joint life annuity

Definition of "joint life annuity"
  1. A form of payment plan which lasts only as long as any of the parties receiving benefits are alive
How to use "joint life annuity" in a sentence
  1. 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.
  2. Joint life annuity plans are commonly used by married couples to ensure that the surviving spouse continues to receive income.
  3. Upon retirement, they chose a joint life annuity which would provide regular income until either of them passes away.

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