A third have been insuring home contents over their lives, Zurich has reported.
According to Zurich's Big Decisions research only 1 in 3 had life insurance in place, while 37% had home contents insurance without life cover.
The study showed two thirds had car insurance, and 58% had building insurance, yet 23% considered life insurance to be the most important type of cover.
Phil Brown, head of protection and underwriting at Zurich, said: "Although more people thought that life cover should be the highest priority in terms of having insurance, it only ranks fourth in the cover that people actually buy.
"Without life insurance, the devastation felt when a loved one dies can closely be followed by financial devastation when the family are unable to afford to live their current lifestyle. For many selling a family home soon after the death of spouse is a harsh reality."
Regionally, 33% of Welsh people and 30% of Scottish consumers thought life insurance was a high priority. This compared to only 16% of Londoners.
More than half said they shopped around for the best cover, 45% looked for the cheapest and 16% stated they would always go for a trusted brand.
