Women underestimate their life insurance value by 125% while men underestimate theirs by just 19%, latest research shows.
According to Noble Oak, women think their life insurance is worth an average of $373,000 less than it actually is. Men underestimate theirs by just $97,000.
These numbers come after Noble Oak surveyed 1000 Australians to discover how much they think their life insurance is worth in comparison to the amount they may actually need.
Generation Z women, born between 1997 and 2012, underestimate the value of their insurance by a staggering $702,000 - more than any other demographic.
Meanwhile, men in Generation X (1965-1980) and Baby Boomers (1946-1964) overvalue themselves by $102,000 and $174,000 respectively.
By occupation, the industries most likely to have low self-esteem when it comes to their life insurance value were rental hiring and real estate services. They undervalued themselves by an average of $796,000.
People working in financial services and insurance overvalued their life insurance needs by $102,000.
Finance and insurance were the only industries Noble Oak surveyed where, on average, people overvalued rather than undervalued themselves.
The survey found women tended to undervalue themselves consistently through every salary bracket.
The differences in how men and women value themselves were most stark in those earning under $40,000 a year.
Women in that salary bracket said their life insurance should be worth $236,000 while men in the same bracket think they're worth $486,000.
Men earning less than $40,000 a year overvalue themselves to the tune of $51,000. Women earning less than $40,000 a year undervalue themselves by $382,000.
It isn't until women start earning over $80,000 a year that their estimated life insurance value goes over $330,000 - but even then it remains $177,000 below their actual worth.
Noble Oak released the survey results as part of a campaign to encourage people to know their worth.