Which policy insures two individuals (husband and wife) and pays off at the death of the first insured?

A joint life policy is designed to provide coverage for two individuals, typically a husband and wife, and it pays out a death benefit upon the death of the first insured. This type of policy is particularly useful for couples who want to ensure that, in the event of one partner's death, the surviving partner has financial support through the payout of the policy.

By insuring both individuals under one policy, it often simplifies the insurance process and can provide a more cost-effective solution than maintaining separate policies for each individual. The benefit is intended to help the surviving spouse cover expenses that may arise, including debts, living costs, or funeral expenses.

In contrast, a joint survivorship life policy pays a benefit only after the death of the second insured, focusing on the financial needs of the survivors after both have passed away, which is not the case with a joint life policy. Family policies combine whole life coverage for adults and term insurance for children, while family income policies provide income for a specified period after the death of the insured, rather than a one-time payout upon the first death.