On average, Australians hold just under 29% of the life insurance they need, according to Axa Australia. A report commissioned by the company, “Exposed! The Risks Australians are Taking with their Life Insurance”, finds there are too many shortcuts when it comes to buying life insurance.

The report by research group Dexx&R shows that most Australians need about $512,000 in life cover, but the average held is about $148,000. Policyholders need to pay another $10.57 a week to be fully covered.

Axa GM Financial Protection Tassin Barnard says it is up to the industry to highlight the issue of underinsurance. “Promotion of the problem is simply the start, yet it is an important start,” she said.

Working women scored slightly better on life insurance buying patterns, holding an average cover of just over 32%.