Out of the protection policyholders who sought mental health support in the past 12 months, 59% used the benefits included in their protection cover, new research from LV= has revealed.
According to the LV= Wealth and Wellbeing Research Programme, over four in ten working adults felt more stressed and anxious in the last year.
The research found that 9% (or 2.8m) of UK adults have taken time off work for mental health reasons.
In 2022, the uptake of mental health support via LV= Doctor Services rose by 71% compared to 2021.
However, while 59% used protection benefits to seek help, 77% aren’t aware that insurers offer mental health support as an additional benefit at all.
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.”
He added: “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. Protection cover has immense value and enables households to improve their financial resilience.”
