When an insured selects the joint and 2/3 survivor settlement option, it means that the policy is structured to provide income for two or more beneficiaries. Specifically, after the first insured person passes away, the surviving beneficiary will continue to receive payments, but at a reduced rate—typically two-thirds of the original payment amount. This option ensures that the surviving beneficiary continues to receive financial support, albeit at a lower level, for the remainder of their life. This setup is often used by couples to provide ongoing financial security to the surviving partner.