More than half of those with life cover fail to upgrade after significant changes in their circumstances, according to Sainsbury's Life Insurance.
Research has revealed over 5 million could be leaving their dependants in serious financial difficulty because 60% with life insurance admit failing to update their level of cover following a change in circumstances.
The findings also revealed nearly one in two mortgage holders in Britain (43%) do not have their mortgage contributions covered by life insurance.
Of those who pay a mortgage that isn't covered by life protection, the research indicates that, on average they are personally responsible for an outstanding balance of over £44,000(3).
The most common change in personal circumstances people are likely to have experienced since purchasing life insurance is changing jobs, cited by 3.58 million people, followed by having children (2.75 million) and getting married (1.71 million).
David Cook, of Sainsbury's Life Insurance said: "Clearly people are overlooking the need to update their level of cover once their personal circumstances have changed."
The number of people who have had a change in personal circumstance since purchasing life cover:
Changed jobs (3.58million) - 82% have not updated
Had a child (2.75 million) - 65% have not updated
Got married (1.71 million) - 46% have not updated
Bought a home (1.66 million) - 59% have not updated
A bigger mortgage (1.30 million) - 42% have not updated
Moved in with a partner (1.14 million) - 51% have not updated
