LV= warns that 77% of adults in the UK aren’t aware that insurers offer mental health support

According to the latest research commissioned by LV=, 2.8m adults in the UK have taken time off work for mental health reasons but 77% aren’t aware that insurers offer mental health support as an additional benefit.

Related topics:  LV=,  New Research
Protection Reporter
5th September 2023
stack of dice with faces showing different emotions
"Protection cover has immense value and enables households to improve their financial resilience."
- Mike Farrell, protection sales director at LV=

Of those surveyed (4,000) as part of the LV= Wealth and Wellbeing Research Programme, the insurer found that over four in ten working adults felt more stressed and anxious in the last year which has led to 9% (2.8m) of adults in the UK have taken time off work for mental health reasons.

In 2022, uptake of mental health support via LV= Doctor Services rose by 71% compared to 2021. But in the last 12 months, only 59% of protection policyholders have used the added value services included in their policy. Shockingly, 77% of adults weren’t aware that insurers offer mental health support as an additional benefit.

Commenting on these findings, Mike Farrell, protection sales director at LV=, has said:

“Our data shows that a small fraction of policyholders know about the true value that protection cover can offer to support them and their families. At LV=, policyholders can be referred to specialists for rehabilitation and extra support. Remote GP access is also available using LV= Doctor Services, in addition to mental health support and physiotherapy.

“In Fuel for Life we also highlight LV= product features such as Enhanced Claim Payments under our Life & Critical Illness products, included at no extra cost for nine conditions that are as a result of an accident and will pay an additional amount on top of the original level of cover. This could make the world of difference to clients in high-risk occupations. Advisers need to demonstrate that their client’s money can work harder as part of an income protection or life and critical illness policy.”

More like this
Latest from Financial Reporter
Latest from Property Reporter
CLOSE
Subscribe
to our newsletter

Join a community of over 8,000 intermediaries and keep up-to-date with industry news and upcoming events via our newsletter.