Life Insurance 

Britons seriously underestimate life cover needs

Mr Conner said: "This could still leave a large gap between the payout and a remaining mortgage balance, especially when considering the various statistics on the cost of raising a child to factor in, as well as keeping up with the mortgage and other daily living expenses while down one income into the household."

Moreover, the likelihood of a death in service or the need to call upon life insurance while people are still of the average working age is far less than the likelihood of having to take time off work due to a serious illness, accident or critical illness.

Mr Conner said it was therefore important for people to consider income protection policies. 

simoney.kyriakou@ft.com