Research conducted by Sainsbury's bank has revealed that at least 21.9 million people surveyed have opted out of purchasing at least one or more insurance products and 13% said that the main reason for not covering themselves was because they couldn't afford it or deemed it to be too expensive.

Sainsbury’s Finance has reported that 4.70 million people claim not to have home contents insurance, and 4.28 million people did not take out travel insurance the last time they went on holiday abroad. The situation is even worse with regard to pet and life insurance where 55% of cat and dog owners don’t have any cover for their pets, and 28% of those married and/or with children under the age of 18 are without life insurance. Very worryingly and also illegally, 1.15 million people admit to driving a car over the past 12 months without motor insurance cover.

Steve Johnson, head of insurance at Sainsbury’s Finance, said: Insurance is an absolute must, but our research suggests that millions of people are playing Russian roulette by opting to do without. Those people finding it difficult to afford insurance due to the rising cost in living need to ensure that they shop around for the best cover because this can dramatically reduce price.