Mental health claims on income protection policies rocket by almost a fifth in the pandemic
Mental health claims on income protection policies soared by nearly a fifth last year, industry data shows.
But lockdown restrictions saw accidents fall by just under a third as policyholders stayed at home.
The figures, from the Association of Financial Mutuals (AFM), reveal the impact the pandemic has had on the health and wellbeing of UK workers.
Mental health claims on income protection policies soared by nearly a fifth last year, industry data shows
Claims related to the virus itself made up a quarter of all submitted in 2020 — the largest single group. However, one in five was rejected, often because the illness was short-lived.
In total, Mutuals paid more than £36 million to 9,500 income protection policyholders last year.
The cover is designed to support workers if they have to take time off due to illness.
Martin Shaw, chief executive of AFM, says: ‘The pandemic has taken a toll on many people’s mental health and livelihoods and as we ease back to some form of normality, it is important people know help is available.’