IndividualsInsured amount M€62 Policies processed2.150 Clients1.580
Family savings insurance
At JORI we help you maintain financial stability for your family and ensure their well-being by protecting them from any eventuality.
In short
What is a savings insurance
Savings insurance are investment vehicles in the form of an insurance contract that offer tax advantages and flexibility compared to other products. The main ones are PIAS, which exempts the profitability from taxation if redeemed as a life annuity after five years; unit linked, which invests in baskets of funds with the policyholder assuming the risk; and life annuities, with very high tax reductions from the age of seventy.
Advantages
Advantages of family savings insurance
Compared to other investment vehicles, what savings insurance provides is tax efficiency and flexibility.
Exempt return if you convert it into income
A PIAS maintained for five years and redeemed as a lifetime annuity is not taxed on the accumulated return. It is one of the few full exemptions remaining.
Adjust your portfolio without toll
Changing the basket of funds within the contract does not generate a taxable event. You can reduce risk as the goal approaches without paying to do so.
Goes directly to whom you decide
The designated beneficiary receives payment without waiting for the inheritance partition, providing immediate liquidity to the family at a time when it is often lacking.
Consistency over accuracy
Automated periodic contributions average the entry price and eliminate the decision of when to invest, which is where individual savers lose the most money.
Profile
Who it is for
Families with the ability for periodic savings
Those who can allocate a monthly amount and seek discipline and a long-term horizon.
Savings for children's education
Objectives with a ten or fifteen-year view with a known date.
Over 65s with assets
Profiles that can take advantage of the exemption for reinvestment in life annuities.
Supplement to retirement
Those who have already exhausted the contribution limit to pension plans and need another route.
Scope
What does a family savings insurance include
- Definition of the objective, the time horizon, and the assumable risk profile
- PIAS with exemption of profitability if redeemed as a life annuity
- Unit linked with fund baskets adapted to the profile and periodic rebalancing
- Savings insurance with guaranteed rate for conservative profiles
- Life and temporary annuities, with analysis of tax treatment by age
- Annual plan review and adjustment of contributions
The JORI method
How we work
Risk analysis
We study the activity, assets, and plausible scenarios. Without that diagnosis, comparing policies is comparing prices of different things.
Programme design
We define covers, limits, deductibles, and acceptable exclusions. We decide what is transferred to the insurer and what is consciously retained.
Negotiation with the market
We present the risk to the insurers we work with and negotiate terms. We are independent: we do not belong to any company.
Support and claims
We review the programme at each renewal and, when a claim occurs, we act as your technical representative with the insurer until payment is received.
Frequent doubts
Most frequently asked questions about savings insurances
What tax advantage does a PIAS have?
If it is maintained for at least five years and redeemed as a lifetime annuity, all accumulated returns are exempt from taxation. Additionally, the resulting lifetime annuity is taxed only on a reduced percentage according to the age of constitution, which from seventy years onwards drops to 8%.
How does it differ from an investment fund?
In tax treatment and flexibility. The savings insurance allows changing the basket without taxation, incorporates beneficiary designation outside the hereditary estate for practical purposes and, in the case of PIAS, offers the exemption for lifetime annuity. In return, it has slightly higher structural costs.
Can I lose money in a unit linked?
Yes. The investment risk is assumed by the policyholder and there is no capital guarantee except for a specific modality. This is why defining the risk profile and horizon before contracting is the most important part of the work.
What happens if I need the money early?
Almost all allow partial or total redemption, but they may apply a penalty depending on the product and timing, and early redemption results in the loss of the tax advantage. That's why we always size the contribution so that it does not compromise the liquidity the family needs.
How much should I save per month?
It depends on the goal and the term. As a rough guide, reaching €100,000 in twenty years with an average return of 4% requires around €270 monthly. We always work from the goal backwards, not the other way around.
Is it compatible with a pension plan?
Totally, and they are usually complementary. The pension plan provides a reduction in the taxable base but is illiquid; the savings insurance does not reduce the base but is accessible and allows planning the redemption with more leeway. Combining them is common once the plan limit is exhausted.
Family savings
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Insights
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