Direct answer
A life-only payout ceases payments upon your death, while a joint-life payout continues to provide income to a named survivor for the remainder of their life. Choosing the joint-life option typically results in a lower monthly payment amount due to the longer expected duration of the payout period.
Actuarial tables and annuity contract standard provisions regarding beneficiary designations. For additional information about the tax implications and regulatory requirements of annuity contracts, see the Internal Revenue Service website.
What this means for you
A life-only payout ceases payments upon your death, while a joint-life payout continues to provide income to a named survivor for the remainder of their life. Choosing the joint-life option typically results in a lower monthly payment amount due to the longer expected duration of the payout period.
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