Can you have multiple life insurance policies?

How we calculate Life Insurance Finder Scores

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What different scores mean

9+

Excellent

These products offer great value, with a good score across both features and price.

7+

Great

These are competitive products, though they didn't quite get top scores.

5+

Standard

These products might offer less value or command a higher premium than others in the market.

0+

Basic

These products might only offer a basic set of features or aren't very competitive on price.

Compare life insurance options in Australia

You can get life insurance coverage that protects you for a number of life-changing circumstances, from income protection to death cover. If you have more than one valuable asset in your life, it may make sense to have more than one policy. You can filter below by policies and features to find coverage that suits you.

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8 of 22 results

Finder Score	Maximum Cover	Funeral Benefit	Optional TPD Cover	Optional Trauma Cover
Promoted Finder score 9.9 Excellent TAL Accelerated Protection Life Insurance Finder Award	Finder score 9.9 Excellent	Maximum Cover No set limit	Funeral Benefit $25,000	Optional TPD Cover $3 million (maximum cover)	Optional Trauma Cover Yes	Discount: Get up to 15% off your TAL Life, TPD or Critical Illness policy with the TAL Health Sense Discount. Eligibility criteria apply. T&Cs apply.	Our verdict: One of Australia's leading life insurers. Automatically includes child critical illness cover. Plus, it comes with a level premium option (e.g. costs remain similar as you get older).	Get Quote View details Compare product selection Compare	loading
Promoted Finder score 9 Excellent Medibank Life Insurance	Finder score 9 Excellent	Maximum Cover $2.5 million	Funeral Benefit $15,000	Optional TPD Cover $1.5 million (maximum cover)	Optional Trauma Cover Yes	Discount: Get 10% off when you purchase by 30 November 2026. T&Cs apply.	Get Quote View details Compare product selection Compare	loading
Promoted Finder score 8.5 Great ahm Life Insurance	Finder score 8.5 Great	Maximum Cover $1.5 million	Funeral Benefit $15,000	Optional TPD Cover $1 million (maximum cover)	Optional Trauma Cover Yes	Discount: Get your first month free. Purchase by 30 Nov 2026. Plus, ahm health members save 10% each year. T&Cs apply.	Get Quote View details Compare product selection Compare	loading
Finder score 9.5 Excellent NobleOak Life Insurance	Finder score 9.5 Excellent	Maximum Cover $25 million	Funeral Benefit $25,000	Optional TPD Cover $5 million (maximum cover)	Optional Trauma Cover Yes	Discount: Get 2 months free with NobleOak Life Insurance. Offer ends 30 Nov 2026. T&Cs apply.	Our verdict: Highly commended in the 2026 Finder Life Insurance Awards, offering up to $25 million in life cover, one of the highest payouts available.	Get Quote View details Compare product selection Compare	loading
Finder score 7.5 Great AAMI Life Insurance Most Loved	Finder score 7.5 Great	Maximum Cover $1.5 million	Funeral Benefit $10,000	Optional TPD Cover	Optional Trauma Cover Yes	Discount: Get a $100 first year discount when you take out a new AAMI Life Insurance policy. T&Cs apply.	Our verdict: There’s flexibility with AAMI as you can add another adult to your cover, with a competitive limit of $1.5 million. Easy application process with no medical exams.	Get Quote View details Compare product selection Compare	loading
Finder score 7 Great HCF Life Protect Insurance	Finder score 7 Great	Maximum Cover $1.5 million	Funeral Benefit $15,000	Optional TPD Cover	Optional Trauma Cover No	Discount: Get 6 weeks free with HCF Life Insurance. Offer ends 10 Nov 2026. T&Cs apply.	Our verdict: Similar cover to other insurers ($1.5 million). A good discount for HCF members of 10% and an easy initial quote process.	Get Quote View details Compare product selection Compare	loading
Finder score Not scored yet Australian Seniors Life Insurance	Finder score Not scored yet	Maximum Cover $0.2 million	Funeral Benefit	Optional TPD Cover	Optional Trauma Cover No	Our verdict: Australian Seniors lets you take out cover up to the age of 79. No medical exams or blood tests needed to apply. Keep in mind: Low cover limit of up to $200,000 and no option to add TPD or Trauma cover.	Get Quote View details Compare product selection Compare	loading
Finder score Not scored yet Real Life Insurance	Finder score Not scored yet	Maximum Cover $2 million	Funeral Benefit $20,000	Optional TPD Cover $1 million (maximum cover)	Optional Trauma Cover Yes	Discount: Get 10% cash back of the premiums you’ve paid after your first 12 months with the Real Reward™ . T&Cs apply. .	Our verdict: The application is simple; it can be done with 1 phone call and there are no medical exams.	Get Quote View details Compare product selection Compare	loading

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How we picked these

Finder Score - Life Insurance

Life Insurance is a little complicated and a lot overwhelming. That's why we made the Finder Score, to make it easier to compare Life Insurance products against each other. Our experts analysed over 30 products and gave each one a score out of 10.

But a higher score doesn't always mean a product is better for you. Your situation is unique, so your policy choice will be too. Don't think of Finder Score as the final word, but as a good place to start your life insurance comparison.

Read the full methodology

Insurance types to choose from

• Life insurance. Also known as death cover, life cover is paid out if you pass away or become terminally ill. It gives a lump-sum payment to your nominated beneficiaries.
• Total permanent disability (TPD). TPD cover pays out a lump sum if you become permanently disabled, protecting you financially if you can't work again.
• Trauma cover. If you suffer an injury or illness, trauma cover provides you with a lump sum to help cover short-term expenses like medical bills.
• Income protection. If you need to temporarily stop work due to illness or injury, income protection gives you a monthly payment of up to 75% of your income for a fixed period of time.

Why you might take out more than one life insurance policy

There are a number of reasons you might have multiple life insurance policies. Some of the main reasons are listed below.

• Personal cover. Insurance can protect you and your family from financial hardship in the event of your death or injury.
• Life insurance through superannuation. Most Australian superannuation funds will provide policyholders with some level of default life cover. However, these policies generally only provide a limited level of cover. For more comprehensive coverage, many people take out an additional standalone policy.
• Business cover. If you operate your own business, you might need a policy to protect the key workers in your business or to ensure business expenses are covered if you're unable to work due to illness or injury.
• Lifestyle changes. Whether it's the birth of a new baby or upgrading your house, it can sometimes be more beneficial to take out an additional policy with benefits tailored to your new needs, rather than increase your sum insured.

How many insurance policies can I have?

There's no limit, but you don't want to be over-insured, so it's important you know exactly what each policy does. For example, if you have a group policy in your super fund and another policy with additional types of cover, like trauma cover, that is acceptable. Both should pay out.

Some policies have built-in offset clauses though. For instance, with income protection policies, you can generally only insure up to 70% of your salary to prevent you from taking out two policies and trying to claim on more than 100% of your policy.

However, you can have two income protection policies that have different waiting and benefit periods. For example, you might have an income protection policy in your super fund that has a 30-day waiting period and another with a 2-year waiting period that pays out until you reach the age of 65.

Can you have different beneficiaries on multiple insurance policies?

Yes. With multiple life insurance policies, you can nominate different beneficiaries for each policy. Ordinarily, you can nominate up to five beneficiaries per policy, and it can be distributed as you wish.

The only time this isn't possible is if you have life insurance through superannuation. Unless you make a binding death nomination, the fund will decide on the beneficiary. A binding nomination on your superannuation life insurance policy would ensure that the benefits go to your intended recipients. This usually incurs a small annual fee to your super.

How do you get multiple insurance policies?

There are lots of ways you can get multiple insurance policies.

• Direct. Direct life insurance is when you receive financial advice from a financial adviser to obtain a policy. This type of cover is usually the most comprehensive.
• Retail. This is essentially insurance without the middleman. It's usually sold to you online and you'll pay with your credit card or with a personal loan.
• Superannuation. Most super funds offer life insurance to their members, so if you have a super account, you probably have life insurance.
• Starting a new job. If you start a new job, your employer might provide you with some kind of life insurance. This is often included in your super.

Things to be aware of when you have more than one life insurance policy

While having additional coverage and security is certainly not a bad thing, there are a few considerations that you should think about when it comes to taking out multiple life insurance plans. Some of the things to consider include the following:

• Managing multiple plans could be more difficult. Although having multiple life insurance plans in place does offer greater security and peace of mind, it can also cause more confusion and become more difficult to manage. The more life insurance plans you have, the more time you will have to put into managing and reviewing them, so you should bear this in mind when considering multiple plans.
• The cost implications of multiple plans. If you take out multiple life insurance plans, you will have to meet premium payments for each plan that you have in place, which means that having multiple plans could prove costly.
• Time implications. When you take out multiple life insurance plans, you will have to dedicate more time not only to finding suitable plans and providers but also to reviewing and checking your life insurance plans and coverage.

Speak to an insurance specialist to help you find personalised cover

Frequently asked questions

• Can I have multiple life insurance policies with the same provider?

  Yes you generally can have multiple life insurance policies with the same provider. Many insurers allow you to take out multiple types of cover with them such as death cover trauma cover or income protection. However having two identical death cover policies with the same provider is usually not permitted or practical as they would often simply combine the cover amounts. It is best to discuss your specific needs with your chosen insurer.

• Is there a maximum amount of life insurance I can hold across all policies?

  While there is no strict legal limit on the number of policies you can hold or the total sum insured across all life insurance policies, insurers will assess your total cover during the underwriting process. They aim to ensure the total amount of cover is reasonable and justifiable based on your income financial commitments and potential future needs. This prevents over-insurance where the total payout significantly exceeds the financial loss your beneficiaries might experience. Income protection policies for example typically have a cap of up to 75% of your income across all policies.

• Should I keep multiple life insurance policies or consolidate them?

  Consider consolidating if you want to simplify admin, reduce fees or align your investment strategy (if policies are linked to superannuation). However keeping multiple policies can be beneficial if each policy serves a distinct purpose, for example one for mortgage protection and another for family income replacement, or if one policy offers unique features or a better premium rate that you would lose upon consolidation. Reviewing each policy's terms conditions and premium structure is crucial.

• What happens if I forget to disclose an existing life insurance policy when applying for a new one?

  You must always be truthful and disclose all existing insurance policies during the application process for a new policy. Failing to disclose an existing policy could be considered non-disclosure which may impact future claims. If an insurer discovers a material non-disclosure they may reduce your payout, deny a claim or even cancel your policy. Always provide complete and accurate information to avoid complications.

• How is tax handled when claiming on multiple life insurance policies?

  The tax implications of life insurance payouts in Australia can vary. Generally a lump sum death benefit paid to a financially dependent beneficiary is tax free. However if paid to a non-dependent beneficiary, or for other types of cover such as income protection or TPD, different tax rules may apply. Having multiple policies does not change the fundamental tax rules for each type of benefit. It is advisable to seek independent financial advice to understand your specific tax obligations when claiming on multiple life insurance policies.

• Do I need a financial adviser to help manage multiple life insurance policies?

  While not strictly necessary a financial adviser can be extremely helpful, especially if your financial situation is complex or you have multiple policies across different insurers and types of cover. An adviser can help you assess your total cover needs, identify any gaps or overlaps, compare policies, streamline management, review beneficiaries and ensure your policies remain appropriate for your circumstances. They can provide tailored advice and help you avoid being over or under-insured.

• Can I have multiple types of insurance within a single life insurance policy?

  Yes many insurers offer comprehensive policies that allow you to bundle different types of cover together under one policy. For example you can often combine death cover with total permanent disability TPD cover, trauma cover and even income protection. This can sometimes simplify management and may offer premium discounts compared to taking out separate policies for each type of cover. Always check the product disclosure statement for what is included and any bundling options.

• Will my premiums increase more rapidly if I have multiple policies?

  The rate at which your premiums increase is generally determined by factors related to each individual policy such as your age, health status, the type of cover, the sum insured and whether it is a stepped or level premium structure. Having multiple policies in itself does not directly cause individual policy premiums to increase more rapidly. However the overall cost of premiums for all your policies combined will naturally be higher than if you had just one policy. It is important to regularly review each policy's premium structure and how it impacts your total expenditure.

Written by

Gary Ross Hunter

Journalist

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Gary Ross Hunter has over 6 years of expertise writing about insurance, including life, health, home, and car insurance. Having reviewed hundreds of product disclosure statements and published over 800 articles, he loves simplifying complex insurance topics for everyday readers. Gary has contributed to major outlets like Yahoo Finance, The Sydney Morning Herald, and news.com.au, and holds a Bachelor of Arts (Honours) in English Literature from the University of Glasgow, along with a Tier 2 General Advice certification, ensuring his work adheres to ASIC’s RG146 standards. See full bio

Gary Ross's expertise

Gary Ross has written 521 Finder guides across topics including:

• Health, home, life, car, pet and travel insurance
• Managing the cost of living

Co-written by

James Martin

Journalist

James Martin was the insurance editor at Finder. He has written on a range of insurance and finance topics for over 7 years. James often shares his insurance expertise as a media spokesperson and has appeared on Prime 7 News, Insurance News, 7NEWS and The Guardian. An experienced journalist, James' work has featured in publications including The Irish Times, Companies100 and In Business. He holds a Tier 1 General Insurance (General Advice) certification and a Tier 1 Generic Knowledge certification, both of which meet the requirements of ASIC Regulatory Guide 146 (RG146). See full bio

James's expertise

James has written 167 Finder guides across topics including:

• Car, home, life, health, travel and pet insurance
• Managing the cost of living
• Money-saving tips