Consumers in the UK have identified cost as the main reason preventing them from taking out life insurance in a new survey conducted by Ipsos Mori on behalf of Scottish Provident.

The study aimed at investigating consumer lifestyles and attitudes found that nearly half (44 per cent) of those polled said life cover was too costly, while one in ten (11 per cent) said they would rather use the funds for something else.

And with the majority of homeowners surveyed (89 per cent) holding the view that owning a home is vital for a reasonable standard of living, the findings highlight the importance of having protection. \"Owning their own home may provide clients with a sense of security, but unless it is properly protected, it will be a false one,\" explained Susan Barclay, the head of marketing at Scottish Provident.

\"When facing a serious life event such as being made redundant or a debilitating illness, battling to keep a home can be incredibly stressful,\" she added. Some 13 per cent of consumers in the UK have cancelled their life insurance due to the recession, according to recent figures from the Association of British Insurers.

In recent years the costs for life insurance have been reduced as mortality rates decline insurance companies have reduced their charges for new polices but not for existing policy holders. Many people you cancel the plans do not replace this cover with a new policy as they feel they cannot afford it. However if they just looked at what life cover they could get for what they could afford each month they see that they could get more cover than the realised.

Where can I get a good life cover quote?
In these days of recession there are many life insurance brokers on the internet who offer discounted life insurance premiums, but what does this mean. When a life insurance policy is set up by an insurance broker or even directly with an insurance company a commission or set up fee is charged to your policy. This commission is paid to the company that sets up your policy and pays for the process of advising you of your options and the time the advisor takes to get you policy accepted. Even if you go direct to the insurance company they will have a department that will have to do the same thing so the commission or set up fee is still charged to your policy.

A discounted life insurance premium is when the company that sets up the policy sacrifices some of this commission and by doing so this reduces the monthly premium you will pay as your policy has been charged less of a set up fee. The best life insurance comparison sites on the web show this saving in the quotation results page so you can clearly see how much you are actually saving.