Annuities✓ Verified · outline & fact-checked · Sep 2026Difficulty 1/5
Under a joint and last survivor annuity option, income payments:
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Answer & full 3-part explanation (select an option above, or peek)
Why A is correct
A joint and last survivor (joint and survivor) annuity makes payments based on two lives — typically spouses — and continues as long as either is alive. Payments commonly continue at the same or a reduced level after the first death and end only when the second annuitant dies. This option provides income for the surviving spouse and is a common way to protect a household's retirement income.
Why the other options are wrong
- B) Stopping at the first death defeats the purpose of spousal protection; the survivor option is designed to keep income flowing.
- C) There is no age restriction on the survivor; eligibility depends on the contract terms, not a 60-year age cutoff.
- D) Payments normally stay level or decrease after the first death; they do not double.
Memory hook
Joint and survivor = two lives on the lease; the check keeps coming until the second one moves out.