VitalityLife has reported a business protection sales increase of 26% in the year to June 2015, representing a £4.9m increase in new annual premiums, up from £3.86m.
Meanwhile, sales of Relevant Life Policy (RLP) – an alternative or ‘top-up’ to group death in service benefit – has also increased by 91% since Vitality health and rewards benefits were added to RLPs at the end of last year.
It is the eighth consecutive quarter Vitality has grown business protection sales.
Justin Taurog, managing director of sales and distribution for VitalityLife, said: “We are working hard with advisers across the industry to help grow the protection market and we have now continued to grow our business protection sales for an 8th consecutive quarter.
“In addition, two out of every three business owners are choosing to include our Vitality health and rewards benefits on their RLP cover as an employee benefits package.”
Roy McLoughlin, partner at MasterAdviser, said: “Business protection is a growing area of the market and it’s good to have Vitality as part of that sector. It’s an offering that allows employees to benefit from healthy living and the rewards keep them appreciative of the cover they have in place. It’s welcome news for the adviser when clients are using their benefits regularly.”
