joint and survivor annuity definition

joint and survivor annuity

Pension scheme involving two beneficiaries, usually a married couple. Annuity payments start at a higher level when both beneficiaries are alive. On the death of either, payments drop to a lower (say two-thirds or one-half) level and continue until the death of the survivor. See also joint life annuity and joint life and survivorship annuity.

joint and survivor annuity is in the General, Marine, & Life Insurance and Investing subjects.

joint and survivor annuity appears in the definition of the following term: joint life annuity

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