Define: Joint Life Annuity

Business, Legal & Accounting Glossary

Definition: Joint Life Annuity


Full Definition of Joint Life Annuity

A joint-life annuity is an insurance policy or contract that pays a predetermined periodic benefit throughout the joint lifetime of two individuals. Typically, a joint-life annuity is relevant to married couples, with the joint-life annuity terminating upon the first death. Retirees often purchase joint-life annuity policies to help them better budget their money and savings after retirement. Often annuitants pay into a joint-life annuity on a periodic basis while still employed. Annuitants can also buy joint-life annuity products as one large purchase. Due to the inherent tax benefits associated with joint-life annuity policies, many high-net-worth individuals and wealthy investors use these products to transfer large sums of money or will use joint-life annuity products to mitigate taxation on their income. Because of the complex nature of joint-life annuity products, people are advised to consult a reputable insurance or legal professional before purchasing any joint-life annuity policies.


Cite Term

To help you cite our definitions in your bibliography, here is the proper citation layout for the three major formatting styles, with all of the relevant information filled in.

Page URL
Modern Language Association (MLA):
Joint Life Annuity. Payroll & Accounting Heaven Ltd. April 07, 2020
Chicago Manual of Style (CMS):
Joint Life Annuity. Payroll & Accounting Heaven Ltd. (accessed: April 07, 2020).
American Psychological Association (APA):
Joint Life Annuity. Retrieved April 07, 2020, from website:

Definition Sources

Definitions for Joint Life 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