A dozen insurers and reinsurers have each pledged to donate £20,000 to the Income Protection Task Force’s high-profile income protection awareness campaign.
The Family Support Initiative is set to launch next year and will follow a number of families where the breadwinner has suffered a serious illness or accident.
The families will be supported by a donation, equivalent to a year’s salary of close to the national average, from a trust made up of donations from providers and reinsurers.
The campaign plans to follow the families’ progress through digital and broadcast media. The IPTF is in talks with production companies to create a TV series.
IPTF chair Peter Le Beau says 12 insurers and reinsurers have so far agreed in principle to be part of the initiative.
The companies have been asked to donate £20,000, which it is hoped will create a total pot of between £250,000 and £300,000 to support 10 families for a year. The families will be selected by a number of charities.
Le Beau says: “Insurance companies have been very supportive so far. However, we have heard concerns from some that the ending of the payments after 12 months may create negative publicity.
“We are going to manage that very carefully and will make it clear that a regular income protection plan pays a benefit until retirement.”
He says he hopes the campaign will lead to a 40 per cent rise in income protection sales, from approximately 120,000 a year to 170,000 a year.
Aviva protection distribution director Louise Colley says: “This is a really brave step and will hopefully raise awareness of how vital income protection can be. At Aviva we are really excited about the project and keen to support it however we can.”