It is now up to the 22 insurers and reinsurers to decide wheher to fund the campaign, with the first instalment of funding due at the end of October.
The group, chaired by Lifesearch managing director Tom Baigrie, aims to achieve a 3 per cent increase in protection sales in the first year. If the firms stump up the money, the £5m will be used to fund a TV, online and press advertising campaign beginning in March next year.
The group is considering approaching the British Heart Foundation, Cancer Research UK and the Stroke Association to help raise awareness. Baigrie says: “The campaign is designed to change consumer behaviour and reposition protection as a wise and virtuous thing to buy.”
Income Protection Task Force co-chairman Peter Le Beau says: “The protection industry is at a crossroads and this campaign represents a pivotal moment in terms of the industry’s future. We will now see if the protection industry really is serious about closing the £2.3trn protection gap.”