Melbourne, 28 February 2023: Generation Life, Australia’s leading provider of innovative tax-effective investment bond solutions, today revealed enhanced new features of its LifeBuilder, ChildBuilder, and FuneralBond solutions to continue to help financial advisers support their clients in transferring wealth with certainty and flexibility.
Vincent Stranges, Head of Product at Generation Life, said: “Estate planning will be a significant focus for us in 2023. With the Federal Government signally its intention to legislate the objective of superannuation and introduce limits on superannuation balances, a shift away from superannuation as an intergenerational wealth transfer vehicle is inevitable.”
“At Generation Life, we recognise that estate planning certainty is important for those that are seeking to or have accumulated wealth. We’re excited with the latest major updates to our estate planning offering, providing the financial adviser network with a sophisticated, but simple way of helping their clients transfer wealth, offering peace of mind without sacrificing flexibility.”
Generation Life’s LifeBuilder EstatePlanner feature helps financial advisers by providing a tax-effective wealth accumulation solution that also provides their clients with the flexibility to structure their investment, as part of - or outside of – their will and legal estate. The Future Event Transfer feature can be used to control when and how their client’s investment will be tax-effectively transferred and accessed by the next generation on the death of the owner, including locking in a regular amount to be paid to the recipient once ownership is transferred. Alternatively, they can use the beneficiary nomination feature, where they can set one or multiple beneficiaries to receive the proceeds of their investment on the death of the nominated life insured.
These new enhancements also offer financial advisers the ability to give their clients peace of mind, knowing that they control when the future transfer of their investment may occur and that they can change it at any time. If they select their death as the transfer event, the tax- free transfer passes outside of their will and legal estate and potentially helps to avoid the challenges and claims that can be associated with a will. They can also avoid possible lengthy delays and legal costs associated with the granting of probate or the administration of their estate.
This enhanced flexibility of Generation Life’s investment bond solutions has been designed with advisers and their clients in mind; offering both parties the ability to curate tailored investment bond portfolios that can flex to their unique personal needs and financial goals.
Vincent Stranges, Head of Product at Generation Life, commented: “The Generation Life LifeBuilder provides a tax-effective wealth accumulation solution with embedded flexible estate planning and intergenerational wealth transfer features solution, particularly in light of the expected changes to superannuation.”
Generation Life’s extensive range of investment solutions means that clients can access personalised investment bond options, while financial advisers benefit from a far easier process to put those options into action. Recognised as an industry leader and creator of innovative financial products and solutions, Generation Life is continuing to build momentum. In late 2022, Generation Life was recognised with four Investment Bond Excellence Awards including the Overall Investment Bond Excellence Award, announced by Plan For Life, Actuaries & Researchers*.
*Plan for Life, Investment Bonds Market Report for period ended 30 June 2022.
