A joint life annuity is an annuity contract that makes periodic payments for as long as two named individuals are alive, often structured with a continuation feature such as joint life with survivor or joint life with period certain. The annuity provider calculates payments using both lives' ages, genders, and sometimes health factors, spreading the risk over a potentially longer combined lifetime. Because the insurer expects to pay for a longer period than with a single life, initial payments under a joint life annuity are generally lower than those under an equivalent single life payout. Joint life annuities are widely used in retirement income planning for couples seeking predictable, guaranteed income that does not end at the first death.

In practice, advisors discuss joint life annuities when helping married clients convert retirement assets into guaranteed income. They may recommend immediate annuities, deferred income annuities, or income riders on variable or fixed annuities that include joint life options. Clients compare the security of knowing income will last until both spouses have died against the tradeoff of receiving lower monthly amounts than a single life election. Advisors also analyze how other assets, Social Security benefits, and survivor needs fit into the picture. Life insurance may be used alongside a joint life annuity to address legacy goals or to protect a surviving spouse in scenarios where joint payouts are structured with lower survivor percentages. By understanding how joint life annuities are priced and how they behave under different longevity paths, producers can help couples select income solutions that support shared retirement lifestyles and financial resilience across both lifetimes.