R U OK? Help is at hand
Health & Wellbeing -
R U OK? Day, on the 8th of September, is an event that encourages Australians to dedicate some time out of their day to check in on family, friends and colleagues.
Given the health and social challenges we’ve faced as communities in the past few years, asking the simple question R U OK? can have greater significance.
The prevalence of anxiety and depression increased by 25% globally in the first year of the COVID-19 pandemic, according to a scientific brief released by the World Health Organisation in March 20221 and making meaningful connections and staying in contact with people is particularly important to maintain and improve mental health.
The pandemic has accelerated the level of public awareness about mental health, and while some progress has been made to improve accessibility to holistic health support and services for those who are affected, there is more work to do.2
Last year, mental health conditions were the number one reason for customers to make a claim at TAL for the first time. In the last financial year (1 April 2021 to 31 March 2022), we paid a total of approximately $611m to 6,586 customers with mental health conditions, including post-traumatic stress disorder and depression.
With claims for mental health conditions continuing to grow, we are committed to doing more to identify, prevent and support Australians with mental health conditions. Mental illness is a complex area, and we are continually working to increase our understanding.
One of the ways we do this is through our Mental Health Action Group, which brings together leading mental health experts, including those with lived mental health conditions, to help us drive positive change across our services.
How the right cover can help
At TAL, the majority of mental health claims (71%) are made under income protection policies, followed by total permanent disability cover (25%) and life cover (4%).
Income protection claims payments replace part of your monthly income (up to 75%) if you are disabled due to sickness or injury and unable to work, helping to ensure that bills such as mortgage and car repayments, rent, and utilities bills can continue to be paid.
In more serious circumstances, if you are permanently unlikely to work due to your mental health condition, you may be able to make a claim under a total permanent disability (TPD) policy and receive a lump sum benefit.
Life/death cover can help your family pay off debts and maintain their standard of living if you pass away.
Pre-existing or prior mental health conditions may impact your ability to obtain life insurance cover. It may be useful to discuss your individual circumstances with a financial adviser, to ensure you obtain the cover that’s appropriate for you.
Nearly half of all Australians have experienced a mental health disorder in their lifetime.3 With the rising prevalence of mental health conditions, it’s important to keep in mind that help is at hand, from friends, family, health professionals and community support services, and from your life insurer.
Resources and support
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Lifeline 13 11 14
Call 24/7 for crisis support and suicide prevention services. Text support is also available: 0477 13 11 14 - SANE Australia 1800 187 263
10am-10pm Monday to Friday. Mental illness advice, referral and support via phone, webchat or email.
For more information on TAL’s commitment to mental health, visit our most recent whitepaper.