Joint life annuity

Joint life annuity,

Definition of Joint life annuity:

  1. Annuity that pays until the death of the first of two or more annuitants. While the monthly payment is greater in this annuity than in other joint annuities, it is not considered suitable as a joint husband and wife annuity because the survivor is left without annuity income. See also joint and survivor annuity and joint life and survivorship annuity.

Meaning of Joint life annuity & Joint life annuity Definition