It has been revealed by a life insurance group that one in 12 UK residents has allowed their life cover policy to lapse.

This discovery is especially true of the over-65s with one in seven admitting to having lapsed their life insurance policy.

As a result, insurers are urging consumers to remember the benefits of life insurance cover. Life insurance can provide protection from a variety of factors including debt and mortgage repayments should the worst happen.

Experts also advised that renewal time for a life insurance policy is a chance for customers to re-evaluate their life insurance cover, in order to ensure that you are still adequately protected and are saving money by settling with the best policy for them.

Renewing a policy has become even more important since the financial downturn struck and insurance policies have grown by 11.35%.