The Income Protection Task Force has revealed more details about its high-profile campaign aimed at dramatically boosting the take-up of income protection.
Originally developed as the Family Support Initiative, the campaign has been rebranded as ’Seven Families’. It will provide a monthly income for a year to families where the main breadwinner is unable to work due to illness or injury. Payments will be treated as charitable donations but will replicate the effect of IP.
The families will be found through charity Disability Rights UK. The beneficiary will earn between £30,000 and £35,000.
When the IPTF first announced the campaign, some concerns were raised about negative publicity around the end of payments.
In response, should the breadwinner fail to return to work after 12 months the IPTF will continue to provide case management support and ongoing financial advice.
The initiative will now support seven families instead of 10 as originally planned. IPTF chairman Peter Le Beau says this is to avoid “trying to be too ambitious or diffusing the impact of the project by supporting too large a number.”
12 insurers and reinsurers have pledged their support to the campaign, and will be asked to donate £20,000 each.
The campaign will launch on 21 May, with payments to families beginning in July.