In a joint life and survivorship annuity, there is more than one annuitant. Both annuitants will receive payments until one dies. Upon the death of one annuitant, what happens to the survivor's payments?

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Upon the death of one annuitant, the payment amount is the same or less for the survivor of the joint life and survivorship annuity. This amount is paid for the lifetime of the survivor. A joint-survivor annuity option will typically offer one of three options: joint and 100% survivor, joint and two-thirds survivor, or joint and 50% survivor.

In a Joint Life and Survivorship Annuity, There Is More