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A joint and survivor annuity is a type of insurance policy taken out on two or more people. Unlike many other annuities, a joint and survivor annuity makes payments to all surviving beneficiaries even if one of the original beneficiaries should die. Since a joint and survivor annuity makes payments to all beneficiaries until the last beneficiary dies, typically a joint and survivor annuity is taken out by a husband and wife. The purpose of a joint and survivor annuity is to guarantee that the longest-surviving spouse is financially taken care of until death. Premiums for a joint and survivor annuity are generally paid for a set number of years, with joint and survivor benefits paid after retirement. A joint and survivor annuity is also called a joint life annuity. |
