Joint and Survivor Annuity

A type of annuity that makes payments for the lifetime of two or more beneficiaries.

Investopedia Says:
Also referred to as a "joint life annuity", these are often purchased by a husband and wife.

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Annuity that makes payments for the lifetime of two or more beneficiaries, often a husband and wife. When one of the annuitants dies, payments continue to the survivor annuitant in the same amount or in a reduced amount as specified in the contract. ALso called Joint Life Annuity.

Retirement plan in which income payments continue until the death of the first of two or more annuitants. This type of annuity is not appropriate for a husband and wife since at the death of the first spouse income payments cease. The monthly benefit is greater than with other annuities since income payments cease at the first death. See also Annuity.