What does Joint and Survivor Annuity mean? Read on to discover the definition & meaning of the term Joint and Survivor Annuity - to help you better understand the language used in insurance policies.
Joint and Survivor Annuity
Pension scheme involving two beneficiaries, usually a married couple. Annuity payments start at a higher level when both beneficiaries are alive. On the death of either, payments drop to a lower (say two-thirds or one-half) level and continue until the death of the survivor. See also joint life annuity and joint life and survivorship annuity.
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