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Joint & Survivor Benefit

A joint & survivor benefit is associated with the income benefit of an immediate annuity that has two annuitants, where the amount of the income benefit received from the annuity depends upon how many individuals are alive.  Typically, income benefits are reduced by a contractually defined percentage upon the first death of the two annuitants, with the lower income benefit payable to the surviving annuitant so long as he/she is alive.

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Glossary

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