Research from protection specialist LV= highlights how the physical and mental health of the general public is being affected by the coronavirus outbreak.
As part of a series of surveys* into the financial and emotional wellbeing of 4,000 UK consumers reveals that lockdown has benefitted the general population’s physical health with people taking more exercise, and eating more healthily.
But it is also taking a toll on their mental health with nearly half (44%) of those surveyed saying they are more stressed and anxious than normal.
The key points of the research are:
But while our physical health is improving, the nation’s mental health has suffered:
Mental health (29%) is the single biggest reason for claims on LV=‘s income protection policies.
LV= has handled £6m in coronavirus-related income protection and death claims to over 600 individuals and families since the start of the pandemic.
“The coronavirus crisis has revealed very suddenly just how exposed we are to sudden shocks. The need to build resilience into our lives has never been more relevant or urgent. The virus has not only had a devastating impact on physical health, it also has a huge effect on our mental health.
“We understand the emotional impact of bereavement and are doing all we can to make sure death claims are paid as quickly as possible so that families do not have to worry about the immediate financial impact of bereavement while they are grieving.
“However, fears about the financial impact of coronavirus, impending jobs losses and isolation caused by lockdown are all factors behind the general population’s rising anxiety levels. The outbreak has revealed just how precarious the finances of many people are, particularly those who are self-employed, and highlights the benefits of protecting income.
“LV= offers a variety of emotional and practical support services to members who are struggling to cope including LV= Doctor Services.”
LV= offers members emotional and practical support that they can access every day.
LV= Doctor Services provides members with access to six expert medical services provided by Square Health. Over the COVID period LV= has seen an uplift in LV= Dr Services app downloads and increase in remote GP appointments.
Since the start of the coronavirus outbreak, LV= has introduced measures to help members keep their policy in place.
LV= members facing extraordinary or unusual circumstances can apply for financial or practical support through LV=’s Member Support Fund. If they meet the criteria, this could be a lump sum payment to help them through hardship.
Last year LV= supported 75 members with a total of £98,000.Since lockdown was announced on 23 March, LV= has supported 26 members who have been directly impacted by the pandemic to the total of £13,000.
* LV= surveyed 4,004 nationally representative UK adults via an online omnibus conducted by Opinium in June 2020.
LV= is a leading financial mutual. When we started in 1843 our goal was to give financial security to more than just a privileged few and for many decades we were most commonly associated with providing a method of saving to people of modest means. Today we follow a similar purpose, helping people to protect and provide for the things they love, although on a much larger scale and through a wide range of financial services including insurance, investment and retirement products.
LV= and Liverpool Victoria are registered trademarks of Liverpool Victoria Financial Services Limited (LVFS) and trading styles of the LV= Group of Companies.Liverpool Victoria Financial Services Limited, registered in England with registration number 12383237 is authorised by the Prudential Regulation Authority and regulated by the Financial Conduct Authority and the Prudential Regulation Authority, register number 110035. Registered address: County Gates, Bournemouth, BH1 2NF.