How does World Mental Health Day and Income protection link together?
The current cost-of-living crisis and the pandemic have massively impacted and still are affecting people on a daily basis, with 1 in 8 people before the pandemic living with mental disorders!
The statistics below show the importance of Income protection:
– In 2021 LV= Paid over £13.5 million in claims, 15% was paid for mental health reasons.
– Vitality reported for 2021 they have seen a three-fold increase in the number of mental health claims per member.
– NHS reported a record high of over 4 million mental health referrals in 2021. (The Royal College of Psychiatrists)
We ask oursleves does the changing conversations around mental health in the workplace mean employers need to do more? Offer more benefits in terms of Group Death-in-Service, Group Income Protection, Group Private Medical Insurance and Group Critical Illness.
Providers now offer access to wellbeing/Mental Health tools, not only for the person that’s insured but their immediate family too – This includes counselling sessions, finance tools and bereavement support.