What does the 'joint and 2/3 survivor' settlement option imply for beneficiaries?

The 'joint and 2/3 survivor' settlement option is designed to provide ongoing financial support to a surviving beneficiary after one of the joint beneficiaries passes away. In this arrangement, when one person dies, the surviving beneficiary will receive 2/3 of the original benefit amount that was being paid out while both beneficiaries were alive.

This option is particularly beneficial as it ensures that even after the death of one beneficiary, the other still has a substantial income stream. The choice of '2/3' means that while the survivor does not receive the full benefits, they are still supported to a significant degree, maintaining a level of financial security that helps address their ongoing needs. Other options may imply losing all benefits at the point of the first death or suggesting a temporary increase in payments, which do not accurately reflect the nature of the joint and 2/3 survivor benefit.