Are you feeling fit for work?

Graham Harvey, managing director of individual protection at Friends Provident, on the impact an often overlooked illness can have on people’s finances.

With the prospect of more cold weather this February, it certainly feels like a very long winter. For me, the spring can’t come soon enough, as thoughts turn from the traditionally bleak start to the year to summer holidays and, hopefully, some much warmer climes.

I’m sure many people will be searching for ways to break the winter blues. However, there are many people who suffer more than just the blues. In fact, statistics suggest that one in four people will experience some kind of mental health problem in the course of any one year, and this remains the cause of the highest proportion of income protection claims.

Depressing statistics

When you read stats such as these, it is easy to see the severity of this often overlooked problem. Depression is one of the most common forms of mental illness and, according to the World Health Organisation, within 20 years more people will be affected by depression than any other mental health problem.

For clients who suffer from depression, it is important for them to focus on their wellbeing and get back to feeling fit for work. The pressure of living costs should be their last concern.

Clients cannot rely on Employment Support Allowance (ESA) alone, so it is imperative that they take steps to protect themselves in case depression strikes during their working life. The mental health charity Mind believes that the ESA’s Work Capability Assessment is not able to assess adequately whether mental health can affect someone’s ability to work and cope in the workplace.

Many people who suffer from depression will have linked periods of incapacity, so going through the Work Capability Assessment every time they have a bout of depression could be challenging, to say the least.

A comprehensive income protection plan would provide valuable cover for depression, paying a benefit if the client is unable to work due to a mental health problem. ­Furthermore, if a client took out an income protection policy, then developed depression, they may be eligible to claim more than once on their policy for this condition.

Economic climate brings no cheer

There are many reasons why people develop depression. It is likely that the current economic climate will not help to cheer us up over the coming months and could lead to more people suffering from a bout of depression.

So the focus needs to be on ensuring that clients’ finances are covered
for all eventualities, including depression.