The LIA is allowing former Prudential, Sun Life Financial of Canada and Britannic salesmen to suspend their membership subscriptions for up to six months following recent redundancies.
The LIA is writing to members, confirming they can suspend subscription fees for six months or until they find new employment without affecting their membership.
Up to 5,000 direct sales staff have lost their jobs over the last two months, with more than 1,500 LIA members.
It says the move could save a member up to £163.47.50. The LIA's annual fee is £163.95.
If all 1,500 members take up the offer, it could cost £163.71,250.
An LIA spokesman says: “We feel these people are exposed out there due to recent announcements and they need a little help. It is a small gesture but it might help them. Being LIA members, they will hopefully be able to network with other members to help them find a job.”
A spokesman for MSF, the union which represents many of the salespeople says: “We think it is good that the LIA has agreed to defer these payments but for us the issue at hand is that these companies have slashed vast numbers of their salesforces, depriving them of their livelihoods.”