is joint life insurance similar to joint life pension payouts or annuities 
the only similarity is that all the products are designed to cover two individuals under the same contract otherwise annuities pension plans and life insurance policies are significantly different financial instruments pensions and annuities make payments while the covered individuals are alive whereas life insurance pays out after they pass away the bottom linea joint life payout option for pensions and retirement plans allows the surviving spouse or other beneficiary to continue receiving payments after the account holder dies joint life payout products are more expensive than single life offerings where payments end with the account holder s death you either need to accept a reduced income or pay more upfront to get the same monthly income as a single life product make sure you consider your options carefully when weighing joint life payout alternatives 