Definition - What does Joint Annuity mean?
A joint annuity is an annuity purchased by two people (often a married couple), who then receive payments from it until one of them dies.
Many life insurance companies offer joint annuities.
Insuranceopedia explains Joint Annuity
Joint annuities are a good option for generating a fixed income during retirement. However, because the payments will stop as soon as one of the annuitants dies, they carry a risk that isn't present in many other annuity options.
While the surviving annuitant ceases to receive annuity payments after the death of the other annuitant, they are likely to receive death benefits if the joint annuity was purchased through a life insurance policy.