The Income Protection Task Force (IPTF) will unveil a consumer charter for income protection early next year.
The charter will be the result of consultation with leading consumer organisations.
The group expects to publish the charter by mid-January.
Clive Waller, co-chairman of IPTF, said: "We produced a draft charter for the industry at our summit meeting in April but we felt there was a very real need to find out what leading consumer organisations felt needed to be done on the issue.
"[The aim was] to make the product clearer and more comprehensible to the public as well as highlight what needs to be done to ensure we are treating all buyers of the product fairly."
Peter Le Beau, the other co-chairman, said: "We are developing a three point action plan for income protection.
"First we are unveiling the consumer charter, second we will continue the dialogue to have simple income protection included in the first wave of simple products, and third we will publish ‘Signposts for Income Protection' outlining the key challenges IP faces.
"The product has been languishing for far too long and we sense a real window of opportunity to increase understanding the value of the product and the sales it can achieve."
Echoes of sci-fi thriller 'Minority Report'
Heading for biggest annual nominal losses since 2008
‘To drive future inflows and AUA growth’
‘To support growth strategy’