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28 per cent of marriages have no life cover

Fewer insurance policies are being taken out as the cost of living rises.

A new survey into the reasons for not having adequate coverage has shown that rising costs means that insurance is one of the first things to be sacrificed.

The report published by Sainsbury's Finance warns that 28 per cent of married couples with or without children under the age of 18 years – or 8.87 million people – have no life cover.

At least one-third of the population of Great Britain have "opted out" of buying one or more types of insurance, with 13 per cent (2.9m) doing so either because they could not afford to do so or it was considered too expensive.

The company found 4.7m people have no home contents insurance, 4.8m did not take out any form of travel insurance and 55 per cent have no pet insurance.

Of those surveyed nearly four in ten felt insurance was not necessary with 13 per cent said they could not afford the cover.