Some 64% of people who have moved up the property ladder in the past five years and have a bigger mortgage as a result, did not review their life insurance; research finds.
A poll of 2039 UK adults by Sainsburys Bank Life Insurance said that reasons homeowners with mortgages gave for not reviewing their life insurance included "thinking it wasn't necessary" (39%) and that they could not afford it (37%).
The poll also revealed that 44% of homeowners who have a mortgage do not have any life insurance at all, and 10% of these people had life insurance but no longer do.
A further 3% said they didn't know if they had cover, the research highlighted.
Meanwhile, official figures reveal that house prices rose by 9.9% in the year to April 2014, and the average property now costs £260,000.
Scott Gorman, head of Sainsbury's Bank Life Insurance said: "Moving home can be an exciting but stressful experience and with such a long checklist of things to do, it appears that life insurance is often forgotten about.
"We would encourage anyone who is moving home or may have just moved to take some time to check their policy and the level of cover they have and make sure it's suitable for their change in circumstances."
