Joint Life Annuity definition

Joint Life Annuity means an annuity as defined in paragraph (1) of Subsection 7.2.
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Joint Life Annuity. A Joint Life Annuity is a monthly payment payable for the life of a Pensioner. If the Pensioner dies before the Pensioner's Spouse, payments will continue for the life of the Spouse. In electing this option, the Pensioner specifies that the payments continuing to the Pensioner's Spouse be any of 60%, 75% or 100% of the amount payable to the Pensioner. If a Pensioner's Spouse dies before the Pensioner begins to receive pension payments, the Pensioner's election of a Joint Life Annuity is void and, unless the Pensioner elects otherwise, pension payments must be paid in the Normal Form.
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Examples of Joint Life Annuity in a sentence

  • Joint Life Annuity / Joint Life Annuity with Certain Period -- Fixed and/or Variable Annuity Payments will be made during the joint life of the Annuitant and a Joint Annuitant.

  • Joint Life Annuity / Joint Life Annuity with Certain Period -- Fixed and/or variable annuity benefit payments will be made during the joint life of the Annuitant and a Joint Annuitant.

  • Joint Life Annuity / Joint Life Annuity with Certain Period - Fixed and/or variable annuity benefit payments will be made during the joint life of the Annuitant and a Joint Annuitant.

  • Joint Life Annuity with a Survivor Benefit, with a Ratchet: We will provide annuity payments, beginning on the Annuity Income Date, during the joint lifetime of both Annuitants.

  • Joint Life Annuity with a Survivor Benefit, with a Floor: We will provide annuity payments, beginning on the Annuity Income Date, during the joint lifetime of both Annuitants.

  • Joint Life Annuity with a Survivor Benefit: We will provide annuity payments, beginning on the Annuity Income Date, during the joint lifetime of both Annuitants.

  • Joint Life Annuity with a Survivor Benefit, with Cash Back: We will provide annuity payments, beginning on the Annuity Income Date, during the joint lifetime of both Annuitants with a guarantee that, at the surviving Annuitant's death, you (or the payee you designate) will receive any excess of the Net Payment applied over the total amount of annuity payments made and withdrawals taken.

  • Joint Life Annuity / Joint Life Annuity with Guaranteed Period -- Payments will be made during the joint life of the Annuitant and a Joint Annuitant of the Owner's choice.

  • Joint Life Annuity with Cash Refund: This option is available if both Covered Persons remain under Contract and they are the Annuitant and Co-Annuitant at election of this option.

  • DESCRIPTION OF YOUR ANNUITY BENEFIT OPTION Joint Life Annuity with a Survivor Benefit, with Cash Back, with a Ratchet: We will provide annuity payments, beginning on the Annuity Income Date, during the joint lifetime of both Annuitants with a guarantee that, at the surviving Annuitant's death, you (or the payee you designate) will receive any excess of the Net Payment applied over the total amount of annuity payments made and withdrawals taken.

Related to Joint Life Annuity

  • life annuity means an annuity payable under a policy issued to an SRS member for a term ending with, or at a time ascertainable only by reference to, the end of his life;

  • Single Life Annuity means an annuity payable for the life of a Participant.

  • Annuity means a stated sum payable periodically at stated times during life or during a specified or ascertainable period of time under an obligation to make the payments in return for adequate and full consideration in money or money's worth.

  • Joint Annuitant means the individual specified as such in the Data Pages. The Joint Annuitant must be the spouse of the Annuitant on the Contract Date.

  • retirement annuity contract means a contract or scheme approved under Chapter III of Part XIV of the Income and Corporation Taxes Act 1988;