More than two fifths of people are failing to use the mental health benefits included in their protection policy, according to new data from LV=.
The LV= Wealth and Wellbeing research programme found that more than four in 10 people felt more stressed and anxious over the past year and 9% (2.8 million adults) have taken time off work for mental health reasons.
Despite this, only 59% of protection policyholders who sought mental health support in the last 12 months did so using the benefits included in their cover.
The figures, which were published as part of LV’s Fuel For Life report for advisers, showed more than three quarters (77%) of people are not aware that insurers offer mental health support as an additional benefit.
However, the research also showed a 71% uptick in the number of people accessing mental health support via LV= doctor services in 2022 compared to the previous year. Over two thirds of adults aged 25-44 said they are comfortable accessing mental health support remotely.
Mike Farrell, protection sales director at LV= 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.”
The insurance specialist said its report highlights the different features advisers can offer clients at no extra cost under it Life & Critical Illness products.
Farrell added: “Advisers need to demonstrate that their client’s money can work harder as part of an income protection or life and critical illness policy. Protection cover has immense value and enables households to improve their financial resilience.”
