Joint Life And Survivorship Annuity


Definition of "Joint life and survivorship annuity"

A.W.  Myers real estate agent
A.W. Myers, Real Estate Agent Greenfield Realty LLC

Annuity that continues income payments as long as one annuitant, out of two or more annuitants, remains alive. For example, a married couple would receive an income for as long as both spouses are alive. Thereafter, payments would continue as long as the surviving spouse is alive, usually for a smaller amount. This type of annuity is ideal for a husband and wife in that it guarantees the surviving spouse an income for life. Even with a life annuity certain or other type of refund annuity, it is possible for a surviving spouse to outlive the money that has been funding the annuity.

Have a question or comment?
We're here to help.

 
 
 
*** Your email address will remain confidential.
 
 
 

 

Popular Insurance Terms

Popular Insurance Questions