Chapter 3- Part of core reading on immediate annuities... Immediate annuities may be purchased on single, joint life first death, or last survivor bases. A last survivor annuity can be used to provide for dependants’ income following the death of the main life A last survivor annuity is payable till both lives die, isn't it?What do they mean by "main" life? Also, Would "Joint life first death" mean that payment will be made till one of them dies? For term assurance, I understand that payment under "joint life first death" will be made when either of the lives die and under "joint life second death", it will be made when the second life dies. Is my understanding sound?
Yes paid until both die. I'm not sure there's a good reason to use the expression "main life", other than perhaps it expresses the idea that if there has been 1 main earner / pensionholder, this arrangement would be sure to provide for the dependant in the event that they survived longer. Yes Yes Best wishes Lynn
