“If the industry is going to help more people achieve the financial resilience that can underpin good mental health, we need to do more to raise awareness of the value of protection and underline all the benefits that come with the peace of mind it offers.”
Scottish Widows protection director, Rose St Louis, pointed out the increase in demand for mental health services, stating that 22 per cent of customers tell the provider about a mental health condition when they buy life and critical illness insurance.
This represents an increase on the levels Scottish Widows was seeing at the start of 2020, when it stood at 15 per cent.
“Money concerns are the most common cause of mental health conditions ahead of pre-existing medical issues and work pressures, which is why having open discussions about money and longer-term financial planning is more important than ever,” she added.
St Louis said advisers were absolutely “crucial” in helping the industry move away from the “outdated fear” of talking to insurers and encourage more consumers to utilise mental health support services..
“The more we all work together to improve education, create better environments for people to talk and highlight the real benefits through stories people can relate to, the better outcomes we can achieve,” she added.
tom.dunstan@ft.com
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