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Is It Legal to Have Multiple Life Insurance Policies in 2024?

One of the most common questions people ask about multiple life insurance policies is whether it’s legal. Yes, it is legal to have more than one life insurance policy in Australia. You can purchase as many policies as you like, if it’s justified, and you fully inform all insurers of your existing coverage.
Fact Checked

Updated: 29 May 2024

While life insurance companies will generally not care how many policies you have, they may look more closely at the total amount of benefits you have, i.e. is it reasonable for a person with your expected income and circumstances. Depending on the amount of coverage you want, an insurer might require you to get a medical exam.

Because life insurance is a wonderful way to spare your loved ones some of the pain of losing your income and support we tend to want more of it. Before you find yourself contacting a life insurance company for additional cover, make sure it’s justified and that you can afford it in the long run.

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Can you have multiple life insurance policies in Australia?

Yes, multiple life insurance policies are generally not restricted in Australia, with many people preferring to diversify their insurance coverage to reduce any potential shortfall you might have. You can purchase additional life coverage fr