'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."
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