New research from the life insurance division of Barclays has revealed that the majority of people are not keen to take out life insurance policies as they perceive it as too expensive. The monthly payments are seen by many as an unnecessary waste of money for something which they do not imagine happening for a long time and for rewards which they themselves will never see.

Understandably, people do not wish to think of themselves dying, which may be another reason for neglecting to take out a life insurance policy. However, according to another study carried out by Legal and General, 65 per cent of people grossly overestimated the cost of life insurance.

In actual fact, according to figures from Legal and General, life insurance can be easily affordable, “even for families on a very tight budget,” says Karen Blatchford, Commercial Director of Housing at Legal and General.

In light of these findings, Barclays has introduced an attractive new offer designed to encourage customers to purchase life insurance policies. They are offering a whole 15 per cent off the monthly cost of all new life insurance policies taken out as well as entry into a prize draw for £24,000.

Gary Duggan, Managing Director for Consumer Lending and Insurance for Barclays, said “life insurance can be really valuable, but many people are put off by the cost.”

"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," Mr Duggan claimed.