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Business protection booms for L&G after rate reductions

Legal & General says business protection applications made during July soared by 230 per cent compared with the same month last year.

Protection and housing manager Joe Wiggins says applications in the first half of this year increased by 136 per cent over the first half of 2007.

He says the increase, which includes keyperson protection, director or partner share protection and business loan protection, is a result of L&G spotting an opportunity and lowering its rates.

He says: “The increase in sales can be attributed to the increased support that we are giving to advisers in terms of helping them spot opportunities for revenue in this sector. In addition, making business protection cheaper has had a noticeable effect.”

High-net-worth completions were up by 159 per cent in July compared with the same month last year while completions during the first half of the year increased by 116 per cent.

Wiggins says: “The market is challenging but we are going flat out to take advantage of the opportunities available. In June, we significantly reduced our rates for business protection quotes through The Exchange but it is not enough to be competitive on price. We realise how important it is to advisers to offer good technical support and sound advice on how they can build revenue in this major sector.”

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