Glossary

Joint and survivor annuity

An annuity that pays income for as long as either of two people lives, often at a reduced amount after the first death, such as 50% or 100%.

Also called: J&S annuity, joint life annuity, joint and last survivor annuity, QJSA

A joint and survivor annuity makes payments over two lives, usually a married couple, and continues until the second person dies. When the first annuitant dies, the survivor keeps receiving a set percentage of the original payment, commonly 50%, two-thirds, 75% or 100%, depending on the option chosen at purchase.

Because the insurer expects to pay for longer, a joint payment starts lower than a life-only annuity on one person, and a higher survivor percentage lowers it further. Say, hypothetically, $200,000 could buy $1,300 a month on a single life, or $1,100 a month with 100% continuing to the survivor. The couple gives up $200 a month now to protect the surviving spouse from losing that income.

Pension plans covered by ERISA must offer married participants a qualified joint and survivor annuity that pays the survivor at least 50%, and choosing a single-life payout instead requires the spouse's written consent, witnessed by a notary or plan representative. With individual annuities, the joint option is a choice, not a requirement. The main risk is the reverse of life only: if both die early, total payments may be small unless a period certain was added. See single premium immediate annuities and pension risk transfer: when your pension becomes an annuity.

Last reviewed October 4, 2026

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Related terms

Life-only annuity An annuity that pays income for one person's lifetime and stops at death, with no refund or payments to heirs, in exchange for the highest payout. Immediate annuity An annuity bought with a lump sum that starts paying income within about a year, for life or a set period, in exchange for giving up access to the money. Annuitant The person whose life expectancy determines an annuity's payments; lifetime income is usually measured by that person's life. Period certain An annuity payout feature that guarantees payments for a set number of years, paying a beneficiary if the annuitant dies before that time is up. Annuitization Converting an annuity's account value into a stream of guaranteed payments for life or a set period, usually giving up access to the lump sum. SPIA An annuity bought with one lump sum that starts paying guaranteed income within a year, often for life, in exchange for giving up access to the money.

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Related annuity companies

New York Life The largest U.S. mutual life insurer, a major seller of income annuities, including participating ones that can pay dividends, through its career agents.

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Annuity payout calculator Estimates monthly income from an immediate annuity, paid for a fixed period or for life on average U.S. mortality, to sanity-check real quotes.