Value-added benefits supporting mental health conversations

Its study found nearly one in three protection advisers (31%) believe access to mental health support is one of the most valued benefits offered through VAB packages, behind financial wellness support at 40%.

Over two-fifths of advisers (47%) also believe continued financial stress, driven by ongoing cost of living pressures, will substantially lead to an increase in demand over the next two years for medical guidance/advice offered through VABs support services.

Separate research with consumers found that 70% of adults aged 18–64 would be comfortable speaking to a private healthcare counsellor face-to-face or online about mental health issues. Such services are available through VABs, demonstrating their importance to protection insurance and potential protection insurance customers.

Mitchell Barker, Chief Distribution Officer at HSBC Life (UK), said: “The protection insurance sector is rapidly adapting to changes in attitudes towards mental health. Value-added benefits are an important part of that transformation by offering access to counselling for customers as part of their cover.”

In February, HSBC made changes to its mental health underwriting.