Access to life insurance just got easier for people living with diabetes

It’s challenging enough to be one of the 11 million Canadians living with diabetes or prediabetes. Along with managing the impact to their health, people with these conditions often find it difficult to get insurance for themselves and their families.

To access it, they often pay high premiums – if their application isn’t rejected in the first place. In Canada, people with diabetes are four times less likely to even apply for insurance, they’re so convinced they won’t be accepted.

That’s about to change. Sun Life’s new Term Insurance for Diabetes is transforming life insurance accessibility and affordability for people with this long-term condition.

“We are directly addressing a gap for Canadians and the high number of those living with diabetes who have either been denied protection or believe they will be denied,” says Rowena Chan, president of Sun Life Financial Distributors and senior vice-president of Retail Advice and Solutions.

Part of the company’s overall strategy to build stronger, healthier and more sustainable communities, “this solution brings to life our commitment to finding innovative and creative ways to meet our client’s health and protection needs,” says Chan.

Diabetes challenges

One of the most common chronic conditions in Canada, diabetes occurs when blood-sugar levels are too high because the body isn’t producing enough, or any, insulin, or when the body does not effectively use the insulin that is produced. Insulin is the hormone made by the pancreas that helps cells absorb blood glucose, or blood sugar.

With effective management, people with diabetes can expect to live active, independent and healthy lives – and some individuals living with type 2 diabetes may even be able to put their condition into remission. Neglecting the condition, however, can lead to complications affecting the kidneys, feet and legs, eyes, nerves and heart.

Diabetes Canada has issued a position statement against insurance discrimination, including people being charged “extraordinarily high premiums” and being denied altogether.

“People with diabetes should be able to access adequate insurance coverage of all types at a reasonable cost,” it says.

According to the International Diabetes Foundation about 537 million adults around the world have diabetes, which is expected to increase to 643 million by 2030.

A new product

Term Insurance for Diabetes is an industry-first from Sun Life that offers people with diabetes a higher chance of approval, taking into account a person’s wide-ranging experiences with diabetes, and in many cases, their ability to manage it and live healthy lives.

The assessment process considers the type of diabetes (type 1 is considered higher risk than type 2), age, medications being taken and the existence of other health conditions.

When the product was piloted in 2021, Sun Life saw a 30-per-cent increase in the number of clients who disclosed that they had type 2 diabetes, and a 15-per-cent improvement in the offer rate for insurance – so fewer people got turned down.

One of the benefits for clients covered by Term Insurance for Diabetes is having access to the Sun Life Diabetes Care Program, an evidence-based, virtual program that helps them better manage the condition with a personalized care plan and one-on-one support from a pharmacist trained in diabetes education and management.

Innovative thinking

The needs of Canadians are ever evolving, and the insurance industry is no exception in trying to keep up with the pace of change and expectations. There is great demand to develop products and services to meet individual needs, and the growing number of Canadians living with diabetes points to the need for a tailored solution. Sun Life’s purpose is grounded in helping Canadians live healthier and more financially secure lives.

Chan sees Sun Life’s products and approach to people living with diabetes as an important innovation in life insurance.

“Sun Life Term Insurance for Diabetes and Sun Life Evolve Term Insurance exemplify our purpose in action,” says Chan. “We focus on helping all our clients, including those with diabetes, live longer, healthier lives and feel protected.”

*The Diabetes Care Program is not available in Quebec.

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