Which type of annuity covers two or more annuitants and provides monthly income only until the first annuitant dies?

A joint life annuity is designed specifically to provide monthly income for two or more annuitants and continues making payments until the first of the annuitants passes away. After the death of the first annuitant, the payments stop, which distinguishes this type of annuity from others that may continue to pay out after the initial annuitant has died. This structure makes joint life annuities appealing for couples or partners who wish to ensure that at least one of them will receive income for as long as either is alive.

In contrast, a single life annuity would only cover one individual and provide payments for their lifetime. A life with period certain annuity guarantees payments for a specified duration, which can extend beyond the life of the annuitant, ensuring beneficiaries receive payments if the annuitant dies early. A fixed term annuity provides payments over a predetermined period, regardless of the annuitant's status, rather than being contingent on survival. Thus, joint life annuities effectively serve their purpose by focusing on providing joint benefits until the first death occurs among the annuitants.