Four out of 10 homeowners with financial dependents have no life insurance in place, according to research by Moneysupermarket.

The comparison website found that 46 per cent of those without cover thought it would be too expensive, while 14 per cent felt that insurers never pay out.

Meanwhile, 13 per cent said they had no cover because thinking about what might happen in the event of their death was “too depressing”.

However, Moneysupermarket describes the reasons people gave for shunning protection as “myths”.

It says the average cost of £1,000 of life cover is £11 per month – a quarter of what the average household spends on streaming services per month.

For those aged between 18-29 and 30-39 the costs can be as little as £5.80 and £7.92 per month respectively. Average monthly costs increase to £20 per month for those aged 50 and over.

The website also points to recent research showing 96 per cent of life insurance claims were paid out.

Moneysupermarket life insurance expert Neal Cross says: “For so many of us, life insurance can seem like the last thing we need but the reality is that it’s an essential piece of protection, particularly if you’re a homeowner or have dependents. 

“It can give you peace of mind that, whatever happens, major costs like your mortgage can be covered so that your dependents are left with one less thing to worry about.

“What our research finds is that a number of myths have been circulating about life insurance for some time with the result that people have been discouraged from taking out cover.

“For many of us, life insurance isn’t expensive and will likely cost a fraction of what a typical household spends on their home entertainment subscriptions. 

“It’s also the case that if you take out a policy when you’re younger, you’ll probably benefit from cheaper premiums as insurers view you as being less likely to develop any serious illnesses. 

“Doing your best to keep fit and healthy is also a good way of keeping your premiums down.

“Whether you’re a homeowner or first-time buyer that’s looking to take advantage of the government’s stamp duty extension, life insurance provides financial protection once you’ve completed your purchase.”