J

Joint and survivor life annuity

A joint and survivor life annuity provides income for two lifetimes, that of the annuitant and the joint annuitant, typically the annuitant’s spouse. Although each payment while the annuitant is alive is less than it would have been with the single-life alternative, the payments could last longer and total more.

The amount the surviving joint annuitant receives after the annuitant’s death is a percentage, ranging from 50% to 100% of the amount paid while both were alive. The percentage is optional and is chosen while both annuitants are alive.

Joint and survivor with period certain annuity

A joint and survivor with period certain annuity pays income for two lifetimes, that of the annuitant and the joint annuitant, typically the annuitant’s spouse, for the length of the period certain, or the length of time guaranteed in the contract. The period is usually between five and twenty years. If one or both annuitants survive the period certain, the payments end. But if both die before the end of the period, the beneficiary named in the contract will receive income for the remaining period certain.