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Zurich PTA plan is Tala-made for advisers

Zurich Financial Services is to extend its pension term assurance product to the IFA market in the fourth quarter.

The product, called tax advantaged life assurance or Tala, is currently only distributed through the Openwork network but Zurich says it is tweaking the product to ensure it is suitable for the whole of the IFA market.

Openwork says it has seen a 30 per cent increase in sales of protection products since A-Day when PTA was introduced to the market.

The product offers level or decreasing term and has a switching option for customers who may want to convert to an ordinary term policy in the future.

Protection management director Peter Hamilton says: “We have seen significantly more sales of pension term assurance coming from new customers rather than from existing customers switching to our product. Tala will essentially be the same product when launched to the whole of the market. We are looking at some online processing to make it easier for IFAs to use.”

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