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Last Survivor Annuities
Last survivor annuities are annuities that pay out for the lifetime of the annuitant and that of the joint or surviving annuitant. Annuities are contracts purchased with a specified amount of money to a company that will may payments of a specified amount over a given period of time or the lifetime of the annuitant.
Annuities are much like loans in that a sum of money is paid for the purchase of an annuity and that sum is paid back in increments over time with interest.
How Last Survivor Annuities Work
Individuals can purchase annuities that pay out a specified sum of money or payments (determined by the amount used to purchase the annuity) over the lifetime of the annuitant. An annuitant can choose to add a joint annuitant or surviving annuitant onto the contract. Although there are variations to joint & survivor annuities, a last survivor annuity is an annuity that pays level payments continuously throughout the remaining lifetimes of the primary annuitant and the surviving annuitant.
Last survivor annuities are designed to create continuous, even payments during the remaining lifetimes of an individual and the designated joint or surviving annuitant. This means that if the primary annuitant should die, equal payments are still made to the surviving annuitant until death. Payments under last survivor annuities typically do not decrease over time even upon death of the primary annuitant.
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