Joint and Survivor Option

Joint and Survivor Option

In life insurance, the ability of a potential policyholder to choose a joint and survivor annuity among other options.
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When the participant and spouse wish or need to have more flexible survivor benefit options than those provided by a qualified plan's joint and survivor option.
In this case a qualified plan's joint and survivor option may be an inefficient and expensive means to provide survivor benefits in the unlikely event the participant predeceases the spouse.
Under the 100% joint and survivor option, an amount significantly less than the maximum payout is offered in return for an extension of benefits to the pensioner's beneficiary after the pensioner dies, an attractive option for participants that must provide for a younger beneficiary with a life expectancy greater than their own.
Under the 50% joint and survivor option, an amount less than the maximum payout but greater than the 100% joint and survivor option is paid for the duration of the pensioner's life.
This strategy not only eliminates the need to choose between options but also may provide more total income than would have been received if the client had chosen the joint and survivor option.
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