What is the key feature of a joint and survivor annuity?

A joint and survivor annuity is designed specifically to provide ongoing financial support to two individuals, typically spouses, throughout their lifetimes. The key feature of this type of annuity is that payments continue as long as at least one of the insured individuals is alive. This means that after the first person passes away, the surviving individual continues to receive payments, ensuring financial security for the remaining partner.

This feature addresses the need for continued income after the loss of one partner, reflecting the intent behind joint financial planning and arrangements. It is particularly beneficial for couples who rely on each other’s income for living expenses and other financial obligations. The other options describe features that do not align with the purpose of a joint and survivor annuity. For instance, benefits being paid at the death of the first insured pertains more to a life insurance policy rather than an annuity, while revoking policies without consent and limitations on beneficiaries do not relate to the central concept of joint and survivor annuities.