An annuity paying one individual for his or her life and then providing for an annuity for the person's surviving spouse, usually in a reduced amount.
An annuity that pays one individual for his or her life, and then provides an annuity for the person's surviving spouse. The survivor's annuity is usually in a reduced amount.
A contract that provides income periodically, payable during the longer lifetime of two persons. The amount payable may decrease at the death of one or the other. (See Contingent Annuity Option)