Research by Scottish Widows has found a general reluctance by the public to disclose mental health conditions to insurers, with almost half (44%) of UK adults with a diagnosis not informing their provider.
The research found that more than 24 million UK adults have reported mental health problems directly related to the Covid-19 pandemic.
In addition, nearly two-fifths (37%) of respondents believe their provider would only be interested in physical illness, with over one quarter (26%) viewing their mental health issue as personal and 18% worried they would not qualify for a policy or would incur further fees.
Scottish Widows stated that during the course of last year it offered cover to 96% of customers who disclosed a mental health condition, with 87% accepted at standard rates for life cover.
Rose St Louis, protection director at Scottish Widows, commented that despite mental helath issues affecting so many people throughout the UK a "stigma remains", with many without the "right protection in place."
"The recent challenges we've faced as a society have highlighted the value of protection policies for families and individuals during difficult times. We need to make sure everyone knows there's a policy for them, no matter what they are going through," she said.
"Being open with an insurer means those with mental health conditions are more likely to receive the right protection. Many policies provide additional benefits, such as access to mental health support from the day the policy is opened."
