I made the mistake of applying to join Netwealth (a Super provider). Unlike most Super providers, Netwealth do not offer the option to increase life / income cover to 6 units with limited insurance underwriting on joining. Netwealth’s insurers undertake full insurance underwriting and decided to impose restrictions on my cover (I’m not really sure why as I’m in good health with no serious medical history issues and have a good lifestyle). I now am no longer able to use the standard offerings from other super providers because they all ask if I have ever had cover declined or restricted.
I think that this is a serious failing in the market that should be tackled by the regulator. Why should the decision of one insurer cripple my options for life? I think that Netwealth should have warned me that applying to join them could be seriously damaging to my wealth.