As part of a major drive to encourage people to plan their finances, parents-to-be could be encouraged to take out life insurance.

In the future, government agencies, companies and employers may be required by law to give workers a ‘nudge’ towards securing vital life cover at key stages in their lives. This could include starting a family or approaching retirement.

Under the proposed changes, those expecting a family could be asked by health workers to think how they would support their family if they lost their job or became ill. Alternatively, leaflets highlighting the importance of life cover might be included in information packs routinely given to new mothers when they leave hospital.

To ensure people are covered if the worst should happen, lenders may also be required to ask customers taking out a mortgage to consider how repayments will be covered if they die or were diagnosed with an illness.

This comes as a recent report revealed that one in four breadwinners don't currently have life insurance.

So, whether you are about to become a parent, are looking to purchase your first home or facing retirement, it is important to remember that life insurance can be a weight off your shoulders.