Joint life with last survivor annuities can provide couples with a secure, consistent source of income that lasts through the lifetime of both partners. This type of annuity can be beneficial for couples looking to protect their future and provide long-term financial security.

The annuity pays a benefit to the annuitant or beneficiaries upon the death of the first or second annuity payee, meaning that the surviving partner or beneficiary will continue to receive a secondary income after the other partner has passed away. This can be beneficial for couples who wish to provide for a spouse in the event of death.

These annuities are often purchased with a lump sum payment in the form of a single premium. Premium payments can also be made over time. The policy may also include a “shortfall” or “crossover” clause, which offers additional coverage if there is a significant variation between expected returns and actual returns.

The terms and conditions of the annuity contract can vary significantly. Some of the key features that may be included in the contract include the length of the contract, the amount of the payments, and whether the payment is for the life of the surviving partner or for a fixed period of time. Additionally, each policy may have different exclusions and limitations.

Before purchasing a joint life with last survivor annuity, it is important to research the options available and make sure to understand the fine print outlined in the contract. The goal is to get an annuity that best suits the couple’s needs and provides financial security for the rest of their lives. With careful negotiation and by understanding the terms of the policy, it is possible to win the best possible deal.