Joint life payment options provide income for two individuals (annuitant and joint
annuitant) as long as one of the individuals is alive. The annuity payments may or may not
reduce on the death of the first individual. This is referred to as the "benefit
reduction" For example, on the death of the annuitant, payments of 50% of the amount that
would have been paid if the annuitant were living will be paid for the life of the joint
annuitant. If the joint annuitant dies before the annuitant, the annuitant will continue to
receive payments without the benefit reduction. Some joint life payment options provide that
the benefit will be reduced on the first death regardless of who dies first. |