According to life insurance and general insurance company AXA, customer interest in life insurance products is increasing, largely due to pricing reviews and expansion of large case experts.

The large case team are concerned with life insurance policies costing £5,000 per annum with insurance exceeding £1 million. The team has over 40 years in the industry.

Mike Taylor of AXA reportedly commented: “As people take out bigger mortgages and with the growth of business protection, we are increasingly seeing applications for ever bigger sums assured. It is not unusual now to receive applications for life cover more than £10 million. Larger cases are often more complex, requiring detailed medical and financial assessments, which is why it is smart to have one person dealing with the application from start to finish. This makes the process more straightforward for the customer.”

Other reports suggest that despite many signs earlier this year that the life insurance industry was weathering the credit crunch, the Confederation of British Industry reportedly claims that this sector is actually in a bad way.

A study conducted by PriceWaterhouseCoopers indicates that the life insurance industry has taken a hit in volume of business, income and profitability. Financial services have been affected across all sectors.