Joint SPIA Rates for Couples, October 2026

What Is a Joint-and-Survivor Annuity?

A joint-and-survivor annuity covers two people — typically spouses. Monthly payments continue as long as either person is alive. When the first spouse dies, the surviving spouse continues to receive income for the rest of their life.

The figures above reflect a 100% survivor benefit, meaning the surviving spouse receives the full monthly payment. They assume both spouses are the same age and include a 5-year period certain. Some carriers also offer 50% or 75% survivor options, which pay more per month initially but reduce the payment after the first death.

Keep in mind how these figures are built. Joint figures at ages 55, 60, 75 and 80 are derived from each carrier's own ratio to its men's quote at surveyed ages, then repriced. Joint figures at ages 65 and 70 are derived by ratio, then calibrated to a direct same-age joint quote (both spouses 66) from the latest round. None of them is a direct quote at a table age, and the table assumes both spouses are the same age. Use it to compare carriers, then ask for a quote with both of your real ages.

Joint figures at ages 65 and 70 are calibrated to a direct joint quote (same-age joint quote, both spouses 66, 100% to the survivor, 5-year period certain, prepared September 18, 2026). That corrects an estimate. It is not a market move. How the calibration works.

Why Joint Rates Are Lower Than Individual Rates

Joint annuity rates are the lowest of the three categories (male, female, joint) because the insurance company must pay for the longer of two lifetimes. The math is straightforward:

• A single male annuity covers one lifetime (average expectancy: ~84 for a 65-year-old)
• A single female annuity covers one lifetime (average expectancy: ~87 for a 65-year-old)
• A joint annuity must cover until the last survivor dies — which could be 90, 95, or beyond

The carrier prices in this extended payout period, resulting in lower monthly payments. In our October 2026 tables, the best joint figure at 65 is $608 a month per $100,000, against $693 for a single man and $658 for a single woman of the same age.

When a Joint Annuity Makes Sense

• You're married and want to protect your spouse. If one spouse manages the finances, a joint annuity ensures the surviving spouse has guaranteed income regardless of investment decisions.
• Your spouse depends on your income. If one spouse has significantly less Social Security or pension income, a joint annuity provides a safety net.
• You want simplicity in estate planning. A joint annuity eliminates the need for complex beneficiary arrangements — income just continues to the survivor.
• Both spouses are in good health. Joint annuities are most valuable when both spouses have reasonable life expectancies.

Joint Annuity vs. Two Individual Annuities

Some couples consider purchasing two separate annuities instead of one joint annuity. Here's the trade-off:

For many couples, a combination works well: a joint annuity to cover essential shared expenses, plus a smaller individual annuity for additional income.

Survivor Benefit Options

The 100% survivor benefit shown in the rates above is the most protective option, but not the only one:

• 100% survivor: Full payment continues to the survivor. Lowest initial payment but maximum protection.
• 75% survivor: Payment drops to 75% after the first death. Higher initial payment than 100%.
• 50% survivor: Payment drops by half after the first death. Highest initial payment of the three options.

Choose based on the surviving spouse's needs. If your spouse has their own Social Security and savings, a 50% or 75% survivor benefit may be sufficient. If the annuity is a primary income source, 100% provides the most security.

Comparing All Rate Categories

• Male rates: highest monthly payments (single life)
• Female rates: lower than male, higher than joint
• Joint rates (this page): lowest monthly, but covers two lifetimes

Source: LifeAnnuities.us quote surveys run for real clients. The figures start from quotes our agent runs for real clients, not advertised rates or illustrations. For the base tables we received 54 survey runs covering 30 client scenarios, prepared July 14 to September 14, 2026, and used 52 of them for pricing (2 runs used annual payments and were left out of pricing). 17 carriers were quoted. On October 1, 2026 we checked the tables against 7 new survey runs (4 client scenarios, prepared September 18 to 29, 2026). 11 runs were received and 4 were not used (4 runs were for a 41-year-old, well below our table ages; two of them were at $5,000,000). We repriced 1 of the 8 carriers we publish (Athene, up about 1.8%) and held the other 7 at their earlier figures. A repriced carrier has its whole table moved by its own measured change on quotes for the same age and sex. New York Life: readings were mixed, so we held its figures until the next round. Two direct comparisons with mid-September quotes came in 0.7% and 1.6% higher once premium size is allowed for. A third, measured through August, came in 0.6% lower. How each figure is built. Men: 60, 65 and 80 read at surveyed ages; 55, 70 and 75 interpolated between surveyed ages. Women: all ages derived by ratio. Joint: 55, 60, 75 and 80 derived by ratio; 65 and 70 calibrated to a direct same-age joint quote. None of the figures in our tables is a direct quote from the latest survey round. They are built from earlier rounds (read at surveyed ages, interpolated or derived from carrier ratios) and checked carrier by carrier against the latest one. Joint figures at ages 65 and 70 are calibrated to a direct joint quote (same-age joint quote, both spouses 66, 100% to the survivor, 5-year period certain, prepared September 18, 2026). That corrects an estimate. It is not a market move. Basis: single life or joint (100% to survivor), 5-year period certain, income starting next month, per $100,000. Full method and known limits. Free to cite with attribution to LifeAnnuities.us.