LV= has reported a 61% increase in use of its remote psychological services compared to 2023, as more people seek help for mental health through their protection policies.
The LV= Reaching Resilience report showed that mental health was behind 15% of income protection claims, making it the third most common reason for a claim.
Just under half (48%) of adults in the UK still do not have any protection in place.
Additionally, LV= found that one in 10 people who experienced a mental health event lasting at least two months kept working.
In 2024, nearly half of those who used rehab services did so for mental health reasons.
Data also showed that one in five policyholders felt less anxious and had more peace of mind knowing financial support was there if they needed to take time off due to illness.
Mental Health Awareness Week in May highlighted ongoing concerns, with worries among working parents for their children’s wellbeing rising to 68% this year.
Mike Farrell, protection sales and marketing director at LV=, said: “Mental health continues to be a growing concern for individuals and their families across the UK, and our insights reflect that more people are actively seeking support.
“Protection products are evolving to meet these needs, providing more than financial cover, by offering vital services like therapy and rehabilitation as well.
“At LV=, we are committed to supporting both the emotional and financial resilience of our customers, helping them face life’s challenges with greater confidence and peace of mind.”
