Nearly six in 10 households have insufficient life cover

Overall, 2.4m households could afford to close their life insurance gap and still have enough money left at the end of the month, according to a HL Savings & Resilience Barometer report. The average life insurance gap for households with dependants was £89,800, rising to £194,200 for homeowners with children and down to £3,400 for renters without children. The average cost of closing the life insurance gap is £134 a year, Hargreaves Lansdown said. This cost sits at an average of £321 for homeowners with at least one child and £5 for renters without children, although it is "still a st...