In general, joint and survivor annuities are designed to provide income based on the life expectancy of two people. When one person dies, it provides income for life for a second named individual. In some cases, the payments on the second life may be less than the payments on the first life. In addition to all these annuitization payout methods, you may choose simply to withdraw money from your annuity when you need it. Once you have owned the annuity for a certain number of years, most annuity issuers will allow you to take withdrawals without paying a surrender charge.
Guarantees are subject to the claims paying ability of the issuing insurance company.
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