Joint Life With Last Survivor Annuity

One of those pacts where the last survivor gets everything. Like a group of WWII veterans trying to outlast each other, because the last one alive gets all of the Nazi treasure they stole from post-war Germany.

Joint Life With Last Survivor Annuity is an annuity that covers both you and your spouse. (Or you and whatever beneficiary you want to include. It could be you and that young hottie you keep on the side...but that might make for an awkward reveal at the funeral.)

Each of the beneficiaries receives payments from the annuities until both are dead. It's a way to make sure that neither you nor your spouse (or whoever) will outlive your income.