Originally developed as the Family Support Initiative, the campaign has been rebranded as Seven Families and will provide a monthly income for a year to families where the main breadwinner is unable to work due to illness or injury.
Currently 17 companies have confirmed their support including Aviva, Scottish Widows and LV, with the campaign planned to commence at the beginning of September.
The first feedback meeting for supporting companies takes place later this month, followed by the planning workshop in July.
Peter Le Beau, chairman of IPTF, 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.”