Define: Joint And Survivor Annuity

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Definition: Joint And Survivor Annuity



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Full Definition of Joint And Survivor Annuity


A joint and survivor annuity is a type of insurance policy taken out on two or more people. Unlike many other annuities, a joint and survivor annuity makes payments to all surviving beneficiaries even if one of the original beneficiaries should die. Since a joint and survivor annuity makes payments to all beneficiaries until the last beneficiary dies, typically a joint and survivor annuity is taken out by a husband and wife. The purpose of a joint and survivor annuity is to guarantee that the longest-surviving spouse is financially taken care of until death. Premiums for a joint and survivor annuity are generally paid for a set number of years, with joint and survivor benefits paid after retirement. A joint and survivor annuity is also called a joint-life annuity.


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Synonyms For Joint And Survivor Annuity


joint-life annuity


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Joint And Survivor Annuity. PayrollHeaven.com. Payroll & Accounting Heaven Ltd. https://payrollheaven.com/define/joint-and-survivor-annuity/ (accessed: April 06, 2020).
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Joint And Survivor Annuity. PayrollHeaven.com. Retrieved April 06, 2020, from PayrollHeaven.com website: https://payrollheaven.com/define/joint-and-survivor-annuity/

Definition Sources


Definitions for Joint And Survivor Annuity are sourced/syndicated and enhanced from:

  • A Dictionary of Economics (Oxford Quick Reference)
  • Oxford Dictionary Of Accounting
  • Oxford Dictionary Of Business & Management

This glossary post was last updated: 9th February, 2020