With Mental Health Awareness week now upon us, Protection Guru has emphasised the effects that our financial health can have upon our mental health.
According to Niki Cooke (pictured), chief revenue officer, the two often go hand in hand.
Emphasising the importance of income protection, and how it can help with the impact of mental health issues, Cooke believes it’s important to make sure you’re covered.
She said: “Income protection is THE most vital protection policy for those who earn an income and depend on it – and the most important one when it comes to protecting yourself and your clients against mental health issues.
“Every year, one in four adults in the UK experience a mental health problem of some kind, whilst in any given week one in six people experience a common mental health condition such as depression or anxiety, and the numbers keep rising.”
Cooke added: “Income protection policies are intended to pay out if the client is incapable of performing the material and substantial duties of their own occupation due to injury or ill-health.
“Medical conditions, such as depression or anxiety, would therefore typically be covered and income protection plans can provide genuine protection should the client find themselves unable to work as a result of such a mental health problem.
“And income protection policies provide the added benefit to create peace of mind about financial security, which matters due to the link between mental health, money worries and debt.”
“Clients who experienced a loss of income due to ill health and without financial support to fall back on could easily find themselves in this situation and tackling the problems of both a physical health condition and deteriorating mental health,” she continues.
“At Protection Guru we strive to make it easy for advisers to recommend income protection and select the best product for a client’s needs.
“ProtectionGuruPro allows advisers to compare income protection plans – as well as life and critical illness cover – based on quality and cost, to meet each client’s needs within their budget. Because we have a joint responsibility to protect consumers.”
