PTAs proving popular, says Legal & General

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PTAs proving popular, says Legal & General

Thu 30th Nov 2006

In the wake of the introduction of Pension Term Assurance (PTA), following the government's pension rule amendments back in April of this year, Legal & General has stated its belief that customers have been compelled to purchase term assurance.

Research has discovered that nearly half of all independent financial advisers (IFAs) have sold PTA in the past six months and four out of ten of those selling it have reported that such sales make up between five and ten per cent of their business.

To further highlight the success of PTAs since their launch, Legal & General found that eight in ten IFAs predict that sales of this product will account for almost a quarter of their total business next year.

Bonnie Burns, protection marketing director at Legal & General, stated: "The fact that PTA has reduced the cost of life cover has helped make life cover more affordable for many more people. PTA has definitely contributed to overall growth of the market."

She added that she believed PTA to be "a growing market" and also stressed that it was popular "across age ranges and all rates of tax payers".

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