Almost a third of UK adults have experienced mental health issues since the start of the Covid pandemic, but less than half of these people have sought help from their insurer to alleviate these problems.
This research, by Scottish Widows suggests there is still confusion about what can, or should, be said to an insurer when it comes to disclosing both physical and mental health conditions.
Of those who did not disclose a mental health condition, nearly two-fifths (37 per cent) thought their provider would only be interested in physical illness. Over a quarter (26 per cent) felt it was personal and so would rather not share their condition with their provider. One in five (18 per cent) worried they would not qualify for a policy or would be charged more.
However Scottish Widows points out that disclosing mental health problems means it is highly unlikely that individuals would be excluded from future cover. Instead being open with an insurer meant those with mental health conditions could access a range of support services, that are widely available on workplace group risk and protection policies.
Help is often available at the outset of any mental health challenge, and covers a range of problems from relationship stress, sleepless nights and financial hardship to diagnosed medical conditions.
Scottish Widows points out that it works with RedArc, a team of registered mental health nurses who can provide customers with a listening ear, as well as long-term support and guidance.
Scottish Widows protection director Rose St Louis says: “People are confused about how mental health conditions affect their critical illness cover or life insurance, which prevents them from getting the right support. Insurers aren’t trying to catch people out – we are there to help our customers. It’s vital we have the right information in order to do this.
“This isn’t just up to customers, though. The whole industry needs to ensure people know they won’t be penalised for their mental health disclosures. The challenges of the last 20 months have highlighted the value of protection policies.”
She says the industry needs to be better at promoting these policies and the range of benefits they offer.
