How many of us take the time to shop around when looking at life insurance deals? That is the question to be asked following the release of new research which suggests that we take more care over our purchases of electrical gadgets than we do our life insurance.

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A study by the Financial Services Authority (FSA) has revealed that 52 per cent of the people it asked stated that it was too complicated to shop around and compare one life insurance product against each other, with just under one in two respondents stating that they had no idea what constitutes a good deal.

In contrast, almost 70 per cent of the 1,934 people canvassed by BMRB Omnibus for the FSA are said to look around for the best deals on less essential items such as electrical gadgets.

Furthermore, around 50 per cent of those canvassed said that they rarely, if ever, check their life insurance policies to ascertain whether they are adequately covered, with a similar number of respondents stating they did not know what they were covered for.

The worrying apathy and ignorance detailed in these figures is also in evidence when buying travel insurance, as one in four people said that they thought it was compulsory to purchase the insurance offered by a travel agent when booking a holiday.

Vernon Everitt, the director of retail themes at the FSA, said: "Insurance plays an important part in protecting our families, homes and possessions.

"But as with all financial products, consumers need to be capable and confident in making the right choices, including shopping around for the best deal and asking the right questions."

"Providing clear, impartial information to empower consumers is a major part of the FSA's contribution to raising the financial capability of UK citizens."

Perhaps one reason for the large number of people who fail to shop around for life insurance is that a considerable 69 per cent claim to hate buying it, with the duel dislikes of forking out a considerable sum and facing up to ones own mortality the two most likely factors in this.

The poll was designed in an attempt to provide consumers with a checklist of questions to ask themselves regarding the purchase of life insurance. Following the study, these were formed in to the following five.

Are you covered already? Must you buy insurance when it's offered with something else? Have you shopped around? Do you know what will you be covered for? Have you given your full details?
If you are happy with all your answers, chances are you will be well on your way to purchasing a comprehensive, competitively priced insurance policy, ideally suited to your needs.