Barclays is encouraging customers to review their protection needs and offering three months cash back to customers who buy a life insurance policy between 21 April and 1 June 2012.
The bank is offering its retail customers policies provided by Aviva with an additional 16% discount when they buy online.
The policies pay a lump sum of up to £500,000, on either level term or decreasing term basis.
Kieran Murphy, Managing Director, Barclays Insurance said: "Many people have a natural blindspot regarding the financial security of their dependents should they unexpectedly not be here tomorrow.
"Life insurance and knowing your family are protected is really valuable and obtaining the right level of cover needn't be too costly. We know that household budgets are really tight at the moment, but it's important that protection needs don't slip down the list of priorities."
According to new research by Barclays, 60% of adults in the UK do not have life insurance, which supports the view that Britain is facing a protection gap in the UK insurance market of £2.4 trillion.
Barclays found the main reasons for not taking out life insurance were the increasing pressures on household expenditure and needing to cut back (42%), separating from a partner (27%) and a quarter believing it's a waste of money.
