Research by the insurer shows that less than half (48 per cent) of UK residents have life insurance, but have purchased home, travel, mobile phone, gadget or electrical item insurance.

Of those who don’t have life insurance, almost a fifth (18 per cent) said they have never even thought about taking out this kind of protection policy.

Life insurance pays out a lump sum to your dependents if you pass away during the term. This type of insurance policy is most suitable for couples with joint financial commitments and anyone with children.

The Co-op survey also highlighted the need for insurers to be more flexible in the design of their products. Four-fifths (80 per cent) of people said insurers should do more to help people who fall into financial difficulty, with three-fifths of these (58 per cent) thinking insurers should offer extended payment holidays of more than a month.

Co-op Insurance offers life insurance via its partner Royal London. Policyholders can take two six-month payment holidays throughout the lifetime of the policy after a 12-month qualifying period.

Charles Offord, director of Co-op Insurance, said: “It’s hard to imagine that many people will insure their possessions ahead of their own lives, but that is the reality.

“Our research has shown that the inflexibility of life products is a clear barrier to people insuring their lives and protecting the futures of their dependants. Our extended payment holidays provide the peace of mind our customers and members are looking for to ensure their policies remain in force throughout the term.”