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In a survey of 1,300 respondents conducted by Aon Consulting, a pension, benefits and HR consulting firm, 77 per cent said they were not provided with life insurance or did not know if the benefit was offered.

However according to Aon, almost 40 per cent of working Britons are provided with life assurance through a policy organised by their employer with this proportion on the increase.

Paul White, head of risk benefits at Aon Consulting, said that employees should check whether life assurance is provided by an employer because it could be one area where Brits struggling under the credit crunch could make a saving.

"Employers have long recognised the value of offering life assurance as part of the overall benefits mix to attract and retain the best talent.

"Corporate life assurance rates are currently very competitive, often significantly lower than the rates that can be obtained by an individual.

"This provides the employer with the opportunity to give and communicate a cost effective, tax-free benefit that employees really want and indeed will often pay for themselves."