A new campaign aims to promote the benefits of income protection through financially supporting families where the main bread winner has been hit by disability or illness and following their progress through TV and social media.
The Family Support Initiative will be launched by the Income Protection Task Force next year. Up to 25 insurers and reinsurers will fund a trust which will offer an annual income, equivalent to an average IP payout, to up to ten families selected by a range of charities.
The FSI is talking to a number of TV production companies about producing a series following the families through the year to highlight the benefits of the payments and the position they would be in without them. Their progress will also be tracked through social media.
The IPTF also aims to help create a simple questionnaire so people can work out how IP payouts would affect any state benefits they may receive.
IPTF chairman Peter Le Beau says: “Our plan is ambitious, high-profile and designed to bring an awareness of the consequences of becoming too ill to work.”
Roxburgh Financial Management branch manager Garry Webb says: “Anything that raises the awareness of IP absolutely is a positive thing. It would be useful to see a varied sample of salary ranges and how people on different ends of the scale are affected but this is definitely a good move.
“I’d also be keen to see more education for brokers who at the moment just aren’t selling enough IP policies when in truth they can be a much better option for clients.”