Sales of protection products at Legal & General have rocketed by 88 per cent from last year.
It says equivalent premium sales leapt to £70m for the first six months of this year from £37.2m in 2001.
L&G attributes the rise to historically low life insurance premium rates and efficient online trading. It says sales of protection products have benefited from the shift to repay- ment mortgages, allowing IFAs and other business partners to promote the benefits of life and critical-illness cover.
The company says the lighter-touch regulatory regime for protection products has helped and it welcomes general industry moves in this direction following Sandler's proposals for more pared-down regulation.
Over half of L&G protection applications are carried out online. Public relations manager (distribution) Peter Timberlake says: “The company's rapid development of market-leading online trading initiatives for advisers has positioned it at the forefront of this growing market, making the process of recommending and submitting protection business easier, faster, more efficient and more professional.”