A leading finance company has conducted research, finding people would rather get rid of non-essential items such as mobile phone contracts, before surrendering their payment protection or Life Cover policies.

Only one in ten would choose to give up their life insurance policy due to a tighter budget and over a third of people cited Life Cover as their most important policy.

According to this research the second most important policy, came in as Income Protection .

And interestingly the first thing people would cut out instead of Life Insurance Cover would be TV subscriptions, followed by mobile phone contracts.