Joint Annuitant

Published:

Definition - What does Joint Annuitant mean?

A joint annuitant is a co-owner of an annuity for two people, usually a married couple. Payment from the annuity is meant for both of them. When one of them dies, the payment usually ends. However, if there is a survivor clause in the plan, the surviving annuitant continues to receive payments from the plan.

Insuranceopedia explains Joint Annuitant

While married couples usually buy a joint annuity, this can be bought by three or more people. Perhaps a married couple and an income-generating child might avail of this plan. In a joint and survivor annuity, payment continues automatically to the surviving annuitant. If both annuitants die and they were not paid in full and the plan they purchased has a refund clause, the remaining balance goes to a beneficiary. However, in an exclusive joint annuity, payment might stop if one annuitant dies. Thus, retirement plans in a workplace often insist on a joint and survivor annuity to make sure that a surviving spouse will receive an income.


How Well Do You Know Your Life Insurance?

The more you know about life insurance, the better prepared you are to find the best coverage for you.

Whether you're just starting to look into life insurance coverage or you've carried a policy for years, there's always something to learn.

Share this:

Connect with us

Email Newsletter

Join thousands receiving the latest content and insights on the insurance industry.