LV= has reported a sharp rise in demand for mental health services among its policyholders, with access to remote psychological support increasing by 61% over the past year.

The figures, published in the insurer’s latest 2024 claims report, underline the increasingly pivotal role protection policies play in supporting both mental and physical wellbeing.

The mutual, which specialises in investment, protection and retirement products, said that mental health was now the third most common reason for income protection claims, accounting for 15% of all claims made in 2024. Nearly half of all rehabilitation services accessed by policyholders last year were for mental health-related issues.

The insurer’s data also highlights the continued pressure on the UK workforce. According to LV=’s Reaching Resilience report, nearly one in 10 people who experienced a mental health episode lasting two months or more continued working throughout, pointing to a population at risk of long-term health deterioration due to a lack of adequate support.

Despite the growing need, LV= found that 48% of UK adults still have no form of financial protection in place. The report argues that income protection is not only a financial safety net for those unable to work due to illness or injury, but also a route to crucial rehabilitation services that support recovery and reduce time away from work.

LV= also observed a positive psychological impact among those who hold protection policies, with one in five policyholders reporting reduced anxiety and increased peace of mind from knowing they are financially covered.

The publication of the figures coincided with Mental Health Awareness Week, held from 12 – 18 May, which aims to raise awareness of mental wellbeing and available support options. The LV= report noted that concern among working parents for their children’s mental health has grown, with 68% of those surveyed expressing anxiety about their children’s wellbeing – a 2% rise on 2023.

To address these wider family concerns, LV= offers policy features such as parent and child cover and children’s critical illness benefits. These, the insurer said, can provide both emotional support and financial protection at times of strain.

Protection policyholders also have access to the LV= Doctor Services app, which includes remote psychological support delivered by qualified therapists offering counselling and cognitive behavioural therapy.

Mike Farrell, protection sales and marketing director at LV=, said: “Mental health continues to be a growing concern for individuals and their families across the UK, and our insights reflect that more people are actively seeking support.

“Protection products are evolving to meet these needs, providing more than financial cover, by offering vital services like therapy and rehabilitation as well.

“At LV=, we are committed to supporting both the emotional and financial resilience of our customers, helping them face life’s challenges with greater confidence and peace of mind.”