Life and pensions company Friend Provident, has found that 54% of people questioned in its Protection Survey had no life insurance.
Of the 46% of respondents with life insurance, the majority (nearly seven in ten) said they would seek professional advice when considering cover and that they would do this by consulting a financial adviser, or undertaking research online and through newspapers.
Over 27% of participants in the survey indicated that they would choose to purchase life insurance if they had £5 a month to spend on cover.
Mark Jones, protection products and actuarial manager at Friends Provident, comments: “Understandably, none of us really want to think about our own mortality, but we do owe it our families to ensure that we have made provision, be it to pay off the mortgage or provide a lump cash sum.”
Life insurance: News update: 2008