What type of annuity pays an income to two or more annuitants until the death of the last annuitant?

A joint and survivor annuity is designed to provide income to two or more annuitants and continues to pay benefits until the death of the last surviving annuitant. This arrangement ensures that as long as one of the annuitants is alive, they will receive payments, which can provide financial security for both parties.

In this type of annuity, the payment amount is typically lower than a single life annuity because the insurer is taking on more risk—the obligation lasts as long as either annuitant is alive. This setup is particularly beneficial for couples or partners who want to ensure that their surviving partner will continue to receive income after one passes away.

The other types of annuities mentioned do not fit this description. A single life annuity pays income to only one individual for their lifetime, ceasing payments upon their death. A joint life annuity, while it pays for two annuitants, ends payments when the first of the two passes away, unlike the joint and survivor annuity where payments continue until the last annuitant dies. A fixed term annuity provides income for a specified period regardless of the annuitants' life status, which does not align with the concept of payments continuing until the end of the last annuit