How Do You Spell SURVIVORSHIP ANNUITY?

1. A survivorship annuity is a financial product that provides a guaranteed income to two individuals (usually spouses or partners) for their lifetime, with payments continuing even after the death of one of them. It is a type of annuity designed to ensure financial security for both partners, regardless of who outlives whom.

   The survivorship annuity works by pooling the funds from the annuitants and making regular payments to them throughout their lives. The annuity contract defines the payment amount, frequency, and start date. Upon the death of one partner, the surviving partner continues to receive the same or a reduced amount of income, as predetermined in the annuity contract.

   This type of annuity is primarily used as a retirement strategy for couples who anticipate living long lives, while also aiming to protect the surviving partner from potential financial hardship after the death of their spouse. By providing a guaranteed stream of income, survivorship annuities ensure stability and financial security for the surviving partner, as they continue to receive income even after their partner's demise.

   Survivorship annuities are typically purchased with a lump sum payment or through periodic premium contributions. The annuity payout can be fixed or indexed to inflation, allowing for adjustments to maintain purchasing power over time. It is important to carefully review the terms and conditions of a survivorship annuity contract, as they can vary among insurance companies and offer different payout options.

2. An a. paid to a designated person, called the nominee, in case he survive the holder of an insurance policy which contains such a provision as part of the contract.

   A practical medical dictionary. By Stedman, Thomas Lathrop. Published 1920.

Common Misspellings for SURVIVORSHIP ANNUITY

The word "survivorship annuity" is formed by combining the terms "survivorship" and "annuity".

1. Survivorship: The term "survivorship" originated from the verb "survive", which came from the Latin word "supervivere". The prefix "sur-" means "over, above, beyond", while "vivere" means "to live". Thus, "survive" refers to living beyond a particular event or circumstance. "Survivorship" refers to the state or condition of being a survivor, typically after the death of another individual.

2. Annuity: The term "annuity" stems from the Latin word "annus", which means "year". An annuity is a financial product or contract that provides a series of regular payments over a specified period, often for the lifetime of the annuitant (the recipient of the annuity).

Similar spelling word for SURVIVORSHIP ANNUITY

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