetes to help make health and financial decisions on their terms. This comprehensive life insurance product was designed to address an unmet need for Canadians and offers a higher chance of approval and affordable premiums. Sun Life also offers the Sun Life Diabetes Care Program for individuals looking for more guidance with their diabetes care.
Navigating the mental and physical toll
Diabetes can impact both physical and mental health, touching many aspects of daily life. Still, with the right support and management, individuals can thrive while keeping their condition under control. Sun Life's Diabetes Care Program has helped many participants. Over three-quarters (76 per cent) of people who completed the program have seen improvements to their A1C and almost half (40 per cent) have achieved an A1C range where deprescribing could be considered2.
There's also a link between diabetes and other chronic conditions, such as heart disease, kidney problems, and mental health challenges. By taking a comprehensive approach to care, including lifestyle modifications, regular monitoring, and access to support services, many of these risks can be mitigated.
"Living with diabetes shouldn't mean putting your life goals on hold," added Chan. "By offering a full spectrum of support that takes a holistic view of health and finances, Sun Life is empowering Canadians living with diabetes to take control of their futures."
Sun Life is on a committed journey to support diabetes awareness and solutions for Canadians. Since 2012, the company has committed more than $60 million to diabetes globally to support and promote education, awareness, and research efforts into the prevention of type 2 diabetes and its related complications.
For more information on Sun Life's diabetes resources, visit www.sunlife.ca/en/health/diabetes/.
*Diabetes Care Program is offered through the Online Pharmacy, by Pillway, and is currently not available to Quebec residents
1Diabetes Canada
2 Sun Life report, https://www.sunlife.ca/content/dam/sunlife/regional/canada/documents/gb/ltd-claim-trends-report-tl1185.pdf
About Sun Life
Sun Life is a leading international financial services organization providing asset management, wealth, insurance and health solutions to individual and institutional Clients. Sun Life has operations in a number of markets worldwide, including Canada, the United States, the United Kingdom, Ireland, Hong Kong, the Philippines, Japan, Indonesia, India, China, Australia, Singapore, Vietnam, Malaysia and Bermuda. As of September 30, 2025, Sun Life had total assets under management of $1.62 trillion. For more information, please visit www.sunlife.com.
Sun Life Financial Inc. trades on the Toronto (TSX), New York (NYSE) and Philippine (PSE) stock exchanges under the ticker symbol SLF.
Note to editors: All figures in Canadian dollars
To contact Sun Life media relations, please email Media.Relations@sunlife.com
SOURCE Sun Life Financial Canada
FAQ**
How does Sun Life Financial Inc. SLF:CC plan to address the unique financial planning challenges faced by Canadians living with diabetes, particularly given that 1 in 3 respondents find it hard to save for the future?
What strategies does Sun Life Financial Inc. SLF:CC employ to reduce the stigma and communication barriers that prevent individuals with diabetes from discussing their health needs with financial professionals?
In what ways does Sun Life Financial Inc. SLF:CC's Diabetes Care Program integrate financial and health support to help individuals with diabetes not only manage their condition but also achieve their long-term life goals?
Considering the survey findings, what specific initiatives is Sun Life Financial Inc. SLF:CC planning to implement to improve awareness of diabetes-related tax benefits among Canadians, particularly among younger individuals and those with lower household incomes?
**MWN-AI FAQ is based on asking OpenAI questions about Sun Life Financial Inc. (TSXC: SLF:CC).
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