What is the primary characteristic of a Joint Life Annuity?

A Joint Life Annuity is designed to provide income for two or more individuals for as long as at least one of them is alive. This means that the annuity payments continue to be made to the specified annuitants while they are all living. If one of the annuitants passes away, the surviving annuitants will continue to receive the benefits until the last named annuitant has died.

This characteristic makes the Joint Life Annuity particularly appealing for couples or partners who want to ensure that they can support one another financially throughout their lives. In contrast, once the last annuitant dies, the payments cease, distinguishing it from other forms of annuities that may provide benefits for a specified period or to beneficiaries after the death of the annuitants.

The other options highlight aspects that are different from the primary characteristic of a Joint Life Annuity: focusing on individual payout or the continuation of benefits in variable ways, which are not applicable to the nature of joint payouts specifically tied to the living status of all designated annuitants.