Virginia State Life, Health, and Annuities Practice Exam 2026 – Complete Prep Resource

A joint and survivor annuity is designed specifically to provide income to two or more annuitants until the death of the last surviving annuitant. This type of annuity ensures that even if one of the annuitants passes away, the remaining annuitant(s) will continue to receive the same income payments for the duration of their lives. This structure is beneficial for couples or partners who wish to ensure continued financial support for each other.

In contrast, a single life annuity pays benefits only during the lifetime of a single annuitant and ceases upon their death. A fixed period annuity provides payments for a predetermined period, regardless of the annuitant's lifespan, meaning payments could stop before the recipient's death. A life annuity with a period certain guarantees payments for a specific period even if the annuitant dies before that period ends, which does not apply to multiple annuitants and does not ensure income until the last annuitant's death. Thus, the nature of joint and survivor annuities aligns directly with the question's requirement, making it the correct choice.