The industry-led Seven Families project to raise awareness about the benefits of income protection could restart in 2017 after the first phase ended this year.
Begun in November 2014, the campaign sought to highlight the financial impact of long-term illness or disability by providing a tax-free income for one year to seven people who lost their income because they could no longer work.
The campaign stepped in to support these families as if they had bought income protection.
The project was brought to a close this July with the final income protection payment made to the seventh chosen family.
But Peter Hamilton, Zurich Life’s head of retail proposition, hinted to FTAdviser the project may enter a second phase in 2017.
“[Seven Families] may rise again. It is rare for the industry to collaborate in such a way, to work to grow the market rather than simply compete for share, and it was refreshing to be involved in such an initiative,” Mr Hamilton said.
“One key element is the emotional lens that the campaign has brought.”
One key element is the emotional lens that the campaign has brought.Peter HamiltonThe project, in conjunction with charity Disability Rights UK and the Income Protection Taskforce, received high-profile coverage across television, the radio and newspapers, and was widely judged a success in raising awareness of protection cover.
The campaign had three aims: To raise public awareness of the financial impact of long term illness or disability; to help seven real families who are facing financial meltdown; and to demonstrate the value of independent living support, rehabilitation and counselling, through trying to help get people back to work.
It was funded by Aegon, Ageas Protect, Aviva, British Friendly, Canada Life, Cardiff Pinnacle, Ellipse Exeter Friendly, Fineos, Friends Life, Hannover Re UK Life, LV, Royal London, Pacific Life Re, PruProtect (VitalityLife), RGA, Scor, Scottish Widows, Unum and Zurich.
laura.miller@ft.com
