Joint & Survivor Annuities

Joint & Survivor (50%..75%) reducing on FIRST or EITHER death: Full level payments are made as long as both the annuitant and joint annuitant are alive. Upon the death of either the annuitant or joint annuitant, reduced (50%...75%) level payments will continue to the survivor for as long he/she is alive.

Adding a Period Certain provision to a Joint & Survivor (50%...75%) annuity accomplishes the following: Even if the annuitant or joint annuitant dies before the end of the certain period, payments to the survivor will not reduce until after the end of the certain period (5-25 years). If both the annuitant and joint annuitant die before the end of the certain period, full level payments will be paid to the designated beneficiary until the end of the certain period.

Joint & Survivor (50%..75%) reducing ONLY ON DEATH OF PRIMARY ANNUITANT: Full level payments will be made for as long as both the annuitant and contingent annuitant lives. Payments are never reduced to the Primary Annuitant. Payments are reduced to the Contingent annuitant should the Primary Annuitant predecease the Contingent Annuitant. (Note: This form is sometimes called Joint and Contingent annuity. However, be careful, many companies interchange their definitions for Joint and Survivor and Joint and Contingent forms. Verify that your company’s interpretation of a survivor annuity is what you have in mind to purchase.)

Adding an Installment Refund provision to a Joint & Survivor (50%...75%)  annuity does the following: Full level payments will be made for as long as both the annuitant and contingent annuitant lives.  Depending on whether the annuity is of the Joint & Survivor or Joint and Contingent type (see above), payments may reduce upon the death of either annuitant or only if the primary annuitant predecease the contingent Annuitant. However, if both the primary annuitant and joint annuitant should die before receiving in periodic payments an amount equal to the original premium, then the periodic payments continue to be paid to the estate or designated beneficiary until the total payments made (to both annuitants while living and to the beneficiary after the annuitants' deaths) equals the original premium (usually, without interest).

Adding a Cash Refund provision to a Joint & Survivor (50%...75%) annuity does the following: The only difference between this option and the Installment Refund provision is that if both the primary annuitant and joint annuitant should die before receiving in periodic payments an amount equal to the original premium, then the difference between the original premium (usually, without interest) and the periodic payments received during the annuitants' lifetimes, is paid to the estate or designated beneficiary in a single lump sum.

Adding a Period Certain provision to a Joint & Contingent (50%..75) annuity does this: If the annuitant dies before the end of the certain period, payments to the contingent annuitant will not reduce until after the end of the certain period (5-25 years). If both annuitants die before the end of the certain period, full level payments will be paid to the designated beneficiary until the end of the certain period.

Joint & Full Survivor (100%): Level payments are made for as long as either the annuitant or joint annuitant is alive.

Joint & Survivor (100%) with Certain Period: Adding a Period Certain provision to a Joint & 100% Survivor annuity does this-- If both the primary annuitant and joint annuitant should die before the end of the specified certain period (5-25 years), full level payments will be paid to the designated beneficiary until the end of the certain period.

Joint & Survivor (100%) with Installment Refund: Adding an Installment Refund provision to a Joint & 100% Survivor annuity does the following-- Level payments are received for the annuitants' lifetimes. However, if both the primary annuitant and joint annuitant should die before receiving in periodic payments an amount equal to the original premium, then the periodic payments continue to be paid to the estate or designated beneficiary until the total payments made (to both annuitants while living and to the beneficiary after the annuitants' deaths) equals the original premium (usually, without interest).

Joint & Survivor (100%) with Cash Refund: Adding a Cash Refund provision to a Joint & 100% Survivor annuity does the following-- Level payments are received for the annuitants' lifetimes. However, if both the primary annuitant and joint annuitant should die before receiving in periodic payments an amount equal to the original premium, then the difference between the original premium (usually, without interest) and the periodic payments received during the annuitants' lifetimes, is paid to the estate or designated beneficiary in a single lump sum.