There is no legal limit on the number of individual life insurance policies you can hold simultaneously in Australia. An individual can legally purchase and maintain as many separate term life, trauma, or income protection policies across different insurance companies as they can afford and qualify for during underwriting. However, insurance companies evaluate "financial insurable interest" during the application process. They will restrict total combined payout amounts across all policies to ensure the coverage aligns reasonably with your actual financial liabilities and income replacement needs.
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