Recent research shows that the average adult in the UK, believes that their life is worth £350,000, according to the Post Office.

Respondents, where told to valuate their lives, including things such as their vehicle, home and annual salary. The findings brought about the average price of £350,000

The value of the individual's home took up the largest proportion of the respondents expected worth. It was also found that people living in London, gave themselves the highest value of £3500,000, with their homes being valued at £345,000. Respondents in the East Midland areas had a lower valuation, where people believed they had a value of £300,000 and their homes were worth £142,000.

Further to this, older respondents, who were already in or approaching retirement, gave themselves the highest values, of £3500,000. It was found that respondents in their sixties gave themselves a personal value that was more than double, that the respondents in their twenties and thirties gave themselves.

Despite the large values individuals stated for themselves, an astounding 75 per cent of UK residents, do not have life insurance cover, for their lives or to help their families in the event of their death.

Despite the price of life insurance policies dropping in the last 30 years and an even greater drop being noticed in the last decade, 28 per cent of UK of UK adults feel that they cannot afford to pay for life policies. While more than eight million (or 18 per cent) of adults say that their lives are not worth insuring.

Richard Eagling, Editor of Investment Life & Pensions Moneyfacts, recently commented on the price decrease in life insurance premiums. He said: "Longer life expectancy coupled with increased competition in the term assurance market has driven prices down to all time lows, but for non-smokers there are signs that rates may have bottomed out. Consumers looking to take advantage of the huge savings on offer should proceed with caution as life insurance companies assess risk differently. Some policies are as much as five times more expensive - so why waste money needlessly?"

Some people have stated that they would wait for 'life triggers' before they choose to take out life insurance, such as 14 per cent saying that they would take out a life policy after they have had a child. Thirteen per cent, said that they would do the same after they have bought a house and ten per cent, said they would take out life insurance, after they have got married. Moreover, 40 per cent of UK adults, say that they would take out life insurance as soon as possible.

Post Office head of protection, Duncan Caesar-Gordon said: "Regardless of the average UK adult valuing their life at £3350,000, which is over double the average life insurance policy, it is worrying that so few people have taken measures to protect themselves. Whilst it is encouraging that people can successfully identify the key stages of their life when they should consider life insurance, it is concerning how few people then actually go on to take it out.

"What is interesting is the calculation that people make when working out how much their life is worth. What people need to consider is a lump sum of money that will help their loved ones pay towards something like a mortgage, should the worst happen."

He concluded: "Thinking about the future and how the family will cope should the unexpected happen is a worry that can be easily avoided by taking out life insurance. With a typical cost of £310 per month people would have peace of mind knowing that their loved ones are protected."