Financial planning with diabetes: What an advisor can do (and why it's worth the conversation)

Financial and physical health go hand in hand – especially when you’re living with diabetes.

“Financial health and physical health are closely connected,” says Rowena Chan, President, Sun Life Financial Distributors (Canada) Inc. and Senior Vice-President, Retail Advice & Solutions.

“When you’re living with diabetes, having a clear plan for your finances – knowing where you’re going and how you’ll manage the costs – can bring real peace of mind. It helps you feel prepared and more confident about the future.”

Life with diabetes means juggling medical appointments, prescription costs, dietary needs, and often, questions about insurance coverage and long-term planning. It's a lot – and it can feel isolating. The good news? You don't have to figure it out alone.

How an advisor can help when you have diabetes

By working with an advisor, Canadians can create a customized plan that addresses their unique priorities.

“Sun Life works with a team of advisors across 1,100 Canadian communities,” says Chan. “They develop a personal relationship not only with the client, but with their whole household, because financial decisions rarely affect just one person – especially when health is involved.”

Advisors will often encourage open conversations, so they can understand the client's situation. There’s no need to divulge health details. But simply acknowledging your condition can help an advisor connect you to financial solutions and supports.

Many Canadians feel uncomfortable discussing diabetes with a financial advisor – and that's completely normal. You might worry about stigma or wonder if it's relevant to financial planning. 

Here's what matters: an advisor who understands your diabetes-related expenses can connect you to tax credits, government programs, and insurance options you might not know exist.

What to bring to your first meeting

Your meeting will be more productive if you collect the following information:

Current diabetes-related expenses

• Monthly costs for insulin, medications, and supplies
• Costs of diabetes management tools (e.g., glucose monitors, pumps)
• Any additional health-related expenses (e.g., diet, exercise programs)

Why this matters: These numbers help your advisor identify tax credits and benefits you might be missing.

Financial documents

• Recent pay stubs or proof of income
• Bank statements for the past 3-6 months
• Investment account statements
• Current insurance policies (life, health, disability)
• List of assets and liabilities
• Recent tax returns

Why this matters: A fuller picture of your finances helps your advisor make better recommendations for you.

When to reach out to an advisor

On average, only one in four Canadians with diabetes have spoken to a financial advisor – often because they're not sure when the 'right time' is, or whether it's worth mentioning their health situation. 

“Any time is the right time to reach out to an advisor,” says Chan. “The earlier you start, the more options you have to plan ahead – but it’s never too late and never too early to begin the conversation.”

The most important thing? An advisor can only help with what they know about. 

While you don't need to share your health details, mentioning diabetes-related expenses opens doors to:

• Tax credits you might not know about. This is where an advisor can make a real difference – 90% of Canadians with diabetes aren't aware of the tax benefits they could be claiming.
• Government programs and disability benefits
• Specialized insurance solutions

And it’s okay to reach out to more than one advisor: you’ll want to find the right fit. Here are some ways to find the right advisor for you.

Managing diabetes is more than health decisions. Making financial choices that support your long-term well-being is equally important. Start today, one step at a time.