Joint and Survivor Annuity

Joint and survivor annuity

A type of annuity opened by and intended for two people, that makes payments for the entire lifetime of both beneficiaries, even if one of them dies.

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Joint Life Annuity

An annuity that two persons, almost always a married couple, open in order to provide for both in retirement. A joint life annuity makes payments to the designated party as long as one of the spouses remains alive. Depending on the nature of the agreement, the amount in the payments may decrease when the first spouse passes away. It is also called a joint and survivor annuity.

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joint and survivor annuity

An annuity that pays a lifetime income to the annuitant and to another person, generally a spouse. The payments may be scheduled to decrease at the death of either recipient. Also called joint life annuity.