A joint-and-one-half survivor annuity covers two people, but the annuity payments are cut in half at the death of the first annuitant.

Name: A joint-and-one-half survivor annuity covers two people, but the annuity payments are cut in half at the death of the first annuitant.
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A joint-and-one-half survivor annuity provides benefits to two people, but the payments are reduced by 50 percent after the first annuitant passes away.

A Joint-And-One-Half Survivor Annuity Covers Two People, but the Annuity