Research from protection specialist LV= highlights how the coronavirus pandemic is affecting the physical and mental health of the general public.
The LV= Wealth and Wellbeing Monitor* - a quarterly survey 4,000 UK consumers – indicates that:
LV= is anticipating a rise in advanced stage cancer diagnoses and claims in 2021 and 2022 caused by a backlog of screenings and delays to early treatment. In April 2020, LV= recorded a 45% fall in critical illness claims compared to 2019 figures. About 2,700* fewer people were diagnosed with cancer each week, and in May 2020 there was a 47%** fall in urgent cancer referrals compared to May 2019.
“The pandemic has highlighted the importance of financial resilience and revealed just how precarious the finances of many people are, particularly those who are self-employed, and highlights the important benefits of protecting income.
“Fears about the financial impact of coronavirus, impending jobs losses, disrupted education and isolation caused by lockdown are all factors behind the general population’s rising anxiety levels.
“We have an opportunity as an industry to show that we have the solutions to address these concerns and there is more we can offer beyond the product.
“At LV=, 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.” (See below)
LV= provides additional support services for members without the need to make a claim.
LV= Doctor Services includes medical advice from a UK GP available remotely through the Square Health app or over the phone, while the Remote GP service has been extended to provide 24-hour support for people struggling to get appointments with a medical expert. Over the COVID pandemic period LV= has seen an uplift in LV= Dr Services app downloads and increase in remote GP appointments.
The LV= Second Opinion service covers all medical conditions, including cancer, heart and cardiovascular, stroke and mental health issues. The LV= Second Opinion service covers all medical conditions, including cancer, heart and cardiovascular, stroke and mental health issues. Claimants will not be asked to pay a contribution towards any consultation fees.
A member care line gives policyholders access to a 24/7 counselling line for immediate help on any worries or concerns that they may have. This is operated by UK trained counsellors who are experienced in supporting on a range of issues. LV= also offers a dedicated counselling line for 16-23 year olds to support on with a range of mental health issues including stress, anxiety and depression.
LV= also introduced a premium reduction option for existing protection policyholders, providing additional support and reassurance for those suffering financially through the pandemic.
*LV= surveyed 4,000 nationally representative UK adults via an online omnibus conducted by Opinium in December 2020.
** Figure based on UK adult population of 52.6m