Joint Life with Last Survivor Annuity

A joint life with last survivor annuity is a type of annuity that provides payments to two or more people for their joint lives. After the first person dies, the annuity payments continue to the second person until they die. This type of annuity can be used to provide retirement income for a couple, or for a parent and child.

There are a few things to keep in mind when considering a joint life with last survivor annuity. First, the monthly payments will be lower than if you purchased an annuity for your own life only. This is because the insurance company is taking on the risk that both of you will die before the annuity term ends. Second, the annuity payments will stop when the second person dies. This means that if you outlive your spouse, you will not receive any further payments from the annuity.

If you are considering a joint life with last survivor annuity, it is important to compare different rates and terms from multiple insurance companies. You should also make sure that you understand the terms of the annuity before you sign up.

Here are some of the pros and cons of a joint life with last survivor annuity:

Pros:

• The monthly payments are lower than if you purchased an annuity for your own life only.
• The annuity payments will continue to the second person even if the first person dies.
• This type of annuity can be used to provide retirement income for a couple, or for a parent and child.

Cons:

• The annuity payments will stop when the second person dies.
• The monthly payments are lower than if you purchased an annuity for your own life only.
• You may need to purchase additional life insurance to protect your beneficiaries if you outlive your spouse.

If you are considering a joint life with last survivor annuity, it is important to weigh the pros and cons carefully before making a decision.