Joint Life Annuity is best described as:

• A. Payments stop when one spouse dies.
• B. Payments continue as long as both spouses are alive.
• C. Payments continue as long as one spouse is alive.
• D. Payments are fixed for a term.

Answer: (C)

A joint life annuity is a two-life contract designed to provide income for the lifetime of the survivor. Payments continue as long as at least one spouse is alive, meaning the benefit stays in force until the second death. This structure gives income security to the surviving spouse after one partner dies, though the periodic payments are typically lower than a single-life annuity because the contract spans the longer life expectancy of either person.

This differs from an arrangement that stops at the death of the first spouse, or from a term-certain annuity that ends after a fixed period.