Table of Contents
Peace of mind for your clients moving into aged care
Clients have many things to consider when making the decision to move themselves or a loved one into residential aged care.
Challenger CarePlus can help by providing guaranteed monthly income for life to assist with ongoing aged care costs. It also delivers estate planning certainty via a lump sum death benefit.
Key benefits
Help manage aged care costs and living expenses and leave a lump sum to nominated beneficiaries or the estate.
You can find additional information in our PDS.
Security of guaranteed regular payments for life
Clients will receive regular, fixed monthly payments for their lifetime, regardless of how long they live or how investment markets perform.
Certainty and control over estate planning
When your client passes away, a lump sum death benefit equal to 100% of the amount invested will be paid to nominated beneficiaries or the estate – generally within 2 days of requirements being met. (If the policy holder lives in South Australia, stamp duty will be deducted from the death benefit payment.)
Potential to increase Age Pension
Your client may experience an increase in Age Pension payments. When your client invests in CarePlus there is an immediate decrease in the value of their assessable assets considered for the purposes of the Age Pension assets test and only a portion of the income is considered for the income test.
Potential to reduce the costs of aged care
Assessable assets and income partly determine the costs of Government subsidised care. A reduction in assessable assets and income may reduce the amount clients pay for aged care.
A solution designed specifically for aged care clients
- CarePlus structure
- CarePlus Annuity
- CarePlus Insurance
Challenger CarePlus uniquely combines a lifetime annuity and insurance policy for lifelong income and a guaranteed death benefit, designed to provide greater financial security and streamlined estate planning.
Clients invest in both the CarePlus Annuity and CarePlus Insurance.
Read the PDS, TMD and Technical Guide for more information.
Pays guaranteed income for life, regardless of how long your clients live or how investment markets perform. It has a withdrawal value and a guaranteed death benefit for a period based on your client’s life expectancy.
Tops up your client’s CarePlus Annuity death benefit so that their nominated beneficiaries or estate receive a lump sum death benefit that equals 100% of the amount invested into CarePlus.
If the policy owner lives in South Australia at the time of investment, stamp duty will be deducted from the death benefit.
Who is CarePlus for?
CarePlus is designed for people living in an approved residential aged care facility, or those receiving or planning to receive Government-subsidised aged care services (including both home and residential care). The minimum investment in CarePlus is $10,000.
Aged care strategies
In this on-demand webinar we explore the strategies for someone who is entering aged care and demonstrate how to maximise cash flow and estate outcomes. You will also hear from a financial adviser on how they’ve helped their clients through the aged care journey.
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CarePlus rates
| Age | Male | Female |
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Current annual payments for every $100,000 you invest in CarePlus are illustrated above. Age shown is age at commencement of annuity.
Apply now
Understand your clients aged care costs and Age Pension entitlements with our aged care calculator
The calculator allows you to:
- understand a client's aged care costs, entitlements and cash flow position
- project estate values under three different strategies
- model different care scenarios such as, whether to keep or sell the family home
- generate a comprehensive report.
Visit AdviserOnline to access the calculator. Registration is easy and free to all financial advisers. Alternatively, you can contact your BDM who can assist you with running the aged care calculator for your clients.
Tools and resources for advisers
Find tools designed to help you when you’re exploring options for your client.Technical information
Our Technical team specialises in supporting advisers in the development of retirement and aged care solutions for their clients. Access key facts, technical strategies, regulatory updates and case studies.
Modelling scenarios
Log in to our free adviser portal to access a range of modelling tools including an Aged Care Calculator.
Generate quotes
Use this tool to generate a quote for our annuity products. It will show you the guaranteed income payments your clients could receive based on the factors you enter. Log in to AdviserOnline to access eQuote.
Finding knowledge
Our resources are designed to empower you with the knowledge and tools you need to better serve your clients. Take a look at the broad range of information for advisers that is held in our Adviser Knowledge Hub.
CarePlus technical guide
With increasing life expectancies and an ageing Australian demographic, there is a growing need for quality aged care advice.