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LV= claim that 1 in 4 adults are worried about mental health

Recent LV= survey reveals that 23% of UK adults are concerned about the financial impact of developing mental health issues

A photo of Dom Limberg, the author

By Dom Limberg

Published on: 12 October 2023

4 min read

LV= claim that 1 in 4 adults are worried about mental health

Recent research from top UK insurance provider LV= has shown that almost 23% of UK adults are concerned about the financial impact of developing mental health issues in the future. Their main worry is about what will happen if they need time off work which is completely understandable.

If I needed time off work due to my mental health, I would certainly be concerned about how this would impact me financially. 17% of people surveyed were concerned about getting stuck on a long NHS waiting list if they needed treatment like counselling.

We all know how much of a hit the NHS has taken recently, so it really isn’t surprising that so many people feel this way. A lot of UK consumers are now looking at private health insurance as an alternative, to give them some peace of mind they will receive the treatment they need within a reasonable time.

It’s great that big name insurers like LV= are taking the time to find out more about their customer’s main concerns, so they can help better support them in the future. It’s so important for insurers to get involved in the conversation and take steps towards offering better support and resources.

QUICK SUMMARY – LV= claim that 1 in 4 adults are worried about mental health

I always like to see large mainstream insurers like LV= putting in the effort to conduct research that can ultimately help improve the support available for UK consumers. Here’s some of the main things that LV= discovered.

  • LV= surveyed 4,000 UK consumers recently as part of their Wealth and Wellbeing Research Programme.
  • Around 1 in 4 UK adults is worried about what would happen if they need time off work due to mental health. This number increased to 25% among the women that LV= spoke to.
  • There have been 42% more consultations through the LV= Doctor Services remote GP option, with many wanting support for depression or low mood.
  • Having the right insurance policy e.g. income protection insurance can provide much needed support if you need time off to take care of your mental health. It can be helpful to speak to an insurance expert to find out what policies would be best for you.

LV= initially set up their Wealth and Wellbeing Research Programme in response to changing consumer attitudes during and after the Covid-19 pandemic. They wanted to discover more about their customer’s main priorities and challenges.

I think this is a brilliant move from LV=, as learning more about the concerns of the members that they support can help them to provide better services in the future.

Why is it important for insurers to talk about mental health?

Insurers deal with millions of applications every year across products like life insurance, critical illness cover, income protection and health insurance.

So many people are struggling due to after effects of the pandemic and the current UK cost of living crisis. Mental health is becoming more widely talked about in the UK and this means that insurers will receive more applications from people who have or have had issues with their mental health.

Things have come a long way, but I believe insurers could be doing so much more to make things easier for people with mental health concerns to get the insurance they need. Less intrusive questions and better support could make a world of difference for thousands of people.

What did the LV= survey find out about UK mental health?

Here’s what you’ve been waiting for – this is everything that LV= found when they surveyed 4,000 UK consumers about their mental health concerns.

  • 23% of UK adults are worried about their mental health over the next 5 years and if they will need any time off work
  • 17% of UK adults worry they will have to wait in long NHS queues for treatment like counselling
  • People aged 18-34 were most concerned about their mental health and needing to wait for necessary support
  • LV= believes social isolation is a big problem in the UK, with 23% of people reporting feeling lonely following the coronavirus pandemic
  • 42% more people are now asking LV= for support with depression/low mood using their remote doctor services
  • 44% of UK adults have a stronger focus now on their mental wellbeing compared to before the pandemic (rising to 58% for people aged 18-34)
  • 10% of people surveyed reported either they or a family member has had delays in accessing mental health diagnosis, treatment or support

LV= and other UK insurance providers have an obligation to try and support their customers as best as they can. When they conduct surveys like this, it shows they are taking an active interest in what their customers are experiencing and how they can help.

LV= already has some services available to their customers for their mental health concerns, the main one being their Remote Psychological Services. This is available in the LV= Doctor Services App and offers support with:

  • Anxiety, panic and phobias
  • Depression
  • Alcohol or drug abuse
  • OCD and PTSD
  • Sleep disorders
  • Eating disorders

How does income protection insurance help people with mental health issues?

One of the main UK policies that I’d suggest looking at if you’re worried about needing time off work due to mental health is income protection insurance.

This is exactly what income protection insurance is designed to do, help replace your usual income if you can’t work for health reasons. If you’re signed off work by a GP for 4 or more weeks, you can claim on an income protection insurance policy.

These policies will normally cover around 60% of your usual income and pay you this each month. This sort of support can be a lifesaver for people struggling with their mental health who need time off to recover.

If you’re not sure if income protection is right for you, you can speak to our trusted income protection insurance partner for free, friendly advice by calling 0800 009 6559 or clicking here.

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