In short

Yes, it’s legal to hold more than one life insurance policy in Australia, and having several super accounts often means several policies through default cover.
You can generally claim on each policy, as long as you meet each insurer’s terms and conditions.
Check with your current insurer before taking out another policy, as it can affect your existing cover.
Paying two sets of premiums is expensive, so consolidating your super may save on premiums and fees.

If your loved ones depend on you, then you will need to have life insurance. Therefore, having life insurance can stop you from worrying about the living expenses of your dependents.

If something happens to you, life insurance provides financial support to your dependents. However, many people usually wonder if they can have multiple life insurances.

Is it legal to have multiple life insurance policies in 2021? This blog will answer all the questions.

Is It Legal to Carry Multiple Life Insurance Policies?

Yes! It is legal to carry multiple insurance policies in Australia. In fact, having multiple super accounts means you have multiple life insurance policies. This is because most super funds provide default or automatic life cover.

If there are gaps in your existing life insurance policy, you can take out an additional life insurance policy. For instance, if you have life insurance inside your super account, you are free to take out life insurance outside your super account.

However, it is imperative to check with your current insurance provider before taking out an additional life insurance policy. This is because it can impact your existing life insurance policy.

Can I Make a Claim on Multiple Life Insurance Policies?

Yes! You can make a claim on multiple life insurance policies as long as you meet the terms and conditions of each insurance provider.

For instance, if your super accounts or funds are independent of one another, you can claim multiple insurance policies through your super.

Contact your life insurance broker to confirm if you can claim on multiple life insurance policies.

Popular Question: How much life insurance do you need?

Things to Consider Before Taking Multiple Life Insurance

Consolidate Your Super into One Account

Having duplicate super accounts can cost you more money in insurance premiums. Therefore, if you have multiple superannuation accounts, you might want to consolidate your super into one account. It is easy and cheap to manage one super. It can save more money on your insurance premiums and fees.

Know If You Really Need More than One Life Insurance Policy

If you are underinsured, you can apply to increase your insurance cover. However, if you do not need more than one life insurance policy, do not take out an additional life insurance policy. Why? It is expensive to pay two sets of premiums.

However, if you have 2 or more superannuation and you are looking to get multiple life insurance covers in Perth, Western Australia, contact Absolute Insurance. We can be your one-stop shop for multiple personal insurances.

Also Read:
What are the different kinds of life insurance?
Is Life Insurance Worth the Cost?
Types of Life Insurance Payouts
High-Risk Life Insurance
Learn all about Life Insurance in Australia

Reviewed by Greg Maguire

Greg Maguire reviewed this article to make sure the information is accurate and reflects current insurance practice. It is general advice only and does not take your personal circumstances into account.

Greg Maguire is an Authorised Representative (No. 255354) of AD Advisory Services Pty Ltd, ABN 68 005 830 802, AFSL 237058.

Greg Maguire

Principal

Greg Maguire is the founder and principal of Absolute Insurance, a family-run Perth life insurance broker he runs with his wife Steph. Greg has spent more than 20 years helping Western Australian families and business owners protect what matters most, with life insurance, income protection, TPD and trauma cover from Australia's leading insurers.

Before insurance, Greg was a primary school teacher, and that same patient, one-to-one approach is how he still works today. He takes the time to understand your situation, explains your options in plain English, and stands beside you and your family if you ever need to claim.

Greg holds an Advanced Diploma of Financial Planning from Deakin University and a bachelor's degree from Edith Cowan University. He is an active member of the local community through the Chamber of Commerce and Industry WA and Baldivis Rotary.

Greg Maguire is an Authorised Representative (No. 255354) of AD Advisory Services Pty Ltd, ABN 68 005 830 802, AFSL 237058.

After putting it off for years, my wife and I finally bit the bullet and had Greg assist us in renewing our insurance policy’s. In doing so Greg worked professionally and diligently to find us the best policy. We would both strongly recommend his services.

Nick Ursulic

Greg was amazing to work with and really helped me receive the insurance I wanted for my financial protection when no others were able too. Absolutely fantastic!

Natasha Maitland

Greg has been absolutely amazing with his level of service provided to us for our life insurance and income protection needs. Nothing was too much trouble for him. Great communication skills, knew exactly what we were hoping to achieve and did everything in a very timely manner and made the service to us very personal. He listens and delivers what he promises. Truly grateful for his time and highly recommend his services.

Scott Rountree

Very happy with the service Greg Maguire at Absolute Insurance has provided. He took the time to understand our situation properly and worked hard to find cover that suited our needs and budget. His understanding of FIFO and mining-related roles made a real difference. Clear communication, responsive service and practical advice throughout. Happy to recommend.

Robert Keilar

Super happy with the insurances Greg set up for us and love supporting local businesses

Samantha P

I would absolutely recommend Greg’s services. Before working with him, I had a difficult time obtaining insurance due to complexities in my medical history. Greg guided me through the process from start to finish, acting as a liaison with the underwriters and helping ensure the necessary information and evidence were provided. Nothing ever seemed too complicated or too much trouble for him. I really appreciated his advice, persistence, and willingness to advocate on my behalf with the insurers. Thanks to his support, I was able to secure several policies with some exclusions but no premium loading, which was a much better outcome than I had expected. Thank you, Greg!

Jessica Scholle

Greg has helped us with our insurances for many years. Over that time he has always taken incredible care to ensure that he is suggesting really sensible and considerate options for our needs. Insurance is complicated, but Greg makes it so much easier.

Val Smith

My parents, my partner and I have been with Absolute Insurance for well over 20 years. Greg has been amazing and would highly recommend him to anyone that needs a trusted advisor.

Gregory Allen

We have had Greg’s support and guidance managing our Life Insurance Policies over many years. He has always sought the best options for us and has provided sound advice as our circumstances charged over time. We have always appreciated his flexibility and efficiency. It has been a pleasure doing business with him.

Philip O'Connor

From the start to the finish, Greg was a pleasure to deal with, very professional and most importantly found me and my family the best insurance cover to suit our needs, very happy with the service provided.

Craig

Multiple Life Insurance Policies

Is It Legal to Carry Multiple Life Insurance Policies?

Can I Make a Claim on Multiple Life Insurance Policies?

Things to Consider Before Taking Multiple Life Insurance

Consolidate Your Super into One Account

Know If You Really Need More than One Life Insurance Policy

Reviewed by Greg Maguire

Related Services

Life Insurance Perth

Related Articles

How Much Is Life Insurance Australia

What Is Superannuation?

What Is The Best Age To Get Life Insurance