The research also found that 35 per cent of people view life insurance as the most vaulable protection policy, while income protection is highly rated.
Sammy Rubin, chief executive officer of PruProtect, said that life insurance and other related products can be a "vital lifeline" to people who find themselves in unexpected financial difficulties.
The company's head added: "With financial markets undergoing a period of uncertainty, many people may be feeling less secure with their budgets and may have to face the difficult decision of stripping down their monthly outgoings."
PruProtect's research has come after a recent study by Consumer Intelligence indicated that people are "waking up" to the benefits of switching their insurance providers.
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