One in three*.That’s how many people say they’d feel uncomfortable discussing their mental health with their financial adviser or insurance provider. And you can understand why.
It can be hard enough to talk to friends, family or health professionals about mental health issues, never mind a company you think will ask intrusive questions to gauge how 'insurable' you are.
But with 25% of the UK experiencing a mental health problem each year2 and 70 million antidepressant prescriptions issued in England in 20183 - reluctance to speak to advisers or providers about mental health has the potential to leave large numbers of the population without the protection they need.
Royal London believes the industry has a role to play to ensure as many people as possible have access to protection. So what more can be done to encourage those with current or historic mental health problems to have the protection conversation?
Addressing misconceptions about mental health
There’s a common misconception that people who’ve experienced any kind of mental health problem are uninsurable. Or if they’re eligible for insurance they’ll encounter higher prices.
In fact, at Royal London, cover is offered to people with mental health conditions every day. Their head of Protection Solutions Toby Bainbridge explains: “Mental health conditions are our most common disclosures at application stage, with one in 10 people saying they have or have had a mental health condition4. We treat every case individually to get the best outcomes for customers. In 83% of cases we are able to offer cover, of these around 85% get standard rates5.”
“And often no medical evidence is required - we’d much rather talk to you or your client to understand their medical history, than extend the process by asking for evidence.”