What Does Joint Life With Last Survivor Annuity Mean?

This term refers to a special insurance policy. By paying a certain amount of money for the product, the annuitant ensures himself or herself that after the predefined period is over (and the product is annuitized), he or she will get regular payments.

The ‘last survivor’ specification refers to the annuity-option of payment obligations not only to the annuitant, but also to his or her spouse, or to a third beneficial party. In this case payments are made until the last person from those mentioned in the contract has passed away. This also means that the product is not time-limited; its payments are made until the last designated party dies.

Joint Life With Last Survivor Annuity Explained

This insurance policy is a very good option for those who would like to provide themselves and their spouse with a certain financial security.

A beneficiary can receive money due to this product even after the annuitant’s death. Also, there is an option for the annuitants to choose reduced payments after their death to their spouse or beneficiary, with the purpose of increasing the sum of money transferable to the death benefit part of the contract.