Which annuity option pays as long as either of two lives remain, with the survivor eventually continuing payments after the first death?

Which annuity option pays as long as either of two lives remain, with the survivor eventually continuing payments after the first death?

• A. Life Income (Pure or Straight Life)
• B. Life Income Period Certain
• C. Life Income Joint & Survivor
• D. Life Income with Refund

Answer: (C)

Joint & Survivor annuity is designed to provide lifetime payments for two people, continuing as long as either one is alive. After the first death, the survivor still receives payments for the remainder of their life (usually at a reduced amount). This matches the statement that payments go on as long as at least one of the two lives remains and that the survivor continues payments after the first death. The other options don’t offer ongoing payments to a second life after the first death: a pure life ends at death, a period-certain option pays for a guaranteed period to a beneficiary after death but not for the survivor’s life, and a refund variant covers the original purchase with a refund but is still a single-life arrangement.

Joint & Survivor annuity is designed to provide lifetime payments for two people, continuing as long as either one is alive. After the first death, the survivor still receives payments for the remainder of their life (usually at a reduced amount). This matches the statement that payments go on as long as at least one of the two lives remains and that the survivor continues payments after the first death. The other options don’t offer ongoing payments to a second life after the first death: a pure life ends at death, a period-certain option pays for a guaranteed period to a beneficiary after death but not for the survivor’s life, and a refund variant covers the original purchase with a refund but is still a single-life arrangement.