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Meaning of “joint annuity” in the English Dictionary

"joint annuity" in Business English

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joint annuitynoun [C]

uk   us  
FINANCE a ​type of annuity (= a ​fixedamount of ​moneypaid to someone every ​year) in which ​money is ​paid to two ​people, usually a husband or wife, while both are still alive, and to one ​person after the death of the other: The ​annuityrate remains unchanged for all ​male, ​female, and ​jointannuities.
(Definition of joint annuity from the Cambridge Business English Dictionary © Cambridge University Press)
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