Joint-Life Annuity

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Joint-Life Annuity An annuity contract that ceases upon the death of the first of two or more annuitants. A joint and survivor annuity is an annuity that pays out for the remainder of two people's lives. 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. A joint-life annuity, also known as a joint and survivor annuity, is a type of annuity that provides income payments to two or more people for as long as any of them are alive. This makes it a popular choice for retirees who want to ensure that their spouse or partner will be financially secure if they die first. When you purchase a joint-life annuity, you make a lump sum payment to the insurance company. In exchange, the insurance company agrees to make regular payments to you and your beneficiaries for as long as any of you are alive. The specific amount of the payments will depend on several factors, such as the size of your initial investment, the interest rate, and the ages of the annuitants. In the case of a single Life annuity pays a higher monthly amount but stops paying once you die, whereas, the Joint Survivor will pay a lower monthly amount but will continue until both you and your spouse are deceased. #benewinsurance #insurtech #inclusiveinsurance #insurance #reinsurance #takaful

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