What type of life insurance policy covers two or more persons and pays the face amount upon the death of the first insured?

A joint life insurance policy is specifically designed to cover two or more individuals and pays the face amount upon the death of the first insured person. This type of policy is commonly used by couples or business partners who want to ensure that the surviving party has financial support after the death of the first individual. The benefit is that the premium is typically lower than purchasing individual policies for each person.

In contrast, term life insurance provides coverage for a specific period and pays out only if the insured dies during that term; it does not specifically address coverage for multiple insureds in the same manner as joint life. Universal life and whole life policies are forms of permanent insurance that provide coverage for the life of the insured and also accumulate cash value, but they do not specifically function as policies that pay out on the first death among multiple insured individuals.