Centuria LifeGoals

Centuria Life, part of investment manager Centuria Capital Group, has launched Centuria LifeGoals - a new type of investment product, which has features similar to a managed fund combined with a life insurance policy.

LifeGoals offers 22 fund options across a range of sectors and asset classes. Managers of the fund options include Vanguard, Betashares, Magellen and T.Rowe Price.

Centuria LifeGoals are a tax-paid investment and the maximum tax paid on the earnings of an investment option is 30 per cent. There is no tax on withdrawals made after 10 years from the initial investment, which means investors can use the investment options to accumulate wealth and then, after 10 years, elect to start receiving a tax-paid income stream.

"We are entering a new generation of financial services in Australia: various developments have created an environment where Australians are going to be more discerning customers than ever, looking extremely closely at existing and proposed financial products. We welcome the scrutiny - with Centuria LifeGoals, what you see is what you get," Michael Blake, head of Centuria Life, said.

Because the investment options are regulated as a type of life insurance policy, an investor in LifeGoals will need to select a person upon whose death the investment will mature. However, if no selection is made, the investor is also the life insured.