Joint Life with Last Survivor Annuity(redirected from Joint Life with Last Survivor Annuities)
Joint Life with Last Survivor Annuity
An annuity that makes payments to both the annuitant until death and then to a designated second party until the death of a designated third party (who is usually, but not always, the same person). A joint life with last survivor annuity allows the annuitant to provide for his/her spouse on a continuing basis, rather than giving a lump sum at death. The annuitant may also designate another party, such as a charity to receive payments until the death of the spouse. If there are funds remaining at the death of both spouses, the annuity pays a death benefit to the designated party or his/her survivors.
Farlex Financial Dictionary. © 2012 Farlex, Inc. All Rights Reserved