Joint & survivor annuity

An annuity payable during the joint lifetime of 𝑥 and 𝑦, with a provision that upon the first death, a percentage of the original amount is payable during the remaining lifetime of the survivor, regardless of who dies first.

Contingent joint & survivor annuity

An annuity payable during the joint lifetime of 𝑥 and 𝑦, with the provision that:

·        if 𝑦 dies first, then the original amount is payable during the remaining lifetime of 𝑥.

·        if 𝑥 dies first, then a percentage of the original amount is payable during the remaining lifetime of 𝑦.

Pop-up annuity

A joint & survivor annuity, with a provision that upon the death of 𝑦 while 𝑥 is alive, the payment amount to 𝑥 "pops up" to a given amount for the remaining lifetime of 𝑥.

Reversionary annuity

An annuity payable during the lifetime of 𝑦, with payments beginning upon the death of 𝑥.

Joint annuity

An annuity payable during the joint lifetime of 𝑥 and 𝑦, with payments stopping upon the first death, regardless of who dies first.