A panel at the Landmark Hotel in London discussed of why more IP isn't sold, as Chris Lerpiniere, head of operations Reliance Mutual, remarked that more products to be underwritten online.
Ward acknowledged that online distribution models will help grow the market, but until advisers get paid more he reckoned it will never be high on the priority list.
He said: "If you multiplied the commission income protection by 10 you would get much more of it sold.
"If you are marketing business you spend it on a product that can get the best return – it has to work from a commercial point of view."
Ward said that his insurance agency PayingTooMuch.com, which compares policies based on the term as well as the price, now sells 20 times more travel insurance than life insurance and is five times more profitable.
He also criticised the Financial Conduct Authority for failing to help the industry grow.
He added: "I think we need a better regulator; one that changes the emphasis.
“I want one that cares about sales rising and not just compliance."
