Living together with a last-earner annuity is an insurance product for a couple that provides for regular payments as long as one of the spouses is alive.
The amount of payment is determined in the individual contract and depends on the needs of the couple.
After the first partner dies, the payment is usually reduced for the surviving partner.
This type of annuity also allows payments to be made to a third party or beneficiary even after both original partners have passed away.
A deferred annuity is an insurance contract that promises to pay the buyer a regular income or a lump sum of money some day in the future. In contrast, immediate annuities start paying immediately.
Guaranteed death benefit is a benefit condition that guarantees that the recipient of the benefit will receive a death benefit if the recipient of the annuity dies before the annuity starts paying benefits.
The Guaranteed Minimum Savings Allowance (GMAB) is an optional element of an annuity that guarantees the payment of a minimum amount of an annuity after a holding period: accumulation or other specified period.
Guaranteed Minimum Income Benefit (GMIB) is an additional supplement to an annuity contract that guarantees a minimum level of payments after its annuity.
A survivorship annuity and joint annuity is an insurance product designed for married couples that continues to make regular payments as long as one of the spouses is alive.