Firms from across the industry have pledged their support including Aviva, Friends Life, LV, Scottish Widows and Zurich.
The campaign will provide monthly income for a year to families in cases where the main earner is unable to work due to illness. The campaign is due to launch in September following the first planning meeting in July.
IPTF chair Peter Le Beau (pictured) 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.
“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 17 companies confirmed so far are: 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.
