joint life annuity


An annuity issued on two individuals under which payments continue in whole or in part until both individuals die. also called joint and survivor annuity.

Use joint life annuity in a sentence

My wife and I decided to purchase a joint life annuity for our retirement years in addition to our 401k and social security.

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The financial planner encouraged the young couple to purchase a joint life annuity, or joint and survivor annuity, so that one of them would continue to have an income if the other should pass away first.

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Even though his wife, Martha, had passed, the joint life annuity that they share continues to grow until John has passed as well when it will then be distributed to their heirs.

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