What is the definition of Joint and Survivor Annuity?

The Joint and Survivor Annuity is an annuity that involves two annuitants and guarantees that annuity payments will continue while both or one of the annuitants are still living.

Also known as a joint life annuity, this is usually bought by spouses in an effort to provide each other with regular income, even in the event of the death of one. Most of these annuities pay annuity income for the lifetimes of either one of the annuitants. There may also be changes in the amount of annuity payment received upon the death of one of the annuitants.

With a joint and survivor annuity, it is not necessary for an annuitant to assign his annuity to the other by virtue of a will. Both partners own the annuity, thus both have a right to the income from it.

When both annuitants die at the same time, the annuity may pass the income payments to a beneficiary or may pay a lump sum to the annuitants' estate or to the beneficiaries.

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