The Income Protection Task Force is to hold a summit meeting for the heads of protection of the leading providers to seek views on how to increase sales of the product.
It will take place on April 18 at the Chartered Insurance Institute’s headquarters in Aldemanbury and will aim to find a way of achieving a higher profile for the product with both advisers and the public.
All major writers of group and individual income protection will be invited.
IPTF co-chairman Peter Le Beau says: “In our estimation in excess of 20 million families in the UK need some form of income protection cover. In reality actual coverage is less than a quarter of that. I think we are failing as an industry if we do not strive to change that situation. Added to this the momentum around simple products is growing.
“This is a very important period for the protection industry and we want to do everything we can to improve the situation for millions of unprotected consumers.”