Elderly people are reluctant to make use of annuities, which are essentially an exchange of property for a life annuity. This reluctance reveals a tension between a property right considered absolute and limitations imposed by what is socially acceptable. Although property owners are supposed to be free to use their assets as they wish, they are also expected to pass them on to their heirs. These ambiguities are illustrated by the debates concerning annuities before the concept was introduced in the Civil Code. This paper focuses on the Fenet source, a book gathering the drafts, debates, and speeches that preceded the adoption of the Civil Code. It aims to show how two important questions are linked to the annuity concept, namely the social limits of property rights and protection against life risks.