Providers are reviewing ‘traditional underwriting approaches’ to assessing mental health. At LV=, we’re working with mental health experts, advisers and customers to ensure our questions make it easy for customers to disclose their experience of mental health and importantly how they cope with their condition. For IP applicants we also include questions that focus on a customer’s attitude to work and resilience. As a result, we’re making better underwriting judgements, avoiding the typical industry ‘exclusion’ default and further extending access to protection.
The importance of individual circumstances is strikingly more important now. As part of our wider COVID response, we’re talking directly with more customers. This allows us to take a more individual, better informed approach to how we assess an application and offer support. I hope we learn from this as we move in to in the ‘new norm’.