Definition of "Income for Two Lives Annuity"

An annuity income option that guarantees income for the lives of two annuitants. After one annuitant dies, payments continue if the other annuitant is alive. Payments stop once both annuitants are no longer alive. Payments after the first annuitant's death may be the same, or lower, depending on what was selected at the time of purchase. You may be able to choose fixed or variable payments, depending on the annuity.