Chinese residents have seriously insufficient life insurance coverage, only about 110,000 yuan ($17,300) per capita.

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That's about 410,000 yuan less than they need, according to the "Chinese Residents Life Insurance Security Line Research Report", which was issued by Hongkang Life Insurance Co Ltd, Roland Berger Strategy Consultants GmbH and Reinsurance Group of American Inc.

People between the ages of 25 and 35, who need to support their families, are most in need of life insurance. And those between the ages of 26 and 30 need about 570,000 yuan more of per capita coverage, according to the report.

And people at those ages are often most in need of life insurance. They have family responsibilities that are relatively larger than those of other people and their incomes and savings are still gradually increasing, experts said.

The main reasons for the huge lack of coverage lie in Chinese people's ideas about insurance consumption and unreasonable insurance product structure, the report said.

The Chinese are paying more attention to investment insurance and they do not care much about their own security, even less so than about their buildings and cars, the report said.