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You asked: What are single and joint life annuities?
An annuity is a product that provides you with a guaranteed income for life. They are frequently bought using the proceeds of a pension plan. A single life annuity pays you an income until you die and then stops. A joint life annuity will also pay you an income for life, but will then begin to pay an income to your spouse, civil partner or other chosen beneficiary after you die. You can choose whether this is paid at the same level as your income or lower, but in either case it will be paid for the remainder of their life.
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