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Joint Life Annuity

Definition of "Joint life annuity"

Brian Donohue
  NC Coastal Living Real Estate

Retirement plan in which income payments continue until the death of the first of two or more annuitants. This type of annuity is not appropriate for a husband and wife since at the death of the first spouse income payments cease. The monthly benefit is greater than with other annuities since income payments cease at the first death.

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