The Seven Families campaign, which aims to raise awareness of the financial impact of long term illness and disability, has launched.
The campaign will provide financial support for a year to the breadwinners of seven families who are currently unable to work because of ill health or accident.
The families involved will receive payments as if they'd had income protection insurance when they became unable to work.
It has been organised by the Income Protection task force with support from many of the major firms in the industry and as well as the money will provide financial advice to help the families.
A Just Giving page has been set up for those who wish to support the project financially.
The first family to benefit are the Clarkes, currently living on a narrowboat after financial difficulties following wife Tracey's loss of almost all her sight, and was formerly a pharmacy technician. She will receive monthly payments of £600.
Peter Le Beau, spokesperson for the campaign, said: "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."
Colin Williams, managing director of workplace and intermediated at Friends Life, said: "We've been behind this initiative from the very start so it's really gratifying to see the first families announced. It's extremely important that we raise the profile of income protection so more people understand it and can see its value. Insuring your income can mean if you do find yourself unable to work through illness or injury you will have a means to pay your bills. I hope that by working alongside the Income Protection Task Force on this project we can help make a strong case for why many more people should consider income protection when they are planning for the future."
