Joint Life Annuities option

Joint life

Unlike single life annuities which only pay out until you die, joint life annuities will also provide an ongoing income for your partner if you die before them. This income will be paid for the rest of your partner's life.

If you choose a joint life annuity, you will be able to decide how much annuity income you wish your partner to receive – this is chosen as a percentage and can be as high as 100%. The more you choose to be paid to your partner, the lower your own income will be.

Be warned that the rates on joint life annuities are generally lower because they will still pay out when you have died. If your partner is younger than you, the rates may be even lower as the provider will be expecting to pay out for longer. Some providers may even refuse to set up a joint life annuity if your partner is more than ten years younger than you.

Joint life annuities don't only have to be for those with partners. They can also be taken out if you have someone who relies on you financially, such as children. In this case, the annuity will usually pay out until the children reach a certain age.

Pensions

Joint life

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