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Joint and Survivor
Lifetime Annuity Options |
This option provides a guaranteed income for as long as either joint
annuitant is alive. When either annuitant dies, payments continue to the
survivor and can be a partial percentage, such as two-thirds, or a
full 100% of the payments received when both were living. If you select the
Joint and Survivor Annuity option, you may also add a Period Certain option
of five to 30 years. There are few refund options available for joint lives.
Joint and Contingent Survivor Annuity
This option provides a guaranteed income for as long as you or your joint
annuitant lives. If you die first, the joint annuitant will receive a
percentage designated by you to continue for the remainder of his or her
life. If the joint annuitant dies first,
you will continue to receive 100% of the payments for as long as you live.
Key Benefits
- Longevity protection - Guaranteed an income that can not be outlived.
- Direct deposit - Payment can be sent directly to a bank account.
- Inflation protection - A joint life annuity has an option that guarantees
increases annually.
Joint Life Pricing Options
| Type |
Description |
| Joint Life ONLY |
The income payments
will cease after death of both annuitants. As long as one is alive payments
continue. |
| Joint Life With Period Certain |
This option provides a guaranteed income for
both lives plus if both die prior to the end of a specified period (5 to 50 years)
the payments, in the same amount
will be transferred to a named beneficiary for the remainder of that
specified period. |
Joint Life With Refund
(money back guarantee) |
This option provides a guaranteed income for
both lives
and also guarantees the total of the
payments received will never be less than the total of the premium paid to
purchase this retirement income option. If both annuitants die before
receiving at least the premium paid to purchase this retirement income
option, your named beneficiary will continue to receive payments until
the full amount is repaid. |
| Joint Life
Contingent Survivor |
This option provides a guaranteed
income for as long as you or your joint annuitant lives. If you die first,
the joint annuitant will receive the reduced amount designated by you, which
can be from 75% to 33%, of the payments you received while living. If the
joint annuitant dies first, you will continue to receive 100% of the
payments for as long as you live. If a period certain option is also
selected, the initial payment amount will only reduce after the period
certain selected by you has been obtained. |
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