A joint annuity is one which pays a benefit over the life of two individuals.
In contrast to other annuity products, with QLACs, only a married individual can elect to include his or her spouse in the QLAC annuity benefit payments. The joint QLAC annuity payments will begin at the annuity start date and continue as long as one member of the couple is still alive. Annuity payments will cease upon the death of the second member of the couple. With a Joint Annuity payments are the same whether one of or both members of the couple are living. Assuming a Return Of Premium rider was purchased by the couple, a return of any unreturned premium is possible after the second member if the couple is deceased.