What happens to payments under the joint and full survivor option when one participant dies?

Under the joint and full survivor option, the structure is designed to provide ongoing income to both participants throughout their lives. When one of the participants passes away, the payments do not cease but rather continue to the surviving participant for the remainder of their life. This feature ensures that the surviving individual continues to receive financial support, which is crucial for long-term financial planning, particularly for couples or partners who share their living expenses.

This option highlights the security it offers in ensuring that the surviving participant maintains a steady income stream regardless of the other party's death, thus fulfilling the primary purpose of a joint annuity plan. The payments may remain at the same level as they were when both participants were alive, meaning the survivor receives the full amount without any reduction or change. This is particularly beneficial for survivors who may have relied on that income while the other was alive.