Whether it's indulging in a spot of sea-canoeing at the weekends or simply enjoying a post of do-it-yourself on bank holidays, the sad truth is that no activity is completely safe, though it seems that this simple fact hasn't stopped us from getting financially complacent.

According to the latest figures from the Association of British Insurers, around one in three Britons have not renewed their life insurance policies for five years, meaning that there could be millions of people going about their lives either under-insured or with no cover at all.

Significantly, a large proportion of these could be unaware that they are now uncovered as they have failed to take into account that insurance needs change as our personal circumstances do.

Now, it needn't be a case of taking up parachuting or having a heart attack that means a review life insurance cover is necessary.

Even a seemingly innocuous change to lifestyle or personal circumstances can mean a phone call to the insurers is required, though many only find this out when it's too late.

Commenting on the significance of keeping on top of all our insurance, whether it be a policy covering a car or a life, Kieran Platt, director of Life Direct and an independent financial adviser, said: "It's extremely important… Because that's when you've got a change in circumstances, so you've more than likely got a change in need for the level of life cover that you've got."

However, he added that a large number of people simply forget to take simple measures to ensure their policies are up-to-date.

"I know there are a lot of people now running around underinsured, because a lot of people cover the mortgage, but they don't think about protecting the family as well."

The good news is that, not only is life insurance relatively cheap, particularly given its potential benefits to family members, but it is also getting steadily cheaper as competition between traditional providers and their newer online counterparts becomes fiercer.

At the same time, just as house prices and the cost of bread is creeping up, so too are the costs of dealing with a death, making it more important than ever that steps are taken to ensure that family members aren't also left with the shock of a big bill to deal with should the worst happen.

Far better to get over our sense of morbidity and take five minutes to look to the future, though it seems likely that many will still feel that such common sense measures are somehow tempting fate.