Joint and Last Survivor Annuity

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Joint and Last Survivor Annuity A joint and last survivor annuity is an insurance product that provides an income for life to both partners in a marriage. The payments are guaranteed to continue until the death of the last surviving spouse. Retirement plan that continues to payout so long as at least one, of two or more, annuitants is alive. For example, if there are two persons in a last survivor annuity, each receiving $500 per month, and one of them dies, the remaining annuitant receives $1,000 per month. A 50 percent joint and survivor annuity will pay the surviving annuitant half the payment amount that payees were receiving when both annuitants were alive. Likewise a 75 percent joint and survivor annuity will pay three-quarters of that amount to the surviving annuitant. Annuitant is a person who receives an annuity. Remember an annuity is a long-term investment that is issued by an insurance company and is designed to help protect you from the risk of outliving your income. Through annuitization, your purchase payments (what you contribute) are converted into periodic payments that can last for life. Advantages to purchasing this policy . First, it provides a guaranteed income for life. This can be important for couples who are concerned about outliving their retirement savings. Second, it can help to protect the surviving spouse from financial hardship. Third, it can provide a legacy for the surviving spouse or for other beneficiaries Overall, a joint and last survivor annuity can be a good option for couples who are looking for a guaranteed income for life. However, it is important to weigh the costs and benefits carefully before making a decision. #benewinsurance #insurtech #inclusiveinsurance #insurance #reinsurance #takaful

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