Joint Life and Last Survivor Annuity
Income payments will continue until the later of your death and the death of your spouse. At that time, any guaranteed income payments which remain will be paid to the beneficiary, or if none is designated, then to the estate.
If you are purchasing an annuity with funds accumulated under a registered pension plan and you have a spouse, you are required to purchase a joint and last survivor annuity. This requirement may be waived, in some cases, with the signed consent of your spouse.
Options
Continuing in full
A life annuity payable for your lifetime and, upon your death, continuing for the lifetime of your spouse. You may add a guaranteed term to this option (5, 10, or 15 years). If all of the guaranteed payments have not been made upon both of your deaths, the balance will be paid to the beneficiary, or if none exists, to the estate.
Reducing on the death of the annuitant
A life annuity payable for your lifetime, which upon your death, will reduce by a specified percentage (usually 50%, 40% or 30%) and continue to your spouse for his/her lifetime. You may add a guaranteed term to this plan (5, 10 or 15 years).
Reducing on the first death
A life annuity payable for the duration of you and your spouse's lifetime, which, upon the death of either you or your spouse, will reduce by a specified percentage and continue to the survivor throughout his/her lifetime. You may add a guaranteed term to this plan (5, 10 or 15 years).
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