"In our view, seeking treatment for mental health should be seen as a positive and not a barrier to a customer’s protection needs."
- Mitchell Barker, Chief Distribution Officer at HSBC Life (UK)
Of those surveyed (208 advisers), 31% believe that access to mental health support is one of the most valued benefits offered by Added-Value Service Providers – followed by financial wellness support. More than two in five advisers (47%) also agreed that continued financial stress, driven by the Cost-of-Living Crisis, will lead to substantial demand for medical guidance/advice offered by these services.
Additional research conducted amongst 2,000 consumers found that 70% of adults aged 18-64 years old are comfortable speaking to a private healthcare counsellor face-to-face or online about their mental health. Meanwhile, nearly two in five (36%) adults would value access to mental health support with their protection policy.
“The protection sector is rapidly adapting to changes in attitudes towards mental health. Added-Value Services are an important part of that transformation by offering access to counselling for customers as part of their cover,” explained Mitchell Barker, Chief Distribution Officer at HSBC Life (UK).
In February 2024, HSBC Life introduced new digital rules for mental health disclosures made during a Life and/or Critical Illness (CI) application. This builds on its drive to trust the customer and remove the stigma surrounding mental illness.
READ MORE: HSBC Life no longer requires GP reports for historic thoughts of suicide or self-harm
“In our view, seeking treatment for mental health should be seen as a positive and not a barrier to a customer’s protection needs. Since this change has been implemented, we have seen a significant increase in customers being accepted for standard terms at application stage,” Mitchell added.
