The families will be from a range of backgrounds and locations, as well as representing a range of different illnesses and accidents. In addition their previous financial situation will be taken into account to ensure that any potential impact on state benefits is minimal.
The total funding pot will be split approximately 50/50 between paying an income to the families and promoting the campaign to the public. The 17 companies have now signed up to the campaign have committed £20,000 each to allow it to announce just yesterday (16 June) that it had reached its £340,000 funding target.
Whilst there is not a significant marketing and PR budget, there is a strong human interest element and we are hoping that the supporting companies will also do as much as they can to help promote the message.
Other agencies involved with the project management include HTF Media, a video and film production company who have worked closely with charities in the past, and also Relative, a specialist digital creative agency who have worked with a range of well known consumer brands.
The campaign’s success will be measure in a variety of ways including pre- and post-launch research, social media engagement, publicity and press coverage, and of course the impact on the seven families themselves, which should not be understated.
There will be challenges along the way and one of the points often made relates to the families after the income has ceased.
Whilst accepting that many IP/ASU style policies only pay for one year, the families will have access to basic financial advice where appropriate and overall we believe that significant financial help for one year is considerably better than nothing at all.
The Income Protection Task Force, a rather grand title by their own admission, is led by Peter Le Beau, who was awarded the MBE in 2009 for services to charity and the insurance industry.
The body was formed to promote awareness of Income Protection amongst all parts of the life and health insurance industry and among consumers. It has produced two white papers and represents the vast majority of income protection providers, reinsurers, advisers and businesses involved in providing services to the UK income protection market.
The executive committee includes a range of vastly experienced insurance minds including Nick Kirwan, Richard Walsh, John Gillman, adviser Roy McLoughlin and claims expert Karin Lloyd, who came up with the original suggestion for the campaign.
Commenting on the idea, Karin said: “I had been reading the latest batch of industry research telling us lots of things we already know about how people don’t care about insurance, don’t save enough etc. We had been trying for years to think more about what influences the decisions people make and had started thinking about how we could show the effects of an IP policy in action.