In a joint and survivor life annuity, when do the payments cease?

In a joint and survivor life annuity, the payments continue to be made until both annuitants have passed away. This type of annuity is designed specifically to provide a stream of income for two individuals, commonly a couple. The structure ensures that if one of the annuitants dies, the other will continue to receive payments, thereby providing financial security for the surviving annuitant.

The payments will only cease when both individuals have died, which highlights the primary feature of this annuity. It is particularly beneficial for couples who want to ensure that their survivor will have ongoing income after one of them has passed away.

Other options, such as payments ceasing at a designated retirement age or after a specific number of years, do not apply to joint and survivor life annuities, as they are focused on the lives of the annuitants rather than a predetermined timeline. Additionally, the initial payments end when the first annuitant dies does not align with the nature of this product, as it provides for the continuation of payments to the surviving annuitant.