Value added benefits are an important part of the protection industry’s “rapidly changing attitudes towards mental health”.
Research from HSBC Life found VABs, as part of critical illness and life insurance cover, are helping to ease conversations about mental health and provide support.
Nearly one in three protection advisers (31 per cent) believe access to mental health support is one of the most valued benefits offered through VAB packages, just behind financial wellness support at 40 per cent.
Additionally, over two-fifths (47 per cent) of advisers also believe continued financial stress, driven by ongoing cost of living pressures, will lead to an increase in demand over the next two years for medical guidance/advice offered through VABs support services.
Mitchell Barker, HSBC Life chief distribution officer, said the protection insurance sector is “rapidly adapting to changes in attitudes towards mental health”.
He added VABs are an important part of this transformation by offering access to counselling for customers as part of their cover.
“At HSBC Life (UK), we have recently changed our digital rules for mental illness disclosures and made a life and critical illness cover application to remove the stigma of mental illness,” he continued.
“In our view, seeking treatment for mental health should be seen as a positive and not a barrier to a customer’s protection needs.
“Since the change has been implemented, we have seen a significant increase in customers being accepted for standard terms at application stage.”
HSBC Life pointed to separate research with consumers which found 70 per cent of adults aged 18 to 64 would be comfortable speaking to a private healthcare counsellor face-to-face or online about mental health issues - such services are available through VABs.
HSBC Life (UK)’s research, which coincides with Mental Health Awareness Week in the UK, also found 36 per cent of adults would value access to mental health support through protection policies.
tom.dunstan@ft.com
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