LONDON, December 6, 2012 /PRNewswire/ -- With so many people struggling to make ends meet in the wake of the financial crisis that has affected so much of the Western world, it is perhaps surprising to learn that British households are still spending big on luxuries without necessarily covering some of the basic essentials when it comes to directing their cash. Insurance company LV recently conducted a study into the spending habits of households in the UK and found that the top ten luxury 'essentials' accounted for an expenditure of £6,194 a year in the average setup. The figure is up from £5,850 last year and adds up to a huge £158 billion across the nation. Those so-called modern essentials include things like television subscriptions, eating out, nights out, weekends away, holidays, fashion and hair styling. However, many money experts are concerned that members of the public are so willing to part with their hard earned cash for luxury items when so few have suitable life insurance policies in place. Lifebroker specialises in helping people find appropriate life insurance policies so that their debts are covered in the event that they die and leave thousands of pounds owed to various creditors, including mortgage providers and other lenders - debt that would otherwise fall to the deceased's dependents. The team at Lifebroker is keen to encourage people to re-evaluate their real financial priorities in order to make sure that their loved ones are protected should the worse happen. A few well-directed cut-backs are often all that is required in order to make a life insurance policy more affordable. The figures collected by LV suggest that British households do have plenty of room to manoeuvre in terms of cut-backs and financial management, but the professionals advocate a wholesale change of attitude with relation to life insurance in order to avoid stressful and disquieting financial situations in the wake of bereavement.