Newly diagnosed with diabetes? It’s time to call your financial advisor

Open this photo in gallery:

Just over 18 months ago, after a routine blood test, 46-year-old John Bethell received some unexpected, life-altering news: he has Type 2 Diabetes.

Bethell soon found himself adding new medical expenses to his family’s budget. Some were short-term – he had to cover the out-of-pocket costs for new medication for six months until coverage kicked in – while others have become permanent. The family now spends between $1,000 to $1,500 per month to cover healthier groceries and additional vitamins like B12, for example, which makes for a substantial increase in their household budget.

“I don’t think a lot of people take [the lifestyle changes] into consideration,” says the Vancouver-based father of two. “You have to cut down on the sugary foods, of course, but also the cholesterol – so that increased [the family’s] costs with eating a healthier diet.”

Still, Bethell says, the immediate costs for his medication and lifestyle changes were easier to manage than his worries about long-term financial insecurity.

“There’s the kid’s RESPs, life insurance and estate planning,” he says. “[Paying for the costs associated with diabetes] takes away from being able to set more money aside for RRSPs and RESPs.”

That’s where Bethell’s financial advisor, who he’s worked with since 2008, came in.

“For me and my family, having the clarity and confidence from a financial advisor to tell you, ‘you’re still doing the right thing’… does definitely help you get through,” Bethell says.

He isn’t alone. For many Canadians living with Type 2 Diabetes, a diagnosis doesn’t just mean thinking about health implications, but financial implications as well. According to new survey data from Sun Life, one in three Canadians (30 per cent) with diabetes say living with the condition makes it harder to save for the future, with 28 per cent saying they delayed major life goals due to their diagnosis.

“That’s because having diabetes can create a lot of uncertainty about the future,” says Sun Life advisor Joseph Taylor. “There’s no single perfect plan that covers everyone, but people with chronic conditions face extra questions many others don’t have to think about.” These include questions like: Will I qualify for life insurance? What happens if I have a serious episode like diabetic ketoacidosis (DKA) and need significant time off work?

This is why connecting with a financial advisor who understands both the market and their client’s specific needs is essential to helping navigate these challenges both short and long-term.

“When someone is living with diabetes, planning isn’t just about numbers, it’s about confidence in the future for themselves and their families,” says Rowena Chan, President, Sun Life Financial Distributors (Canada) Inc., Senior Vice‑President, Retail Advice & Solutions. “An advisor can help clients understand their insurance needs, navigate available solutions, and create a plan that supports their goals, even as their health needs evolve.”

For Taylor, reducing stress and uncertainty is one of the key aspects of his role as an advisor, dispelling fears by sharing insight into programs that are the best fit for clients. This can include the Disability Tax Credit (DTC) and the Assistive Devices Program (ADP).

He also tries to broaden the conversation beyond mainstream RRSPs to include insight into the Registered Disability Savings Plans (RDSP), which can help offset higher costs in retirement for those that are eligible. “Many people don’t even know these supports exist,” Taylor says, “so just starting that conversation can make a big difference.”

Sun Life Term Insurance for Diabetes was created specifically to make life insurance coverage more accessible for people with diabetes. Clients can take advantage of Sun Life’s Diabetes Care Program¹, provided by Pillway. It connects Canadians with diabetes to healthcare professionals who help them achieve their health goals – at no cost. Online Pharmacy, by Pillway also provides online prescription refills, pharmacist support and free medication delivery. “When people feel supported in managing their health today, it creates a stronger foundation for confident planning tomorrow,” added Chan.

“Financial stress and health are connected,” Taylor says. “When people feel more secure about their money, they’re often in a better position to focus on managing their diabetes and living their lives with more confidence.”

For Bethell, connecting with his advisor of almost two decades and opening up about his personal health was something he was initially hesitant about, fearing it would negatively impact his life insurance policy in the future.

But, he realized, “It’s better to have those conversations than not. The conversation with your advisor until the time of application is 100 per cent confidential, so you can have those conversations just to demystify [the process]. It’s worth talking about, and that allows for that open and transparent goal-setting. Without it, you can’t really get that clarity or security.”

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.

---

Advertising feature produced by Globe Content Studio with Sun Life. The Globe’s editorial department was not involved.