joint life annuity

(redirected from Annuity, Joint and Survivor)

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.

joint life annuity

References in periodicals archive ?
If a contract provides a survivor benefit (as under a refund life annuity, joint and survivor annuity, or installment option), tax results depend on whether the survivor benefit is payable to a decedent's estate or to a named beneficiary and, if payable to a named beneficiary, on who paid for the contract.
But if the contract provides a survivor benefit (as under a refund life annuity, joint and survivor annuity, or installment option), tax results depend upon whether the survivor benefit is payable to decedent's estate or to a named beneficiary and, if payable to a named beneficiary, upon who paid for the contract.