Joint Annuity Rates 2026

What Is a Joint-and-Survivor Annuity?

A joint-and-survivor annuity covers two people — typically spouses. Monthly payments continue as long as either person is alive. When the first spouse dies, the surviving spouse continues to receive income for the rest of their life.

The rates above reflect a 100% survivor benefit, meaning the surviving spouse receives the full monthly payment. Some carriers also offer 50% or 75% survivor options, which pay more per month initially but reduce the payment after the first death.

Why Joint Rates Are Lower Than Individual Rates

Joint annuity rates are the lowest of the three categories (male, female, joint) because the insurance company must pay for the longer of two lifetimes. The math is straightforward:

• A single male annuity covers one lifetime (average expectancy: ~84 for a 65-year-old)
• A single female annuity covers one lifetime (average expectancy: ~87 for a 65-year-old)
• A joint annuity must cover until the last survivor dies — which could be 90, 95, or beyond

The carrier prices in this extended payout period, resulting in lower monthly payments. However, the total income received over both lifetimes is typically the highest of any option.

When a Joint Annuity Makes Sense

• You're married and want to protect your spouse. If one spouse manages the finances, a joint annuity ensures the surviving spouse has guaranteed income regardless of investment decisions.
• Your spouse depends on your income. If one spouse has significantly less Social Security or pension income, a joint annuity provides a safety net.
• You want simplicity in estate planning. A joint annuity eliminates the need for complex beneficiary arrangements — income just continues to the survivor.
• Both spouses are in good health. Joint annuities are most valuable when both spouses have reasonable life expectancies.

Joint Annuity vs. Two Individual Annuities

Some couples consider purchasing two separate annuities instead of one joint annuity. Here's the trade-off:

Feature	Joint Annuity	Two Individual Annuities
Monthly income while both alive	One payment (lower)	Two payments (higher combined)
Income after first death	Full payment continues	Only survivor's annuity continues
Flexibility	One contract, one carrier	Can use different carriers for each
Total cost for same protection	Typically less expensive	More expensive for equivalent coverage

For many couples, a combination works well: a joint annuity to cover essential shared expenses, plus a smaller individual annuity for additional income.

Survivor Benefit Options

The 100% survivor benefit shown in the rates above is the most protective option, but not the only one:

• 100% survivor: Full payment continues to the survivor. Lowest initial payment but maximum protection.
• 75% survivor: Payment drops to 75% after the first death. Higher initial payment than 100%.
• 50% survivor: Payment drops by half after the first death. Highest initial payment of the three options.

Choose based on the surviving spouse's needs. If your spouse has their own Social Security and savings, a 50% or 75% survivor benefit may be sufficient. If the annuity is a primary income source, 100% provides the most security.

Comparing All Rate Categories

• Male rates — highest monthly payments (single life)
• Female rates — lower than male, higher than joint
• Joint rates (this page) — lowest monthly, but covers two lifetimes