Generation Life LifeIncome
Providing peace of mind with an income stream that pays you for life

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LifeIncome provides more income, more certainty, more flexibility and more choice.

Retirement is not just a financial decision, it's an emotional journey. One of the key challenges facing Australians is managing the retirement risk of longevity, or in other words, the fear of outliving savings and suffering a reduction in retirement lifestyle. 

LifeIncome is an investment-linked lifetime annuity that can help solve this common concern for retirees and help avoid what we've termed as 'regret risk'. 

About LifeIncome

Available exclusively through your financial adviser, LifeIncome is an investment-linked lifetime annuity that pays a regular income for life. LifeIncome is designed to optimise your retirement income and complement other retirement solutions such as an account-based pension. When included as part of a comprehensive retirement portfolio, LifeIncome can deliver you more income over your retirement. A major benefit of LifeIncome is investment choice, and potential to access some or more of the Age Pension.

Why Generation Life LifeIncome

More income, sooner – with LifeBooster you can enjoy more income in the earlier years of retirement

Confidence of an income guaranteed for life by using one of the world’s largest reinsurers

LifeIncome Flex offers you the flexibility to receive more income when you and your loved one are both younger, healthier and alive. In return, your income will reduce when either you or your loved one passes away.

For greater peace of mind, you may choose for your spouse or loved one^ to receive your income after you pass away as long as they live.

An income stream linked to the performance of the investment options chosen by you and your financial adviser, chosen, meaning that income will fluctuate from one year to the next

A wide-ranging investment menu, including 29 investment options across all major asset classes, as well as responsible investment options to align with your personal values

Flexibility to select multiple investment options and switch between investment options.

Potential to access some or more of the Age Pension and other social security benefits sooner

A lump sum Death Benefit is payable to your nominated beneficiaries or estate if you pass away within your Death Benefit Period, which is determined when you commence LifeIncome

You can progressively switch your investment monthly over a period of up to 12 months using our dollar cost averaging facility

The new era of lifetime annuities in Australia

LifeBooster is a key benefit of LifeIncome that enables you to receive more income in the earlier years of your retirement. You receive more money upfront, which is accounted for over time based on a LifeBooster rate of your choice.

We give you access to a range of leading Australian and international investment managers and provide you with the flexibility to switch investment options. Working with your financial adviser, you can build your own portfolio by investing in single asset investment options or use one of the diversified investment options to suit your desired risk profile. LifeIncome also offers a range of responsible investing investment options for those that want to invest in funds that align with your social and personal values.

Our investment menu has been built to offer investment choice across a wide range of funds to meet your retirement goals and objectives. Leveraging the expertise of fund managers with proven ability to generate returns above benchmark performance, our extensive investment menu has been designed to protect against volatility, align changes in annual income to the cost of living and enable investors to make a social impact through a choice of responsible investing investment options.

LifeIncome Flex is a unique feature of LifeIncome that offers you the flexibility to receive more income when you and your loved one^ are both younger, healthier and alive. In return, your income will reduce when either you or your loved one passes away, as your income requirement changes.

At the time you apply for LifeIncome you can choose to include your loved one to receive the income after your death. This is known as a Reversionary Beneficiary. The benefit of choosing LifeIncome Flex is that you and your Reversionary Beneficiary can receive higher starting income and greater cumulative income sooner whilst you are both alive. You can choose from 75%, 65% or 50%.

The lower the LifeIncome Flex percentage you choose, the greater the starting income you will receive. This enables you to enjoy the earlier years of your retirement together, giving you more income for the things you wish to do whilst you are young enough to live the lifestyle you both desire.

When you commence LifeIncome, you exchange a lump sum for a regular income that will be paid to you for the remainder of your life regardless of how long you live. Generation Life establishes and manages reserves from which your regular income is paid. These reserves pool your investments with the investment of all other investors and are based on the life expectancy of you and other investors. A proportion of the reserves is reinsured to address the possibility that you or other investors live longer than the life expectancy assumptions used to calculate the reserves.

Generation Life has appointed Hannover Life Re of Australasia Ltd (‘Hannover’) as the reinsurer for LifeIncome - a subsidiary of Hannover Rueck SE, part of the Hannover Re Group worldwide. Hannover Re Group is known for very strong insurer financial strength ratings, including Standard & Poor’s AA- ‘Very Strong’. Please note: you are not a party to the arrangements between Generation Life and Hannover.

Find out more?

To find out more about LifeIncome, contact your financial adviser.

Superannuation USI

LifeIncome LifeBooster 5%: 68092843902050
LifeIncome LifeBooster 2.5%: 68092843902025

^ If you are commencing LifeIncome with non-superannuation money, you could choose to include someone other than your spouse, such as your child or sibling.