joint life annuity
- A form of payment plan which lasts only as long as any of the parties receiving benefits are alive
- The couple decided to invest in a joint life annuity for their retirement to ensure a steady income stream for as long as either of them live.
- Joint life annuity plans are commonly used by married couples to ensure that the surviving spouse continues to receive income.
- Upon retirement, they chose a joint life annuity which would provide regular income until either of them passes away.