With half the nation financially unprotected should the worst happen, the figures further highlight the protection gap in the UK, which is projected to stand at £2.4 trillion.
Rob Clarkson, general insurance and relationships director at Barclays, says: “People have a natural blindspot around life insurance that means they often don’t want to think about it
“However, there are also some key events in their lives, like having children, which lead to taking out insurance.”
A quarter of people who did not take out insurance did so because they do not have dependants.
A total of 23% have never thought about it and 21% say it is not good value for money.
Barclays has relaunched the Simplified Life insurance product to provide customers with affordable and reliable cover.
Clarkson says: “Life insurance can be really valuable but many people are put off by the thought of it being expensive or complicated.
“We’ve taken those barriers away and made it really easy to get you and your family covered by offering a competitive and reliable product that is simple to understand and easy to buy.”