A joint-life or survivors annuity ensures that payments are made to both the annuitant and their partner/beneficiary up until the point where both persons have passed away. They are not fixed term as the life expectancy of both the annuitant and their partner/spouse cannot be known in advanced. Short term annuities are a way for annuitants to protect their partner after their death.
There is also the option for annuitant so reduce the income level for their spouse and beneficiary after they pass away, as to increase the amount that is transferred to the death benefit of the policy.
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