In addition, a third of women interviewed said they would never consider taking one out.
The main reason respondents gave was they did not consider it to be a current priority (30% of respondents), while 27% said it was too expensive.
However, a quarter (24%) of women who do not have a life insurance policy would be open to considering one in the future.
Meanwhile four-in-ten men have never held a policy. Of those men interviewed, just over a quarter said they wouldn’t consider taking one out.
Friends Life said the research provided there is a need for the industry to engage more with women in particular, as over a quarter of women said they would be encouraged to purchase life cover if they thought it was good value for money.
Steve Payne, managing director UK Protection at Friends Life, said:”We are encouraged to see that a healthy percentage of those who have never held life policies are considering one, but as the modern world throws up so many uncertainties, it is important that both men and women look at options to provide financial security for themselves and their family in case the worst happens.
“It is also important to remember that some group life policies, available through many people’s places of work, offer opportunities to additional protection, either for themselves or for their partner or spouse. For those eligible for cover under their employer’s flexible benefit scheme, ensuring all members of the family are covered needn’t be difficult.”