The average age at which customers typically claim for income protection due to mental health issues is just 41 and there is a gender bias - 59% of the claims made were made by women compared to 41% by men.
Mental health is also being debated in Government, with Care Minister Norman Lamb looking to give more rights to people with learning disabilities, autism and mental health conditions. He has the intention of putting people in charge of their care and promoting community support as an alternative to hospital. Legal & General believes that it is equally important that mental health at work is considered and included as part of the wider mental health debate.
Mark Holweger, Managing Director, Intermediated, Legal & General Insurance said:
“Mental health in the workplace is an issue that cannot remain in the shadows any longer. It is now the largest cause of the income protection claims we receive from people of working age who are unable to work for periods of time due to stress, anxiety, depression or other forms of mental illness. Our 2014 claims data clearly shows that nearly 20% of all income protection claims were due to mental illness, all of which were paid.
“Enforced time off work can hit family finances hard. Legal & General’s Deadline to the Breadline Research reveals that within just two weeks of losing their income, the average working age family will be reliant upon state benefits and friends and family for financial support, once their savings run out. Even with those aged over 65 included, the average deadline is still only 29 days – over two and half times less than what the average household estimates that they could get by on with their savings (77 days).
“We need to re-frame the debate around mental health in the workplace in order to raise greater awareness in this area. According to the Mental Health Foundation, mental health issues now account for 15% of the UK’s overall disease burden. Addressing some of the underlying issues related to mental health in the workplace could make a significant impact in terms of reducing that burden on employees, their families and their employers.”
Legal & General has since lent its support to the ‘Walking out of Darkness’ event organised by mental health and suicide awareness charity Counselling Life Advice Suicide Prevention. The event, scheduled for 10am on Saturday 16th May, will start at Bernie Spain Gardens next to the Oxo Tower and will encompass a 10 mile walk along the Thames Path and a wide variety of activities in Battersea Park. The aim of the day is to draw attention to UK mental health issues and suicide prevention.
Duncan Finch, Executive Managing Director, Insurance at Legal & General said:
“Mental health is an issue that cannot be ignored. It is now the largest cause of income protection claims we receive from people of working age who are unable to work for periods of time due to stress, anxiety, depression or other forms of mental illness. Our 2014 claims data clearly shows that nearly 20% of all income protection claims were due to mental illness, all of which were paid.
"We need to re-frame the debate around mental health. According to the Mental Health Foundation, mental health issues now account for 15% of the UK’s overall disease burden. That is why events like these arranged by CLASP are so important. It is only by bringing these issues out into the open we can encourage people to step out of the darkness that afflicts so many and seek help.”
Kenny Johnston, Founder & CEO of CLASP Charity added:
“Many people find it difficult to discuss mental health, as they feel they are revealing a weakness which others will use against them. Often other people don’t know how to react or where to seek assistance when they know of someone in distress and in turn, they prefer to not confront or listen, which can cause isolation and vulnerability for the sufferer.
"That is why it is so important to have events like ‘Walking out of Darkness,’ where people can be informed, show support and discuss mental health and even suicide in an open friendly environment. Our hope is that days like ‘Walking out of Darkness’ will help more people find the confidence to engage and seek assistance. With the support of family, friends, work colleagues and employers we can end the stigma that still surrounds mental health.”
