Title: Can Multiple Life Insurance Policies Pay-Out When I Die?
Headings: Multiple Life Insurance Policies
Navigate Life Insurance
Multiple Life Insurance Policies
Recently there has been an increase of questions around people having more than one life insurance policy and then claiming on them. We’d like to put your minds at ease by answering your most prevalent questions.
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Can you have more than one life insurance policy?
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Life insurance companies in Australia generally do not have any restrictions when it comes to purchasing multiple life insurance policies. However, the amount of cover must be justified and you have to clearly disclose all existing policy information when completing the subsequent application forms. Can you have more than one life insurance policy? Yes, as long as you aren’t over-insured. For example, a top-up policy on a group policy in your super fund or another  policy with additional types of cover i.e. Trauma Cover is acceptable. Be aware that income protection policies have built-in offset clauses,  meaning you can generally only insure up to 75% of your salary. The reason behind these offset clauses is to prevent you from taking out two policies and trying to claim on more than a 100% of your policy. The intention here is to provide you with a maximum benefit of 75% of your salary (pre-disablement income) because if you were to receive more than your salary, you would not be motivated to go back to work.