Aimed at increasing awareness of the financial impact of long-term ill health or disability, the campaign is backed by some of the UK’s largest insurers and reinsurers.
It will provide financial support for one year to families where the breadwinner is currently unable to work due to poor health or as a result of an accident.
Aegon UK last week became the eighteenth company to sign up to Seven Families, which reached its funding target of £300,000 in June this year.
IPTF chairman Peter Le Beau says:
“Put simply, we want to highlight the need for people to plan financially in case they become too ill to earn. This campaign provides a tax-free income for one year to people who have lost their ability to earn because of a serious or long-term health condition or disability.
“It is the first campaign of its kind and it is probably the first time so many major companies have worked together for a common purpose and got widespread support for doing so. However, it is not just about the money – each family will also have the opportunity to benefit from independent living, rehabilitation and counselling services.”
Unum chief executive Peter O’Donnell says:
“Unum is very proud to be supporting the Seven Families initiative. The programme will illustrate how income protection provides a vital back-up plan for individuals and families. It will also act as a reminder for employers of the difference offering IP to staff can have in terms of demonstrating they care and providing support through tough times.
“One in ten people have no financial back-up plan if they fall ill, even though 300,000 people every year are unable to work for six months or more due to serious illness. The Seven Families campaign can help address this gap by highlighting the importance and impact of being protected.”
