What is a survivorship annuity?  
A survivorship annuity is one which is issued on two or more lives and provides for annuity payments to be made until both or all of the annuitants have died. Married couples often purchase survivorship annuities so that when one spouse dies, the remaining spouse will continue to receive the annuity benefits for the rest of his/her life.

The majority of survivorship annuities specify that the size of each annuity payment will remain the same throughout the annuity payment period, although some such annuities specify that the annuity payments will be reduced after the death of the first annuitant.

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