The research shows reluctance among consumers to inform their insurers about mental health diagnoses, with 44% of those with a diagnosis surveyed saying they had not informed their insurance provider.
Over a third - 37% - thought a provider would only be interested in physical illnessess, while a quarter (26%) said that mental health conditions were personal. Almost a fifth were concerned about not qualifying for a policy, or being charged more as a result.
Rose St Louis, protection director at Scottish Widows, said:
“Loneliness came to the forefront during the pandemic, and we know it can have a detrimental impact on mental health. More than 24 million adults in the UK told us they experienced mental health challenges during 2020, yet a stigma remains, and many don’t have the right protection in place.
“The recent challenges we’ve faced as a society have highlighted the value of protection policies for families and individuals during difficult times. We need to make sure everyone knows there’s a policy for them, no matter what they are going through. Being open with an insurer means those with mental health conditions are more likely to receive the right protection. Many policies provide additional benefits, such as access to mental health support from the day the policy is opened.”