With Father's Day approaching, the company has stated that the findings are a timely reminder for people to consider taking out life cover.
Gideon Ingham, head of insurance for Asda, said it was "astounding" that many families overlook life insurance for fathers.
He added: "Life insurance should be accounted for as part of the family budget in the same way that birthdays and holidays are as it really is best to be prepared for every eventuality."
The life and pensions adviser for Plan Insure, Simon Firmin, has stated that people should buy the cover when taking out a mortgage.
He added that the effects of the credit crunch have made it more important for people to have the "vital" protection.
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