Figures from protection specialist LV= reveal how financial problems have heightened feelings of loneliness for many people. Those experiencing financial struggles have had to cut back on socialising, leaving many feeling isolated.
The LV= Wealth and Wellbeing Monitor* - a quarterly survey of 4,000+ UK adults – reveals:
Groups most affected by loneliness are women, young people and self-employed:
As part of Mental Health Awareness Week (9–15 May), LV= is highlighting the support services available to members living with mental health issues. In 2021, mental health related claims were one of the top 5 causes of claim for income protection at LV=, resulting in over £2million being paid out to 48 policyholders.
LV= can help those members with mental health by arranging counselling and back to work services with rehabilitation partners Innovate Healthcare. In 2021, 25% of rehab support referrals were for mental health, either as a primary or secondary condition.
LV= was the first provider to include automatic reviewable exclusions for Income Protection customers, allowing those with pre-existing conditions to ask for the exclusion to be removed after a certain time. Mental illness is the most common condition to have an automatic reviewable exclusion, which can be removed after up to three years of no further issues.
“The theme for Mental Health Awareness Week 2022 is loneliness, which affects many people at different stages of life. In particular, young people, self-employed workers and women have experienced isolation and financial pressures in some form since the pandemic began. As emotional wellbeing is often linked to financial resilience, we encourage people to discuss their struggles openly to maintain their mental health."
“At LV=, we believe that protection insurance is not only about paying claims; it’s about supporting customers from day one, when they are at their most vulnerable and providing emotional and practical support when they need it."
“We are proud to offer a range of mental health and medical support services for members. These include remote GP consultations and counselling via LV= Doctor Services for vulnerable customers who need extra support, and a dedicated emotional wellbeing helpline for young adults up to the age of 23, who may be children of our members, or policyholders.”
LV= offers members emotional and practical support that policyholders can access every day, from day one and without the need to make a claim under their policy.
LV= Doctor Services (included as standard on all new protection policies) provides convenient access to six expert medical services - 24/7 Remote GP, Prescription Services, Second Opinion, Remote Physiotherapy, Remote Psychological Support and Discounted Health MOTs - provided by Square Health.
LV= Member Care Line provides members with free and unlimited access to a 24/7 Member Care Line, including health and counselling services. This is operated by qualified professionals who can provide expert support and guidance when it's needed most. This could include advice on their medical condition, coping with the loss of a loved one or coming to terms with their medical diagnosis.
LV= Member Counselling Line provides free day-to-day support for dependants age 16-23, while a Legal Advice Line can provides free and confidential legal advice on a range of personal legal matters such as those relating to employment, consumer contracts, property issues, motoring, landlord and tenant, family and wills and probate.