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Legal & General has significantly increased its average business protection sum assured in the last two years from £278,000 to £405,000, a rise of 145 per cent.

This means that, although the volume of business in that period has not changed, the size of each policy has risen, reflecting the fact that the insurer is winning higher-value policies.

The volume of very high sum assured cases of more than £1.5m has increased by more than 300 per cent in the same period.

Joe Wiggins, a spokesman for L&G, said: “We have put quite a lot of effort into educating IFAs into offering business protection – such as key person, director and partner share protection, as well as protection for business loans.”

The insurer has recently recruited further specialists in business protection and rolled out an advanced training programme across its adviser sales teams.

Graeme Mitchell, managing director for Lowland Financial, said: “Business protection is an excellent thing and we specialise in it. We arranged some for two partners three years ago and one has put into for critical illness Parkinson’s and the other has a heart condition.”