The chairman of the task force said: “We are thrilled that the Seven Families idea will now become a reality. We have a wide range of companies supporting us and I would like to thank everyone who has been involved so far in helping to unite the industry for this project.”
Set up to increase awareness and the take-up of income protection, by providing a monthly income for seven families whose main breadwinner is unable to work due to illness or injury, the campaign has garnered the support of 17 companies.
Mr Le Beau said Seven Families would help these seven households to “continue to function despite the inability of the breadwinner to work because of sickness or accident.”
The breadwinners will not have income protection insurance but will be someone who could have purchased it before they were taken ill.
They will have been earning within an income range of around £30,000 to £35,000 before disability and they will receive significant rehabilitation and case management support to help them recover their health and the ability to work again, either in their old job or in a new role that reflects their new work capacities.
Mr Le Beau said: “We continue to welcome additional support and would ask any interested parties to contact us. A lot of hard work has already been done, but the real work starts now.”
The campaign is set to begin in September. The first feedback meeting for supporting companies takes place later this month, with the first planning workshop scheduled for July.
|The 17 companies confirmed to date|
|Ageas Protect, Aviva, British Friendly, Canada Life, Cardif, Pinnacle, Ellipse, Exeter Friendly, Friends Life, Hannover Re UK Life, LV=, Pacific Life Re, PruProtect, RGA, Scor, Scottish Widows, Unum and Zurich.|
Claire Walsh, financial planner at Sussex-based Aspect8, said: “I am pleased to hear about the campaign. It is a great way of highlighting the different sorts of situations where income protection would provide invaluable cover.
“When I talk to clients about income protection, most are surprised as they have not heard of it, and they are very keen to ensure they are protected. Few people want to survive on state benefits, particularly if used to a higher level of income – and with the comfort of proper income protection they would not have to rely on benefits.”