Multiple life insurance policies - do they all pay out?

If you have multiple life insurance policies and you die, do they all pay out? For example, if you pay for a life insurance policy but also have one through your super.

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Hi @willg_01,

We get this question occasionally, so I happened to have some advice from our expert in this area @XavierOHalloran.

"You’ll need to read the product disclosure statements and ask your insurer to check your personal circumstances. Typically the amount you are covered for under each death policy will pay out. Other types of life insurance, like income protection, will typically only pay out against one of the policies.

You might find it is better to consolidate to a single policy which covers all of your risk. This will depend on your individual circumstances and the policies you’ve taken out. We have some general information in our life insurance buying guide. For further information about your individual circumstances you may need to find a financial adviser."

Don’t forget, if you have multiple superannuation accounts, you might be eroding your retirement in fees. Consolidate your super and your future self will thank you!