Many of us out there could be in danger of putting our families in financial jeopardy, because they have formulated the opinion that life insurance is to costly, but for those who believe it will be beneficial to them, what will they need to do and where will they need to go to locate the cheapest deals?

The Post Office recently stated that the average adult in the UK believes that their lives alongside their belongings, such as their cars and their homes, are worth about £350,000. People in London estimated themselves to be worth about £500,000, as well as individuals in the Midlands, who valued themselves at £300,000.

The irony in this is that although the average UK adult placed such value on themselves, 75% of the of these adults still do not have any life insurance coverage, also surprising considering the fact that the cost has reduced very significantly by 70% in the last 30 years .

A lot of people tend to say that they will purchase cover when they finally have children or when they buy their first home or get married. However more than a quarter of Brits say that they cannot actually afford it. However the truth is that you are probably over-estimating how much it costs for this type of insurance, these are the findings by a study conducted by Legal and General.

According to the firm 65% of those that consulted them over-estimated how much it would cost for a £150,000 life insurance policy, in addition to 35% who had no clue of what it would cost them for critical illness coverage. They confirmed that a £150,000 level term assurance policy for a healthy non smoking 25 year old man would cost exactly £8 a month, although those spoken to thought it would range between £11-£20 a month. Another 18% thought the policy would cost £21 and £30 and 22% believed that it would cost up to £30 a month.

It is quite worrying that so many of use are misinformed as to just how much they would be spending. Karen Blatchford: Commercial Director for Housing at Legal and General said “Life cover can start from as little as £6 per month, which even families on a very tight budget may be able to afford.”

She also said “People may wish to consider covering not just their mortgage debt, but their family expenditure and bills. Most families would really struggle if there was an unexpected drop in the household income.” The fact of the matter is that avoiding life insurance when you are about to take out a mortgage is extremely risky to say the very least. It is imperative that you protect your assets.

The truth is if you happen to be on a very restricted budget, but want to guarantee that you are acquiring the best deal for life insurance, is to evaluate the entire market before making your choice. So do not just go to your bank and acquire the policies they are offering because they may not necessarily be the cheapest.