JOINT LIFE ANNUITY Definition & Meaning

joint life annuity

Insurance.

an annuity, the payments of which cease at the death of the first of two or more specified persons.

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If you have a "joint life" annuity, will your spouse or partner have to consent to you cashing in the annuity?

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This early/late strategy is equivalent to purchasing a second-to-die or joint life annuity.

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