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 ?
The tax rules will also be changed to allow joint life annuities to be passed on to any beneficiary.
Single life annuities stop paying upon death of the policy holder, whereas joint life annuities continue to be paid to a partner.
(Refund guarantees are offered with contracts covering a single life and joint life annuities that terminate on the first death, but refund guarantees are not likely to be found with joint and survivor annuities.)
Those annuities whose payments cease upon the first death are called joint life annuities. Currently, joint and survivor annuities are more common than joint life annuities.
Poterba, "Joint Life Annuities and Annuity Demand by Married Couples," Journal of Risk and Insurance, 67 (4) (December 2000), pp.

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