LV= has reported a 61% increase in the use of its remote psychological support services compared to 2023, according to findings from its 2024 claims report.
The investment, protection, and retirement firm said the trend reflects growing engagement with mental health services among its customer bases.
The data also highlights the ongoing impact of mental health challenges on the UK workforce. According to LV=’s report, 9% of individuals who experienced a mental health event lasting at least two months continued working during that period. The findings underscore the role of protection policies in supporting recovery through both financial and non-financial assistance.
In its 2024 claims data, LV= identified mental health as the third most common cause of income protection claims, accounting for 15% of cases. Despite this, 48% of UK adults still do not hold any form of income protection, according to the firm.
LV= also noted that such policies can help individuals cover periods of absence from work due to physical or mental illness and can include access to rehabilitation support services. Nearly half (48%) of rehabilitation service usage in 2024 was linked to mental health concerns.
LV= said that protection policies may also reduce anxiety among policyholders. Its survey showed that one in five individuals with cover reported feeling more at ease knowing they would be financially supported if required to take time off due to illness.
The UK is currently grappling with a significant mental health crisis, marked by escalating demand for services and substantial gaps in insurance coverage.
According to the 2024 Big Mental Health Report by Mind and the Centre for Mental Health, approximately one in four adults in England experiences a mental health issue annually. Despite this prevalence, over two million individuals are on NHS mental health support waiting lists, with only a third of children and young people receiving the treatment they need.
This shortfall is attributed to workforce shortages, with nearly 29,000 vacant positions in England's mental health sector, and a 30% reduction in inpatient beds in Wales over the past decade.
Financially, mental ill health imposes a burden of £300 billion annually on England, nearly double the NHS's annual budget. Individuals with mental health conditions face economic challenges, earning on average £8,400 less per year than those without such conditions.
Additionally, in 2023, one in four new Personal Independence Payment (PIP) awards were due to depression and anxiety.
The release of LV=’s report coincided with Mental Health Awareness Week, held from May 12 to May 18. The week is intended to raise awareness of mental health and available support services. The report also found that 68% of working parents expressed concern for their children's wellbeing in 2024, up from 66% the previous year.
Mike Farrell (pictured above), protection sales and marketing director at LV=, said mental health remains a significant issue affecting individuals and families across the country.
“Protection products are evolving to meet these needs, providing more than financial cover, by offering vital services like therapy and rehabilitation as well,” he said.
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