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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7 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 AwardBonus	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	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. 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 More info Compare product selection Compare	loading
Promoted Finder score 9.6 Excellent Medibank Life Insurance Most Loved	Finder score 9.6 Excellent	Maximum Cover $2.5 million	Funeral Benefit $15,000	Optional TPD Cover $1.5 million (maximum cover)	Optional Trauma Cover Yes	Get your 1st month free when you use promo code MB1MF and get cover by 2 Feb 2026. T&Cs apply.	Our verdict: Medibank offers a higher payout limit ($2.5 million) than 15 other providers. It also won Most Loved, Best Value and Legendary Service categories in the Finder 2025 Customer Satisfaction Awards.	Get Quote More info Compare product selection Compare	loading
Promoted Finder score 8.2 Great ahm Life Insurance	Finder score 8.2 Great	Maximum Cover $1.5 million	Funeral Benefit $15,000	Optional TPD Cover $1 million (maximum cover)	Optional Trauma Cover Yes	Get a 10% discount if you're already an ahm Health Insurance member. T&Cs apply.	Get Quote More info Compare product selection Compare	loading
Finder score 7.5 Great Real Life Insurance Bonus	Finder score 7.5 Great	Maximum Cover $2 million	Funeral Benefit $20,000	Optional TPD Cover $1 million (maximum cover)	Optional Trauma Cover Yes	Get 10% cash back of the premiums you've paid after your 12-month anniversary 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 More info Compare product selection Compare	loading
Finder score 6.4 Standard AAMI Life Insurance Bonus	Finder score 6.4 Standard	Maximum Cover $1.5 million	Funeral Benefit $10,000	Optional TPD Cover	Optional Trauma Cover Yes	Purchase a new AAMI Life Insurance policy and save $100 on your first year. 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 More info Compare product selection Compare	loading
Finder score 4.8 Basic Real Term Life Cover	Finder score 4.8 Basic	Maximum Cover $0.1 million	Funeral Benefit $20,000	Optional TPD Cover	Optional Trauma Cover No	Continue More info Compare product selection Compare	loading
Finder score Australian Seniors Life Insurance	Finder score	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 More info 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 you claim multiple life insurance policies in Australia?

  Yes, as long as you meet the terms and conditions of each policy, you should be able to claim on multiple policies at a time.

  To ensure they all pay out, always read the product disclosure statement (PDS) before you purchase a policy. Check the general exclusions section to make sure there are no offset clauses that cap the amount you can claim on multiple policies. Generally, you will only find this is the case with income protection policies. If you're not sure, talk to your insurer when purchasing additional policies to find out exactly how they may affect your existing cover.

• Why do life insurance companies ask if you have other life insurance?

  Your insurance provider might ask about your other types of insurance as part of its underwriting process. An insurer takes into account everything that you're already covered for when deciding your premium and even if you'll be approved for cover.

• Is it legal to have multiple life insurance policies?

  Yes, life insurance providers in Australia don't generally have restrictions on how many life insurance policies you can have.

• What happens when you have multiple life insurance policies?

  When you have multiple life insurance policies, you might be able to bundle different types of life insurance together. For example, death cover coupled with critical illness cover. Or, you may need to have completely separate policies and ensure the multiple premiums are paid.

• Should you consolidate multiple insurances into one?

  In some cases, it might make sense. For example, it's completely normal for people to accumulate a number of superannuation funds as they move between jobs. Within these different superannuation funds, there may be a default level of life cover that has accumulated over time. Consolidating these multiple super life cover policies can bring the following benefits:

  • Less paperwork to manage
  • Fewer fees
  • More efficient investment strategy

• Can I claim two term insurance policies from two companies?

  Yes, as long as you've met the terms and conditions of each insurer, you should be able to claim from 2 different term life policies.

Written by

Gary Ross Hunter

Journalist

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 589 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 184 Finder guides across topics including:

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