Advisers and protection specialists are pushing for clear, simple, mandatory annual statements of insurance benefits to help people understand what their cover means for them.
Andy Couchman, co-founder of the Protection Review, said many people forget what their insurance policy can help them with and the services it can provide for them in addition to any potential payout.
He said: “A big issue for many employers is they provide a range of services but employees simply forget or aren’t aware they have them.
“I’d like to see all employees get not just an annual statement of their benefits from their employer but also the equivalent on their individual policies - and in a clear and simple way.
“There’s no downside to using these services - but you have to be aware they are there in the first place.”
He was responding to concerns raised by Canada Life Group Insurance, which in July revealed more than 25 per cent of all calls made to its employee assistance programme (EAP) from January to May 2016 had been for mental health problems.
Advisers and employers must play a key role in addressing this stigma by actively promoting mental health benefitsMr Couchman commented: “Getting help with stress is a good example - most employee assistance programmes will have such a service but so too do many individual life and health insurance products now, and this same ‘non-awareness’ issue arises there too.”
According to data from the Organisation of Economic Commerce and Development, mental health issues in the workplace cost the UK economy an estimated £70bn a year.
Figures from the UK’s Office for National Statistics revealed that, in 2013, sickness absence caused by stress, anxiety or depression had increased to 15.2m days lost, up from 11.8m days in 2010.
Jennie Doyle, head of marketing at Health Shield, who said: “The cost of mental health in the workplace to the UK economy is staggering. Many peoplestruggle to face up to mental health issues as there is still a stigma attached to these types of illnesses.
“Symptoms can go unnoticed for some time and things gradually get worse. Advisers and employers must play a key role in addressing this stigma by actively promoting mental health benefits.
“Early intervention is key, and our own data shows that if employees experiencing mental health issues receive help early, their length of absence from work is typically cut by approximately 17 per cent.”
She said while workplace-based health cash plan can help address mental health illness by providing both employers and employees with the tools to manage this, it required specialist financial advice to help communicate these benefits.
Ms Doyle added: “The adviser’s help is key so the employer can take advantage of the full benefits of these services and properly communicate them to their employees.
“However, an important aspects of workplace mental health services that advisers and employers need to get across is their confidentiality, that what is discussed will never be shared with the employer.
“The more people believe in this the more they are likely to use mental health benefits, knowing it will not affect their career prospects. Offering people simple access to support services such as these avoids unnecessary stress that could turn into something much more serious, impacting the employee and business long-term.”
