Joint and Last Survivor Clause Samples

The "Joint and Last Survivor" clause defines how certain benefits, payments, or obligations continue until the last surviving member of a specified group, typically two individuals such as spouses, passes away. In practice, this clause is commonly used in insurance policies or annuity contracts, where payments are made regularly as long as at least one of the named individuals is alive, ceasing only upon the death of the last survivor. Its core function is to provide ongoing financial security for both parties, ensuring that benefits do not end prematurely and addressing the risk of outliving financial resources.
Joint and Last Survivor. Payments will be made in 1, 2, 4, or 12 installments per year as elected while both Annuitants are living. Upon the death of one Annuitant, the survivor's Annuity Payment will be paid throughout the lifetime of the surviving Annuitant. If variable Annuity Payments are elected, the number of Annuity Units supporting each payment will be level while both Annuitants are living and upon the death of one Annuitant will be reduced to 2/3rds of the number of Annuity Units supporting each payment while both Annuitants were living. The dollar amounts of each payment will vary based on the Annuity Unit Value(s) of the selected Subaccount(s). If fixed Annuity Payments are elected, the dollar amount of each payment will be level while both Annuitants are living and upon the death of one Annuitant will be reduced to 2/3rds of the installment dollar amount while both Annuitants were living.
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Joint and Last Survivor. (Option 3)
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Joint and Last Survivor. Annuity Payments payable for the joint lifetimes of the Annuitant and designated Joint Annuitant. The payments end with the last payment due before the survivor’s death. You may elect variable Annuity Payments, fixed dollar Annuity Payments, or a combination of fixed and variable Annuity Payments. If you elect variable Annuity Payments, your Contract Value will be transferred to your selected Sub-Accounts as of the date we receive your Written Request electing Annuity Payments. If you elect fixed dollar Annuity Payments, your Contract Value will be transferred to the Fixed Account as of the date we receive your Written Request electing Annuity Payments. Transfers may not occur more than 60 days prior to the date amounts are applied to provide Annuity Payments. The amount available for Annuity Payments is the Contract Value adjusted for any applicable premium tax not previously deducted from Purchase Payments. As of the date we receive your Written Request electing Annuity Payments, the amount available for Annuity Payments will be applied to your selected Sub-Accounts for variable Annuity Payments and to the Fixed Account for fixed dollar Annuity Payments. Without our prior consent, the maximum amount that may be applied under this contract for a fixed dollar Annuity Payment is $2,000,000. Annuity Payments will not be less than those that would be provided by the application of Surrender Value to purchase a single premium immediate annuity contract at annuity purchase rates offered by us at the time Annuity Payments commence to the same class of Annuitants.
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Joint and Last Survivor. Joint and last survivor life expectancy shall be determined for the Participant and the individual who is the Participant's Beneficiary in accordance with the rules of section 401(a)(9) of the Internal Revenue Code and the regulations thereunder.
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Joint and Last Survivor. Annuity Payments payable for the joint lifetimes of the Annuitant and Joint Annuitant. The payments end with the last payment due before the last remaining Annuitant’s death. ICC24-72796 Minnesota Life 10 We will pay the Annuity Payments of this contract according to your instructions as contained in our records at the time the payment is made. We are discharged from liability for any Annuity Payment made according to your instructions. Any payee who receives Annuity Payments that should not have been made will be liable to Minnesota Life for the amount of those payments. With respect to any Annuity Payments based upon the Annuitant’s lifetime, no Annuity Payment will be made for the period between the date of the last surviving Annuitant’s death and the Annuity Payment date immediately preceding the date of death.
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Joint and Last Survivor. Payouts will be made in 1, 2, 4, or 12 installments per year as elected while both Annuitants are living. Upon the death of one ▇▇▇▇▇▇▇▇▇, the Survivor's Annuity Payout will be paid throughout the lifetime of the Surviving Annuitant. If a ▇▇▇▇▇ ▇▇▇▇▇▇▇ ▇▇▇▇▇▇ is elected, the installment dollar amount will be level while both Annuitants are living and upon the death of one Annuitant will be reduced to 2/3rds of the installment dollar amount (excluding any Excess Interest paid) while both Annuitants were living. If a Variable Annuity Payout is elected, the number of Annuity Units applied to each installment will be level while both Annuitants are living and upon the death of one Annuitant will be reduced to 2/3rds of the number of Annuity Units applied to each installment while both Annuitants were living. The dollar amounts of each installment will vary based on the Annuity Unit Values of the selected Divisions. The amount of each payout will depend upon the age last birthday and sex of each Annuitant at the time the first payout is due and, if a Variable Annuity Payout is elected, the investment experience of the Divisions of the Variable Account selected. Payouts for Payout Period Option III will be determined by using the 1983A Individual Annuity Mortality Table. Contact our Customer Service Center to determine the amount of the first monthly installment for each $1,000 of Accumulation Value applied.
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Related to Joint and Last Survivor

  • Qualified Joint and Survivor Annuity Unless an optional form of benefit is selected pursuant to a qualified election within the 90-day period ending on the annuity starting date, a married Participant's Vested account balance will be paid in the form of a qualified joint and survivor annuity and an unmarried Participant's Vested account balance will be paid in the form of a life annuity. The Participant may elect to have such annuity distributed upon attainment of the earliest retirement age under the Plan.

  • Survivor Benefit Upon the death of a regular employee who leaves a spouse and/or dependants enrolled in the Medical Services Plan, Dental Plan and Extended Health Benefit Plan, such enrolment may continue for twelve (12) months following the employee’s death, provided the enrolled family members pay the employee’s share of the cost of the premium for the plans. The Employer shall advise the survivor of this benefit.

  • Survivor Benefits 1. A surviving dependent of a retiree who was eligible to receive a Retiree Medical Grant, as stated above in A through C, and who qualifies for a monthly allowance shall be eligible for fifty (50) percent of the Grant authorized for the retiree. 2. A surviving eligible retiree who qualifies for a monthly retirement allowance who was married to a retiree who was also eligible for a Grant shall receive the survivor benefit described in D.1., above, or his or her own Grant, whichever is greater. Such retiree shall not be eligible for both Grants.

  • Domestic Partners; Spouses; Gender Discrimination If the Contract Amount is $100,000 or more, Contractor certifies that it is in compliance with PCC 10295.3, which places limitations on contracts with contractors who discriminate in the provision of benefits regarding marital or domestic partner status.

  • Survivor’s benefits Benefits for the surviving family members of individuals who have died from COVID–19, including cash assistance to widows, widowers, or dependents of individuals who died of COVID–19.