What is joint life annuity

This pays you a regular retirement income for the rest of your life. When you die, it provides a regular retirement income (at the same or a reduced amount) to your surviving husband, wife, civil partner or dependants.

What is meant by joint life annuity?

A joint and survivor annuity is a type of immediate annuity that guarantees payments for as long as the annuity owner or the beneficiary lives. The payments from a joint and survivor annuity would last for the duration of the annuity owner's life plus the life of another person.

What is a disadvantage of a joint life annuity?

Joint and survivor annuity downsides: The downside to the joint and survivor annuity option is that you will give up a portion of your monthly income in order to ensure that the regular payment installments won't end upon your death. You will need to sacrifice now in order to benefit later.

What is joint life payout?

A joint-life payout is a payment structure for pensions and other retirement plans that provides income to a second person, typically a spouse, after the account holder dies. The alternative payout structure is a single-life payout.

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.