What is joint and survivor annuity

A joint and survivor annuity is an insurance product designed for couples that continues to make regular payments as long as one spouse lives. A joint and survivor annuity has the advantage of providing income if one or both people live longer than expected. This is not a good choice for a younger couple.

What is the difference between joint annuity and survivor annuity?

With a joint annuity, payments stop when one spouse dies. However, payments continue with a joint and survivor annuity until both spouses have passed away. This can provide peace of mind and financial security, knowing that your spouse will still have an income even if you die first.

What does 50% joint & survivor annuity mean?

A joint-and-survivor annuity provides a benefit for the rest of your life at an amount reduced from the straight-life annuity amount, with your choice of 50%, 75%, or 100% of that reduced amount to be paid to your beneficiary if you die before that person.

What does Joint & Survivor mean?

The purpose of a joint and survivor pension or annuity is to provide a lifetime survivor pension to the retired member's or annuitant's surviving spouse. A retired member or an annuitant is entitled to receive payment of a pension or annuity for his or her lifetime.

What is joint and 100% survivor annuity?

The 100% Jɪmp;S annuity option is a pension payment method that will pay you an actuarially reduced pension and continue 100% of your monthly benefit to your Spouse after your death. The Spouse remains eligible for the benefit supplement and annual adjustments.