joint life annuity

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 ?
Generally, most individuals will utilize the single life table, but the joint life annuity tables are used if the individual's spouse is more than 10 years younger.
A When you purchase an annuity you are exchanging your pension fund for a guaranteed income for life for you and possibly your spouse or dependent if you took out a joint life annuity.
As a comparison, if you were to buy the maximum PS25 per week at age 65 you would be spending PS22,500 to get an extra PS1,300 per annum, which is double the amount from a comparable joint life annuity with index linking and a 50 per cent spouses pension.
You can acquire either a single life annuity (which provides life-long income for you alone) or a joint life annuity (which provides annual income for as long as either you or your spouse/sibling are alive).
When you die, payments stop, unless you have chosen a joint life annuity or a guaranteed payment period ?
Joint Life Annuity for life (without any death benefit) - A fixed amount, guaranteed at the policy inception, will be paid as long as at least one of the annuitants is alive.
Based on their situation, we moved 30 percent of their assets into a guaranteed income product (a joint life annuity with a 20-year period certain), effectively transferring the market risk on that money and the risk of outliving that money to the insurance company.
Delaying the primary earner's benefit is equivalent to purchasing a second-to-die or joint life annuity," the authors write.
A joint life annuity provides for payments so long as both annuitants are alive.
Answer--A joint life annuity is a contract that provides a specified amount of income for two or more persons named in the contract.
8) This rule will also apply when a husband and wife establish a joint life annuity from jointly owned assets.

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