What is Survivor Benefit Plan or Joint Annuity?
Survivor Benefit or Joint Annuity, if your husband has a pension or Defined Contribution or Defined Benefit Plan. He is going to receive certain amount of money a month over his life. But upon his death that plan is discontinued unless you’ve taken an option called either Survivor Benefit Plan or Joint and Several Annuity. This means you would receive certain amount of money during his lifetime and upon his death.You would continue to receive money possibly at a lesser amount base on what you contracted with the insurance company who holds the annuity under which the pension is paid.