Legal & General has reported a near 30% growth in applications for Relevant Life Plans (RLP) on its 2014 levels.
Legal & General's Business Protection sales have also seen a growth this year of 10%, which includes traditional products such as Key Person, share and debt protection.
However the insurer also said that many advisers are missing out on a "huge opportunity" by not discussing these products with clients on the back of an RLP sale.
This year-on-year growth could be explained by the new online application process for RLP - OLP-Connect - which was launched in January.
Advisers adapted well to this new system and within three weeks of its launch 90% of all applications had moved online, the insurer has said.
Richard Kateley, head of specialist protection at Legal & General, said: "Discussing Relevant Life Plan is a fantastic way for advisers to make a first approach to a company director to talk about protection.
"However, once an adviser has potentially saved them up to 50% on the costs of their family protection, the conversation needs to move on to other aspects of Business Protection.
"If the worst were to happen to a director or other key person, it is important that a business is still in a position to trade, allowing it to meet its other obligations.
"However, with RLP sales now outpacing other Business Protection products, it's clear that this is not happening. In fact, our RLP now out-sells all of our other Business Protection products put together."
He added: "This, I believe, is more down to a lack of confidence on the part of advisers than unwillingness from clients towards taking out the cover.
"This was borne out in the research we released in March and conversations I have had with advisers across the UK. "
Further reading
