Consumers are more worried about saving money when buying a television than they are about saving money on life insurance, a survey commissioned by Direct Life & Pensions has revealed.

The NOP research showed that up to 60% of shoppers looked around for the best price on brown goods but only 22% did the same to find competitively-priced life insurance.

Direct Life & Pensions spokesman Greg Taylor said this meant many people were paying 50% more for their life insurance than was necessary.

“It's remarkable that people will take time to shop around to save money on buying a television, a one-off expenditure of, on average, £250, but don't see that they can make far greater savings on something even more essential to their family's financial well-being,” he said.