What does Joint Life Annuity mean? Read on to discover the definition & meaning of the term Joint Life Annuity - to help you better understand the language used in insurance policies.
Joint Life Annuity
Annuity that pays until the death of the first of two or more annuitants. While the monthly payment is greater in this annuity than in other joint annuities, it is not considered suitable as a joint husband and wife annuity because the survivor is left without annuity income. See also joint and survivor annuity and joint life and survivorship annuity.
We hope the you have a better understanding of the meaning of Joint Life Annuity.