One in four people are likely to experience some form of mental health issue within a year, according to statistics from The Mental Health Foundation. With work demands increasing, including within healthcare professions, it shouldn’t be overlooked. Income protection insurance is in fact the only insurance that will cover your income, enabling you to continue paying things like mortgage should you be diagnosed with a mental health condition.
Is your income and your home protected?
Mental health – it can affect anyone
Mental illness covers problems such as depression, anxiety, phobias, eating disorders, post traumatic stress, panic attacks, OCD, agoraphobia and often a combination.
Statistics such as these below, published by the Mental Health Foundation, highlights the need for everyone to be aware and to take precautions to secure your financial future in the event of diagnosis:
- One in four people are likely to experience a mental health problem within the year
- One in six people are likely to experience a neurotic disorder like depression or anxiety
- 2.6% of the UK population experience depression
- 4.7% deal with anxiety issues
- Almost 10% will deal with anxiety and depression combined – making this the most common mental health condition in the UK
- Those in middle age, aged 35-59 experience the highest level of anxiety compared to other age groups
- Women are more affected by anxiety than men
- Almost one in 5 people feel anxious most or all of the time
- Financial issues are a reason for anxiety for almost half of people
- Four in ten people who are employed, experience anxiety about work related issues
Unlike other illnesses, mental health isn’t always obvious on the outside, which is why, when it comes to financial protection, it is important to get the right help and advice.
How would you cover your mortgage if you couldn’t work?
The reality is that many people with a mental health condition continue to work. It is highly likely, statistically, that someone you work with is suffering from a mental health issue at some level. Or maybe you have been experiencing increased feelings of anxiety or depression yourself but have, like many others, not sought help from your GP.
When conditions get to the stage when time off work is required, sick pay and savings often don’t suffice. Self-employed doctors and dentists usually won’t have the luxury of sick pay either, unless they have taken out a separate insurance policy.
Continue to earn an income if you can’t work
Critical illness cover is a valuable insurance for conditions such as a heart attack, cancer or a stroke. If diagnosed and insured correctly, a lump sum payout will be issued to help you and your family remain financially secure.
For example though, depression isn’t covered as a “critical illness” as are most mental health conditions.
Therefore, income protection insurance is a better option to ensure that mortgages can continue to be paid off and you can continue living in a comfortable lifestyle, whilst you make steps to recover.