joint life annuity

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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 life annuity

Wall Street Words: An A to Z Guide to Investment Terms for Today's Investor by David L. Scott. Copyright © 2003 by Houghton Mifflin Company. Published by Houghton Mifflin Company. All rights reserved. All rights reserved.
References in periodicals archive ?
A joint annuity will pay less than a single life annuity because the insurer has more risk of an extended payout.
year when have no other earnings Consider your spouse or partner - you can buy a joint annuity where they continue to receive your pension should you die.
The sister liquidated the joint annuity account and divided it equally between Bertha and Marvin.
A "joint annuity" will continue to pay some money to your partner after your death.
One of the first items to affect the index annuity (IA) market this year was the Joint Annuity Disclosure Pilot Project of American Council of Life Insurers and the Iowa Insurance Division.
A joint annuity is payable while all annuitants are alive (e.g., annuity is payable while both A and B are alive).
Question--What is the difference between a joint annuity and a joint and last survivor annuity?
The first describes the structure of joint annuity products and develops expressions for actuarially fair joint-life annuity products.
Among the most popular are 1) a life annuity, where payments continue for the rest of the retiree's life, and no payments continue to survivors after the retiree's death; 2) a survivor joint annuity, where payments continue while both annuitant and spouse are living (a reduced payment is made to the spouse for life when the annuitant dies); and 3) life and N certain: payments are guaranteed to the annuitant for life, but if death occurs before N years (usually 10), the remainder of the N years of payments are made to a named beneficiary.
Example 3: The Parkers, both age 65, weigh putting all of their $600,000 into a joint annuity. By using an online annuity calculator, they learn that such an annuity might pay them $3,000 a month, or $36,000 a year.

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