A 'joint and survivor' annuity continues payments:

Explanation

A joint and survivor annuity covers two lives and keeps paying income until both annuitants have died, so the survivor continues to receive payments (sometimes reduced) after the first death; it is popular with couples in retirement. It does not stop at the first death, is not a fixed ten-year payout, and is not simply paid until the deposit runs out. Covering two lives means the insurer pays for a longer expected period, so each payment is smaller than a single-life option.