What type of policy provides coverage for two insured individuals (husband and wife) and pays benefits after the last insured dies?

A joint survivorship life policy specifically provides coverage for two individuals, typically spouses, and the death benefit is payable only after the second insured individual passes away. This means that while the policy remains in force as long as both insureds are alive, it does not pay out until the last insured has died, making it distinct from other types of policies.

In contrast, a joint life policy usually pays out upon the death of the first insured individual, which does not align with the requirement of waiting for the second insured to pass. Family maintenance and family income policies focus on providing benefits over specific periods or based on the death of one member of the family, but they do not operate under the same structure as a survivorship policy. Thus, the joint survivorship life policy is uniquely designed to pay benefits after the death of the last insured, fulfilling this particular need.