Joint Annuity Law and Legal Definition
A joint annuity is a form of annuity in which the annuity payment is made to the two named annuitants until one of them dies. Upon the death of one of the annuitants the annuity terminates with respect to the surviving annuitant. For example, an annuity that is integrated to make payments to a married couple and which will cease the payment upon the death of the second spouse is called a joint annuity. However, the annuity payment with respect to the surviving annuitant will continue if the annuity provides for survivorship rights.
