Take control of your financial health. This free budget calculator can make it easy to see where money is going and how to plan ahead.
Investing in your financial health: how an advisor can help when you have diabetes
November 14, 2025
By Alex Dugas
Managing diabetes also means looking ahead to the future. The good news? You’re not alone. Here’s how to prepare for your first meeting with an advisor.
As someone who has navigated type 1 diabetes for over 25 years, I’ve experienced firsthand how empowering financial planning can be in managing my condition.
In some ways, I had to grow up fast. At 18, I aged out of my parents' benefits plan. Suddenly, I became responsible for covering the costs of my medical supplies – and my lifesaving prescription medications.
This is a key financial transition for many people with type 1 diabetes, and it was an eye-opening learning experience for me. People with type 2 diabetes, gestational diabetes, and even prediabetes also face their own set of financial challenges.
The good news? A financial advisor can be an invaluable partner. They can help you create a budget that accounts for diabetes-related expenses; explore your insurance and tax credit options; build your wealth; and plan for long-term care needs.
And when it comes to financial planning, small steps can make a big difference.
In this article, I’ll walk you through:
- How a financial advisor can help
- Common expenses to plan for
- How to prepare for an advisor meeting
- More financial tools and resources at your fingertips
Let’s get started.
How an advisor can help when you have diabetes
By working with an advisor, you can create a customized financial plan that addresses the unique challenges of living with diabetes.
To be clear, when you meet with an advisor, there’s absolutely no need to divulge your health details. And many Canadians feel a bit uncomfortable at the thought of talking about the costs of diabetes with a financial professional.
I didn’t feel comfortable sharing my condition with strangers for a long time. You're never quite sure how much the other person knows about diabetes, and while it's rare, there's always that worry about facing stigma.
But here's what I've learned: most professionals, especially financial advisors, are genuinely there to help. The more they know about your situation, the better advice they can give you.
So, while it might feel uncomfortable at first, opening up about your diabetes-related expenses can lead to much better financial planning. It's worth pushing through that initial hesitation to get the support you need.
By simply sharing the fact that you have this chronic condition means that an advisor can help connect you to financial solutions and supports.
For example, an advisor who understands the bigger picture of your health can flag government programs or tax credits you might not know about.
Here's what an advisor can do for you:
1. Assess your current financial situation
- Review your income, expenses, assets, and liabilities
- Identify areas for improvement and potential cost-saving opportunities
2. Create a diabetes-friendly budget
- Help you allocate funds for diabetes-related expenses
- Suggest strategies to balance medical costs with other financial goals
3. Plan for future healthcare costs
- Estimate potential long-term healthcare expenses related to diabetes
- Develop strategies to prepare for unexpected medical costs
4. Explore your insurance options
- Life insurance: Discuss specialized solutions like Sun Life Term Insurance for Diabetes, which offers higher approval chances and affordable premiums for individuals with diabetes
- Health insurance: Review coverage options to help manage ongoing medical expenses
- Disability insurance: Explore protection against potential income loss due to diabetes-related complications
5. Plan for living in retirement with diabetes
- Develop a retirement strategy that accounts for potential increased healthcare costs
- Discuss ways to maintain financial stability while managing diabetes in retirement
Understanding the costs of diabetes
Each type of diabetes brings its own set of challenges and costs. It's helpful to understand these differences, not just for managing the condition day-to-day, but also for planning ahead financially.
Still, there are common costs across all types.
- Blood sugar monitoring: Devices, test strips, lancets
- Dietary needs: Specialized foods, nutrition counseling
- Indirect costs: Travel to appointments, time off work, potential income loss
- Medical supplies: Adhesives, needles, and other accessories
What to expect from your first meeting with an advisor.
Simply put, your first meeting with an advisor is a chance for you to share your goals, and why you’re seeking advice.
It’s also a good way to get to know the advisor, how they work, and what they can offer you.
How can you prepare for your first meeting?
In your first meeting with an advisor, you’ll talk about your goals and your finances. Think about some of your goals before your first meeting. You may want to answer these questions:
- What do you want in the short-, medium-, and long-term?
- Do you have anyone who depends on you?
- What’s important to you?
Next, gather up and note the amounts of your finances, like:
- Your employee benefits.
- Any investments and insurance policies you have.
- Your mortgage or rent payments.
- How much debt you have.
- And your monthly bills and payments.
The more information you can bring to your meeting, the better.
What can you expect, after your first meeting?
Your advisor will share recommendations. At that point, you may be ready to start choosing products, like investments and insurance. Or, you may need more time to think.
Your advisor can walk you through what to expect for the application and buying process.
Why work with an advisor, and what’s the cost?
Working with an advisor can help you:
- Make better decisions.
- Protect yourself and your loved ones.
- Make the most of your money.
- Lower your financial stress and anxiety.
- And reach your goals.
Advisors get paid once you become a client. They may get:
- A commission.
- A fee for sales and continuing services.
- Or a combination of both.
Ask your advisor to explain how they’re paid.
An advisor can help you with your finances and work towards your goals.
For more tips and tools, visit sunlife.ca.
How to get ready for your first meeting with an advisor
To get the most out of your meeting, it's helpful to bring some key information with you.
These documents and details can help your advisor give you more personalized insights for your specific situation.
What to bring to your first meeting
Your meeting will go much better 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)
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
What to ask your advisor
Coming prepared with questions can make your meeting more productive.
Here are some ideas to get you started.
How to balance diabetes care with financial goals
- How can I manage diabetes expenses without compromising other financial priorities?
- Are there cost-saving measures or assistance programs I should know about?
- What's the best way to allocate my resources between health management and other financial objectives?
Insurance options for people living with diabetes
- Can you tell me more about Sun Life’s Term Insurance for Diabetes and its long-term benefits?
- What additional coverage options might be suitable for me (e.g. critical illness, disability insurance)?
- Are there any gaps in my current health insurance coverage?
Planning for retirement with a chronic illness
- How can I estimate long-term healthcare costs related to diabetes?
- What strategies can help me build a robust retirement fund that accounts for potential health expenses?
- Are there flexible retirement options that could accommodate my health management needs?
The most important thing to remember? An advisor is here to help you.
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. An advisor can help you create a personalized plan.
Looking for the right advisor?
Enter your postal code to find an advisor near you.
More financial tools and resources
Diabetes support at your fingertips
When you feel confident about your finances, everything else feels lighter. Take small, powerful steps with the help of these tools and resources.
Term Insurance for Diabetes
Can you get life insurance while living with diabetes? The answer is yes. And it can help you start building a financial safety net.
This article is meant to only provide general information. Sun Life Assurance Company of Canada does not provide legal, accounting, taxation, or other professional advice. Please seek advice from a qualified professional, including a thorough examination of your specific legal, accounting and tax situation.
