How many life insurances you can have in Australia is unlimited, you can have as many life insurance policies as you want from different insurers, with no legal limit on number of policies. In Australia, life insurance, which is insurance paying death benefit to beneficiaries, offered by insurers like TAL, AIA Australia, MLC, Zurich Australia, and others, regulated by APRA, allows you to hold multiple life insurance policies simultaneously, with many Australians having 2 to 3 policies including one through superannuation fund like AustralianSuper, REST, and others offering default life cover around $100,000 to $200,000, plus separate retail life insurance policies bought via adviser, with no restriction on number, but total cover amount must be justified by financial need and insurable interest, with insurers assessing total sum insured across all policies during underwriting to avoid over insurance, with typical total cover allowed up to 15 to 20 times annual income for income replacement plus debts, so you can have multiple policies but sum insured must be reasonable. For example, you can have $200,000 life cover via super and $500,000 retail policy and $300,000 mortgage protection, totaling $1 million, with all valid and payable, with beneficiaries receiving all payouts, not just one. So you can have unlimited number of life insurances in Australia, no legal limit, common to have multiple via super and retail, with total cover justified by income and debts, with all policies payable.
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