What does it mean to have the annuity based on the life of more than one individual?

[MichaelL1 · Accepted solution]

If the original person that would collect on the annuity until they pass away, then the 2nd person names would collect until they pass away.  

So it is paid over two people's life.

Many are based only on one person's life, but some have an option to collect less and have it based on another person collecting when the first one dies.