■ Guaranteed annuities
Some annuities provide a guarantee that in the event of death the income will continue to be paid to your beneficiaries - your spouse or children - for the balance of the guaranteed period - this is known as a guaranteed annuity. If you apply for a five-year guarantee and were to die after two years of annuity payments, the annuity will continue to pay out income for the next three years.
A joint-life annuity will continue to pay an income to your spouse, partner or financial dependant after you die for the rest of their life.
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