A care annuity is designed for individuals who have been assessed as being eligible to receive Government-subsidised aged care services.
Challenger Care Annuity
The Challenger Care Annuity (Annuity) can be bought if you are over 18 years of age and:
- have Aged Care Assessment Team (ACAT) approval that specifies you as being eligible to receive Government-subsidised aged care services, or
- live in an approved residential care facility.
A Challenger Care Annuity:
- Provides regular payments for your lifetime
- May help reduce aged care fees and increase social security entitlements (such as the Age Pension)
- Can be withdrawn within the first 10 years of the Annuity starting (see the product disclosure statement for details on the amount you receive back in this case)
- Gives you the option to have an amount equal to 100% of the initial capital investment amount paid 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, speak to your financial adviser, order or download a product disclosure statement or call our Investor Services team on 13 35 66.