A study conducted by PruProtect revealed that the vast majority of people would cancel their TV subscription (71 per cent) rather than their life insurance.
On top of this almost half (47 per cent) would rather go without their mobile phone than stop paying for their life insurance or home insurance.
Sammy Rubin, chief executive officer of PruProtect, said that financial worldwide instability may mean that many people have to cut down their monthly outgoings.
He said: "Life insurance related polices such as income protection can be a vital lifeline, supplying funds to cover day-to-day costs such as mortgage or debt repayments."
On Tuesday Dr Marius Barnard said that critical illness cover could offer "a much better financial solution" than life insurance policies.
Dr Barnard created the world's first critical illness insurance policy.
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