More than 24 million UK adults reported pandemic-related mental health strain but almost half of UK adults are not informing their insurer, according to Scottish Widows.
But research indicated that consumers are hesitant to tell insurers about their mental health disorders, with nearly half or 44 per cent of UK adults with a diagnosis failing to do so.
Nearly two-fifths or 37 per cent believed their provider was mainly interested in physical disease, over a quarter or 26 per cent thought it was personal, and 18 per cent were concerned they might not qualify for a policy or be charged extra.
Scottish Widows says it grants cover to 96 per cent of customers who declared a mental health problem last year, and 87 per cent of them were approved at conventional life insurance rates.
Scottish Widows protection director Rose St Louis says: “Loneliness came to the forefront during the pandemic, and we know it can have a detrimental impact on mental health. More than 24 million adults in the UK told us they experienced mental health challenges during 2020, yet a stigma remains, and many don’t have the right protection in place.
“The recent challenges we’ve faced as a society have highlighted the value of protection policies for families and individuals during difficult times. We need to make sure everyone knows there’s a policy for them, no matter what they are going through. Being open with an insurer means those with mental health conditions are more likely to receive the right protection. Many policies provide additional benefits, such as access to mental health support from the day the policy is opened.”