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Royal Liver PTA boost doubles sales of life plans

Sales of Royal Liver’s pension term assurance product have rocketed, doubling the volume of life products that the firm has sold since its launch in April.

Technical manager Mark Davies says PTA makes up half of Royal Liver’s new business and he says he is pleasantly surprised by the increase in business.

Davies says the product’s popularity is due to certain features which appeal to IFAs, including a switch option, where clients can switch easily from PTA to an ordinary term insurance policy, increasing, decreasing or level term options, waiver of premium and an option where employers can pay the client’s premiums.

He says: “We are surprised that we have managed to grow so quickly. We always thought we would be a key player in the market but that it would take a few years.”

Lifesearch head of protection strategy Kevin Carr says: “Royal Liver makes up the second-biggest share of our business. They have had the most successful launch with us out of any life company, including Bright Grey and Axa.”

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