payout joint SPIA higher than single woman

[newtoseattle]

I was just wondering if someone could explain to me the actuary reason why simple joint SPIA (man and woman) pays higher than a single woman? (per blueprint site)
I understand why a single man would pay more than a single woman - but can't figure out the joint (unless being married decreases a woman's life expectancy!)

 

[finnski1]

I was just wondering if someone could explain to me the actuary reason why simple joint SPIA (man and woman) pays higher than a single woman? (per blueprint site)
I understand why a single man would pay more than a single woman - but can't figure out the joint (unless being married decreases a woman's life expectancy!)

What are your ages?

 

[pb4uski]

The only thing that I can think of would be if there are two different issuers that are using radically different mortality assumptions.

IME it is rare than a joint annuity benefit would be higher than a single life annuity. I even looked at some really extreme examples of age differences on immediateannuities.com and in all cases the joint life annuity was smaller than the single life annuity.

For example, for a 50 yo female in FL and a 90 yo male as the joint annuitant, the joint life benefit was $470 and the single life on the 50 yo female was $522. I would ahve thought that adding a 90 yo male would result in no or a negligible decrease.

 

[newtoseattle]

My age is 55 - but it didn't matter the ages. On blueprint it shows current payouts of SPIA at various ages for single man, woman and couple (man/woman couple) and at all age groups the single woman payout was lower than both the single man and the couple (ie joint survivor) options

 

[pb4uski]

Well, the single woman benefit should always be lower than the single man benefit, all else being equal, because women live longer so more benefit payments are made.

Also, joint mortality is typically longer than single mortality so the same concept applies.