LONGEVITY COVER PROVIDER OF THE YEAR Challenger

For retirees who want certainty of income for the rest of their lives, this year's winner, Challenger, offers a suite of annuity products, including ones that pay a continuous lifetime income stream.

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Longevity or annuity products are designed to ease the risk of running out of money and relying only on the age pension. They particularly suit people who are concerned about market volatility, inflation and cost-of-living pressures. Challenger's most popular annuity is its Liquid Lifetime annuity with an indexation option that keeps up with inflation. Yet 57% of Australians aged between 50 and 75 are unaware there are investment options that provide a lifetime income, according to UNSW research.

"As awareness grows, so too will the adoption of these solutions, particularly as more Australians seek stability and security in retirement," says Mandy Mannix, customer chief executive at Challenger.