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Colonial First State launches Challenger’s CarePlus annuity




CarePlus is an aged care solution that combines the regular income of a lifetime annuity for aged care costs, with life risk insurance providing estate planning certainty. It provides an income stream to help meet the costs of aged care facilities.

The addition of CarePlus follows the launch of CommInsure and Challenger lifetime and term annuities on Colonial First State’s FirstChoice and FirstWrap platforms last year.

The move comes as part of a broader strategy to elevate Colonial First State’s position among advisers, said Peter Chun, general manager product and investments at Colonial First State.

“Offering leading retirement products on our platform results in stronger satisfaction and longer relationships with clients.”

Chun added being able to access annuities on the platform makes it easier for advisers to implement client retirement strategies, which use annuities in conjunction with other products.

“It creates process efficiencies, and allows us to improve the client application process and integrate client reporting.

“Having a complete suite of retirement products available on the one platform can offer advisers a seamless and immediate gateway to start the conversation about aged care earlier; allowing their customers a smoother transition once the need arises.”