A care annuity is a customised product for people who are moving into, or are already in, a residential care facility.
Challenger Care Annuity
The Challenger Care Annuity can be bought by any person over 18 years of age who:
- has Aged Care Assessment Team (ACAT) approval that specifies either 'low level' or 'high level' residential care is required, or
- lives in an approved residential care facility.
A Challenger Care Annuity:
- Provides regular payments for the rest of your life, regardless of how long you live
- Can help reduce income-tested aged care fees
- May enhance access to social security entitlements (such as the Age Pension)
- Can be withdrawn at any time during the 10 year withdrawal period (subject to an early withdrawal adjustment to reflect market conditions)
- Pays a withdrawal value equal to 100% of the initial capital investment amount to your estate if you die within the first 10 years.
To find out more, read the Care Annuity product disclosure statement.
Visit the rates page for the current annual payments on our standard Care Annuity options.
For more information, order or download a product disclosure statement or call our Investor Services team on 13 35 66.