Low-loss waveguides (WGs), which support excitation of waveguide modes (WMs), are based on a dielectric WG separated from an absorptive film by a low-index dielectric spacer layer. We perform numerical and analytical study of the impact of the losses imposed to the WG in a planar sensing structure in the Kretschmann configuration on the resonance properties of the excitation. We demonstrate that the loss degree of the WMs can be controlled by the thickness of the spacer layer for both s and p polarizations. Extremely narrow resonances are discovered in the reflectivity spectra due to excitation of the low-loss WMs, and the maximum of the estimated sensitivity by intensity is found to be of 105-fold higher as compared to the conventional surface plasmon and WG-coupled surface plasmon sensors. We reveal the giant field intensity enhancement of 107-fold on the surface of the sensing structure in aqueous sensing media that can provide stronger fluorescence intensity at lower sample volumes for fluorescent labeling sensing.