Annuity glossary

Joint and Survivor Annuity

An annuity payout structure covering two people, usually spouses. Payments continue as long as either person is alive, protecting the survivor from losing household income when the first spouse dies. Because the insurer expects to pay over a longer combined lifetime, each payment is smaller than a comparable single-life annuity would provide. The contract explains the payment calculation, timing, charges, limits, and survivor choices that apply.

Any guarantee is backed by the claims-paying ability of the issuing insurer.