An annuity that pays benefits over the recipient's lifetime and over the lifetime of the person named as beneficiary.
An annuity issued on two lives that guarantees that the annuity in whole or in part will be paid as long as either party shall live.
An annuity where payouts are made to you as long as you live, and after your death, to your designated beneficiary as long as he or she lives.
A form of benefit providing monthly payments during the lifetime of a Participant and, after the Participant's death, providing monthly payments during the lifetime of the Spouse.
An annuity in which payouts are made to the owner for life and, after the owner's death, to the designated beneficiary for life.
A type of annuity that is opened by and intended for two people. This type of annuity makes annuity payments over the remaining life span of both beneficiaries.
An annuity issued on two individuals under which monthly payments continue in whole (100%) or in part (at 50%, 66.67% or 75%, selected at the time of purchase) until both individuals die or for the remainder of the annuity. Survivor benefits will be based off of the death of the primary annuitant.
An annuity that pays benefits over your lifetime and over the lifetime of the person you name as your beneficiary (such as your spouse.)
A form of pension fund payment in which the retired participant gets a check every month. If and when the participant dies, the spouse continues to get a monthly check equal to one-half of the benefit for the rest of his or her life.
This is an annuity payable to two people (e.g. a husband and wife) through the lifetime of the survivor of the two of them. For qualified plans, this is the type of distribution mandated by law, unless both spouses consent to a different form of payment.
Most pension plans must offer this form of pension plan payout that pays over the life of the retiree and his or her spouse after the retiree dies. The retiree and his or her spouse must specifically choose not to accept this payment form.
An annuity payable until the death of the annuitant, and continuing thereafter to the annuitant's spouse until the spouse's death. May be available as a level amount or with a reduction when the annuitant dies. (Spouse includes common-law partner.)
An annuity in which benefits are paid for as long as either of two individuals is alive; payments stop at the second death.
An annuity under which the insurer agrees to make a series of benefit payments to two or more individuals until both or all of the individuals die. Also known as joint and last survivorship annuity.
An annuity where payouts are made as long as a person lives, and after death, to a designated beneficiary as long as he or she lives.
An annuity issued on two individuals under which payments continue in whole or in part until both individuals die; also called a joint life annuity.
An annuity payable for the lifetimes of both the plan member and his or her spouse or common-law partner. This is required to be provided as an option when a member retires. Payments to the survivor are usually reduced by 40 per cent after the member's death.
An annuity paid for the life of the participant with a survivor annuity for his/her spouse. The survivor annuity must be at least 50%, but not more than 100%, of the annuity received by the participant during his/her lifetime. In addition, the joint and survivor annuity must be the actuarial equivalent of a single life annuity that would have been paid to the participant.
An annuity that pays two or more beneficiaries. When one of them dies, the payments continue to the survivors but the deceased's share is no longer paid.
A life annuity in which there are two annuitants, known as joint annuitants. Annuity payments continue as long as either annuitant is alive.
An annuity that makes payment for the lifetime of two or more beneficiaries. Payments continue to the survivor annuitant when one of the annuitants dies. Often married partners arrange for joint and survivor annuities.
An annuity in which the payments continue after the death of the first of two or more annuitants until after the death of all the annuitants who are parties to the contract.
An annuity with two annuitants, usually spouses. Payments continue until the death of the longest living of the two.
See Joint-And-Last-Survivor Annuity
Annuity that makes payments for the lifetime of two or more beneficiaries (frequently husband and wife). If one annuitant passes away, payments continue to the survivor as specified in the contract. See: Annuitant; Annuity; Beneficiary
An annuity providing for payments for the lifetime of two or more beneficiaries, generally a husband and wife. When one of the annuitants dies, payments continue to the survivor.
A type of annuity that makes payments for the lifetime of two or more beneficiaries.