Joint Annuitant

What Does Joint Annuitant Mean?

A joint annuitant is a co-owner of an annuity intended for two people, typically a married couple. Payments from the annuity are designed to benefit both individuals. If one of them passes away, payments usually cease; however, if the plan includes a survivor clause, the surviving annuitant will continue to receive payments.

Insuranceopedia Explains Joint Annuitant

While joint annuities are commonly purchased by married couples, they can also be bought by three or more individuals, such as a married couple and an income-earning child. In a joint and survivor annuity, payments continue automatically to the surviving annuitant. If both annuitants pass away before receiving the full payout and the plan includes a refund clause, any remaining balance goes to a designated beneficiary. However, in a standard joint annuity without a survivor option, payments may stop if one annuitant dies. For this reason, workplace retirement plans often mandate a joint and survivor annuity to ensure the surviving spouse continues to receive income.