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Living with diabetes? These five tips can help you achieve lifetime financial security
February 06, 2026
By Sun Life staff and the Globe Content Studio
How to manage your money while living with diabetes, from tailored advice to long-term protection.
Soon after Steve Arnold, a Toronto-based lawyer in his 40s, was diagnosed with type 2 diabetes, he got quite a shock. The illness wasn’t only about adjusting to new medications, tests and routines; it was also about money.
“I was so busy wrapping my head around figuring out healthy ways to live with the condition and understand how I’d have to change my diet and exercise routine, that when I saw the costs mounting up for everything, I had to take a minute,” Arnold says. “A very long minute.”
Arnold and his wife weren’t prepared for the impact these additional costs would have on their finances in the long term, which led to them running late on mortgage payments and having to cut back on other expenses for their kids.
Their experience isn’t unique. 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 Canadians living with diabetes say that managing expenses is a challenge, and one-third of those living with diabetes say their illness makes it harder to save for the future.
That makes it even more important to build strategies that support both your wallet and your well-being.
Here are five tips to help get you started:
1. Know the impact of diabetes on your long-term finances
Start by mapping out how diabetes may affect your financial situation, now and in the future.
“With clients, we always start with a financial roadmap that includes a savings strategy unique to that client’s individual and family’s needs,” says Kate Norris, a Sun Life advisor. “Clients living with a chronic condition like diabetes are no exception. Everyone should consider a robust emergency fund, long-term savings and a retirement health plan.”
A roadmap allows individuals to account for both recurring and unexpected costs, from healthy food to health management. It’s important to set long-term goals without losing sight of short-term pressures. Factor in your day-to-day costs and your family’s budget to find the right balance.
2. Build an emergency fund
Expenses for managing diabetes can reach thousands of dollars. Norris advises accounting for these costs in your regular budget, as well as putting savings away for sudden expenses.
“Advisors always recommend having an emergency fund for life’s ‘what-ifs,’” she says, but it’s even more essential for those managing diabetes.
Budgeting and saving means fewer surprises when costs rise or new treatments are needed. Tools like expense trackers and Sun Life’s budget calculator can help you prepare more accurately.
3. Work with an advisor who understands your situation
Planning for the future is never one-size-fits-all, especially when managing a chronic condition.
“Working with an advisor is important for all Canadians, but I would emphasize the importance of an advisor if you have a chronic condition that may require additional planning,” Norris says. “There are some advisors that have experience with diabetes, either personally or have planned for it in the past. It’s worth doing the research to find an advisor that shares the same values to help you succeed long term.”
Sharing health details with your advisor might feel uncomfortable at first, but it’s the key to more informed conversations and smarter long-term planning. For example, an experienced advisor who understands your health background can flag programs or tax credits you might not know about, and they’ll help balance immediate health needs with long-term goals such as retirement.
4. Build a financial safety net with the right insurance
Insurance can provide you peace of mind knowing that your loved ones will be protected. While those living with diabetes can face obstacles obtaining coverage, Sun Life Term Insurance for Diabetes offers a higher chance of approval compared with conventional life insurance.
“We created Sun Life Term Insurance for Diabetes to reduce the barriers to accessing insurance for a group we knew was underserved in the market,” says Michael Van Alphen, Vice President of Insurance Solutions at Sun Life. “This solution delivers a higher chance of approval with more affordable coverage.”
Unlike traditional life insurance, Sun Life’s product was designed to address the hurdles many people with type 2 diabetes face, such as higher costs, frequent declines and delays caused by medical testing.
“For someone living with type 2 diabetes, their concerns around insurance are often things like: is the price going to be too high? Am I going to be declined? Am I going to be judged?” Van Alphen says. “Our hope is that by designing Term Insurance for Diabetes to address many of these barriers, we can help them to get the financial protection products they need to help ensure their families are secure.”
Sun Life clients can also sign up for the Diabetes Care Program . 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 Pillway1, with benefits such as online prescription refills, pharmacist support and free medication delivery.
5. Stay organized with records and benefits
When managing both health and money, record keeping is essential. “It’s important to be educated and informed on the options available to you,” Norris says. “Because if something comes up that you didn’t expect, you may not know what is covered.”
Keep receipts, invoices and medical statements in one place so they’re easy to find during tax season or when filing insurance claims. It also helps when applying for supports such as the Disability Tax Credit, which requires detailed records.
Tracking expenses consistently will give you a clearer picture of annual costs and strengthen both your budgeting and long-term planning.
The payoff of planning
For Arnold, help came when a friend recommended an advisor they’d worked with who understood the costs of living with diabetes. Within a few months, he had insurance tailored to his needs and a clearer sense of his monthly budget.
“For the first time in a long time, I felt a measure of control, and it’s made my wife and children breathe easier,” he says.
Financial literacy didn’t just stabilize Arnold’s bank account – it also gave him confidence to manage his health. As both Norris and Van Alphen note, planning ahead isn’t only about money. It’s about living well today, while helping secure tomorrow for yourself and your loved ones.