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. They differ from Single-life annuities which cease to make payments once the annuitant has passed away.
Choosing a Joint-life annuity will mean that you can to stipulate the amount of your annuity income you wish to be paid to your partner should you pass away before them. This can be anything from 100% to 33%, depending on what you choose. This will mean that your monthly annuity payments will be lower. If your partner is much younger than you, then a Joint-life annuity may be of greater consideration, as they would be more likely to outlive you.
Some have criticised annuity providers for not offering enough advice about Joint-life annuities. Some would argue that it suits them not to as they pocket the remaining income pot from an annuitant that dies prematurely.
