That is according to research conducted by life and protection provider Bright Grey, which points out that many people could actually buy life insurance for less than a tenner.

It reveals that even in these economically challenging times, 39% of people across the country say they would not miss £10 a month, rising to 48% in London and Edinburgh.

Roger Edwards, proposition director at Bright Grey, said:

“Most people would be keen to invest the money into their family or to help those less fortunate than themselves, which is great, but few suggest that they would keep the money and put it towards their own lifestyle or to help protect their own future.”

He added: “As little as £10 per month can provide people with up to £200,000 worth of vital life cover that can protect their families against the financial risks associated with the main source of household income, losing their life. Securing their financial future should be fundamental for families to work out, and there’s little better way of spending a £10 note than to know that you have protection in place should the worst happen.”

Term cover can cost as little as £5 a month if you are young and a non-smoker. It simply pays out the lump sum assured if you die during the term of the policy – there’s no investment so if you don’t die, there’s no payout.

Supermarkets often offer cheap life cover and it’s worth comparing prices online as this is a simple commodity cover where price is really the only factor.