CommInsure launches annuities via CFS platforms
The life insurance arm of the Commonwealth Bank, CommInsure, has launched a range of annuities via Colonial First State's (CFS's) FirstChoice and FirstWrap platforms.
The launch of the products follows the recent decision by the life insurer to reduce the minimum investment amount for its annuity products from $20,000 to $10,000.
CommInsure general manager of superannuation and investments Greg Ballard said financial advisers will now have access to annuities via the retail platforms and have greater access to retirement income solutions for clients.
"Advisers and their clients will now be able to access the strength and trusted brand of CommInsure annuities from one integrated front end," Mr Ballard said.
"Importantly, financial advisers can more efficiently combine Colonial First State's account-based pension with a CommInsure annuity and to address market sequencing and longevity risks," he said.
CommInsure head of annuities, George Lytas, said making annuities more accessible is an "important part" of the group's strategy.
"By offering our annuities on [CFS's] platforms we can more easily reach a wider target market, particularly advisers who are at the forefront of providing retirement advice and are essential to driving greater awareness and take-up of annuities," Mr Lytas said.
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