With five million people currently in, or preparing to retire, it is clear there is a significant demographic change and longevity risk facing our nation. Life insurers can play an important role by providing longevity risk protection products to manage longevity risk and other risks in retirement.
Life insurers in Australia are already working in partnership with superannuation trustees to provide longevity protection to superannuation members, and this has been increasing since the introduction of the Retirement Income Covenant.
CALI continues to advocate for more Australians to have access to quality advice, information and comparison tools that support them to make informed financial decisions during their working life and manage their finances in retirement.