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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There are a number of reasons you might have multiple life insurance policies. Some of the main reasons are listed below.
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.
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.
There are lots of ways you can get multiple insurance policies.
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:
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