A recent poll by Legal & General shows that only 41% of people have life insurance, compared to 66% who said that they have home contents insurance.

On top of this, more people have mobile phone insurance – 22% – compared to just 17% who have critical illness cover and 14% for income protection.

Mobile phone insurance can cost up to £11 a month for a single handset. For the same money a 30-year old, female, non-smoker would be able to buy over £240,000 worth of life cover through Legal & General.

Bonnie Burns, Legal & General’s protection product marketing director, said: “The nation’s priorities seem misguided, with people more worried about losing their mobile than about how they would cope financially if they had a critical illness.

“We all know that it is difficult to face up to our own mortality, but when insuring possessions is prioritised above insuring lives, then something has to be done. Protection insurance is widely-available, value-for-money and easy to arrange, so there’s no reason not to consider it.”

Among the reasons given for not being covered were the expense and consumers considering themselves too young.