Only 59% of homeowners with dependents have life insurance cover, according to MoneySuperMarket.

The comparison site said that homeowners are shunning the cover as a result of believing some common myths.

It said that popular myths such as the fact that life cover is too expensive (46%) and that insurers never pay out (14%) are preventing people from taking out cover.

However the average cost of life cover per £100,000 is just £11 per month – a quarter of what the average household spends on home entertainment streaming services per month.

For those aged between 18-29 and 30-39 the costs can be as little as £5.80 and £7.92 per month respectively. Average monthly costs increase to £20 per month for those aged 50 and over.

The most recent research reveals that 96% of claims were paid out, to the value of £71.5 million.

Finally, a worrying 13% of homeowners aid they don’t have life cover because ‘it’s too depressing’ and they don’t want to think about it.

What does life insurance cover?

Life insurance policies provide financial protection to families, ensuring outgoings like mortgages, household bills or even school fees can be covered in the event of the policyholders’ death.

Policyholders can arrange for a lump sum to be paid to their dependents or they can arrange for a regular income to be paid to them.

Neal Cross, life insurance expert at MoneySuperMarket, said: “For so many of us, life insurance can seem like the last thing we need but the reality is that it’s an essential piece of protection, particularly if you’re a homeowner or have dependents. It can give you peace of mind that, whatever happens, major costs like your mortgage can be covered so that your dependents are left with one less thing to worry about.”