Unless you arrange a guaranteed period of payment for your annuity, there is the possibility that your spouse or partner will struggle for money after your annuity payments stop on your death.
An annuity guaranteed period is one solution to this. Another is for you to arrange what is known as a ‘joint’ life annuity.
A joint life annuity provides income for your loved ones
With a joint life annuity, the annuity income payments continue to be paid to your partner or dependents should you die before them. You can arrange a joint life annuity with anyone you choose.
You can decide the percentage of your original annuity income that you want to continue to be paid after your death. For example, you might want it to be halved, in which case you’d choose a 50% joint life annuity, or you might want the annuity income to continue to be paid in full, in which case it would be a 100% joint life annuity.
Ask Retirement Line for the annuity figures
You should remember that choosing a joint life annuity will reduce the amount of annuity income you receive from the outset. Selecting a higher percentage of annuity income to be paid will reduce it further. Ask one of our Annuity Specialists for a breakdown of the annuity figures so you can make an informed decision.