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Multiple life insurance policies 

It is possible to take out more than one. Here's why you may want to consider multiple life insurance policies, and 3 drawbacks to keep in mind.

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.

1 - 8 of 8
Name Product Maximum Cover Maximum Entry Age Terminal Illness Benefit Claims Acceptance Rate Average Claim Time Sum Insured
NobleOak Life Insurance
1.1 months
$24,483 million
Our verdict: Finder Life Insurance Award winner for the last 5 years in a row. Good value for money, simple application process and a high claims acceptance rate.
Medibank Life Insurance
Data not available
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Data not available
Our verdict: Medibank offers a higher payout limit ($2.5 million) than 15 other providers. Get a 10% discount if you're already a Medibank Health Insurance member.
TAL Accelerated Protection Life Insurance
No set limit
Not stated
Data not available
1 months
$249,285 million
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).

⭐ Current offer: Get up to 15% off your TAL Life, Trauma or TPD insurance policy for life - if you have a Body Mass Index (BMI) between 19 and 28 at the time of your application. Offer T&Cs on insurer website apply.
ahm Life Insurance
Data not available
Data not available
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Our verdict: ahm offers a simple application process. You can be approved online or over the phone. There are no medical or blood tests needed.
RACWA Life Insurance
1.1 months
$24,483 million
Our verdict: RAC’s maximum death cover limit of $25 million is one of the highest limits you’ll find, including $5 million in TPD insurance. You can get an online quote, but you’ll need to call RAC to get trauma cover. Benefit from added peace of mind with fully underwritten insurance. RAC is also WA-based but services all of Australia.
AAMI Life Insurance
Data not available
3.1 months
$37,768 million
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.

⭐ Current offer: Take out a new AAMI Life Insurance policy and get $100 eGift card after your first 4 months of cover. T&Cs apply. Ends June 30, 2024.
Suncorp Life Insurance
Data not available
3.1 months
$37,768 million
Our verdict: Competitive maximum cover limit of $1.5 million. Suncorp lets you change your cover amount by up to $100,000 after a big life event, such as having a baby.

⭐ Current offer: Take out a new Suncorp Life Insurance policy and get $100 eGift card after your first 4 months of cover. T&Cs apply. Ends June 30, 2024.
Real Family Life Cover
2.4 months
$53,238 million
Our verdict: The application is simple; it can be done with 1 phone call and there are no medical exams. But households with larger debts may need more than a $1 million payout.

⭐ Current offer: Get back 10% of the premiums you’ve paid after 1 year.

Why compare life insurance with Finder?

  • You pay the same price as buying directly from the life insurer.

  • We're not owned by an insurer (unlike other comparison sites).

  • We've done 100+ hours of policy research to help you understand what you're comparing.

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.

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