Joint Annuities
Multiple annuitant products include joint-life and joint-survivor annuities, where payments stop upon the death of one or both of the annuitants respectively. For example, an annuity may be structured to make payments to a married couple, such payments ceasing on the death of the second spouse. In joint-survivor annuities, sometimes the instrument reduces the payments to the second annuitant after death of the first.
Read more about this topic: Life Annuity, Types of Life Annuity
Famous quotes containing the word joint:
“What’s a joint of mutton or two in a whole Lent?”
—William Shakespeare (1564–1616)