'Huge demand' for PTA products as number of quotes soars by 1000%

clock

'Large percentage of life cover sales are going down the PTA route'

Demand for pension term assurance (PTA) has surged by more than 1000% since the majority of providers relaunched the cover in April, according to the Exchange.

The portal revealed that its PTA quotation volumes have increased massively post A-Day, with an excess of 300,000 quotes completed in June alone.

David Child, managing director of the Exchange, was pleased with the huge rise in quote volumes.

He said: "We always expected PTA to be popular with advisers but the huge demand, which has been shown through the online quotes and e-submission activity, is really encouraging. As Exweb represents such a large proportion of the overall adviser community, we would expect this to be a fairly accurate indication of actual business levels as the pipeline of cases goes live."

Commenting on the findings, Andy Milburn, IFA market manager at Royal Liver, said: "The dust is still settling but it is clear that a large percentage of what would have been ordinary life cover sales are now going down the PTA route instead. Based on our own experience in May and June, we are not at all surprised at the huge demand shown, having seen a significant increase in business written since the introduction of PTA."

More on uncategorised

Queen Elizabeth II dies after 70 years on the throne

Queen Elizabeth II dies after 70 years on the throne

1926-2022

COVER
clock 08 September 2022 • 1 min read
COVER parent company acquired by Arc

COVER parent company acquired by Arc

Backed by Eagle Tree Capital

COVER
clock 06 April 2022 • 1 min read

National insurance hike to fund social care faces accusations of 'intergenerational raid'

NICs could be raised 1 percentage point

Hannah Godfrey
clock 20 July 2021 • 2 min read

Highlights

COVER Survey: Advisers damning of protection insurer service levels

COVER Survey: Advisers damning of protection insurer service levels

"It takes longer than ever to get underwriting terms"

John Brazier
clock 12 October 2023 • 5 min read
Online reviews trump price for young people selecting life and health cover

Online reviews trump price for young people selecting life and health cover

According to latest ReMark report

John Brazier
clock 11 October 2023 • 2 min read
ABI members with staff neurodiversity policy nearly doubles

ABI members with staff neurodiversity policy nearly doubles

Women within executive teams have grown to 32%

Jaskeet Briah
clock 10 October 2023 • 3 min read