The Income Protection Task Force has confirmed the Seven Families campaign has reached the required level of funding to proceed.
So far 17 companies have confirmed their support and the campaign remains on course to begin in September as planned.
The 17 companies confirmed so far (of which some are subject to contracts) 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.
The first feedback meeting for supporting companies takes place later this month, followed by the first planning workshop in July.
Peter Le Beau, chairman of the IPTF, (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."