CommInsure launches annuities on retail platform

CommInsure has launched a series of annuities on Colonial First State’s FirstChoice and FirstWrap platforms, an industry-first for platforms, with financial advisers now offered access to new retirement products to serve the Australian population who continue to outlive their retirement savings.

The minimum investment in annuity products is now $10,000, down from $20,000, with CommInsure's head of annuities, George Lytas, saying in the company statement that 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.