Life annuity

The life annuity is a life and savings insurance that will provide you with a regular income for life. This is a savings product that allows you to receive a fixed amount of money until you die. A life annuity is a type of insurance that will guarantee constant income from the first deposit made. This makes it the best solution for people who are close to retiring.

It depends on each entity! The most important requirement to set up a life annuity is to make a first deposit, the amount can vary. In our case, for your welfare and quality of life, you can set up a life annuity by making a single minimum deposit of €20,000. Other requirements are having paid contributions to the Social Security institution for at least 750 weeks or be 60 to 65 years old.

They are tax-free for people over 65. So, depending on the holder’s age and the percentage, tax reliefs can be 60% for under 40s or up to 92% for people over 70.

The life annuity ends once the holder dies or when the beneficiaries entitled to receive the life annuity die.  

This will depend on the type of life annuity you chose. It may be that your beneficiaries are not allowed to claim the funds deposited or that the funds decrease after your death. You must check the terms and conditions of each portfolio.