The company also found that there had been a 47% jump in the number of mortgages not covered by life insurance since January 2006.
The supermarket bank fears the recession could played a part in this dramatic increase in unprotected mortgages with people considering life insurance less of a must have in tighter times.
Of those who pay a mortgage that isn't covered by life protection, the research indicates that, on average they are personally currently responsible for an outstanding balance of over £44,000.
The research also suggested almost one third (32%) of 35 to 44 year olds don't have life insurance to protect their mortgage payments, and over one third (34%) of 45 to 54 year olds aren't covered.
Lucy Hunter, Sainsbury's life insurance manager, said: "Life insurance provides financial cover should the unthinkable happen, enabling people to be secure in the knowledge that their dependants could receive a cash lump sum if they were to die.
“This is particularly important for homeowners, who should take care not to overlook life insurance as it can help to ensure peace of mind that the property is paid for upon death, allowing loved ones to continue living in the family home, and it could also alleviate any financial burden, therefore providing financial security."
