What is the name of the life policy that covers two lives and pays upon the first death?

A life policy that covers two lives and pays upon the first death is known as a Joint Life policy. This type of insurance is specifically designed to provide a death benefit when the first insured individual passes away. The key to this policy is that the coverage ends upon the death of the first insured, and it is often used by couples or partners who want to ensure that there are funds available immediately after one of them dies.

In a Joint Life policy, both individuals are insured under a single policy, which can often be more cost-effective than purchasing two separate policies. This is particularly beneficial for families, as it provides immediate financial support at a critical time.

Other types of life insurance, such as Survivorship Life, Whole Life, and Term Life, do not fit the criteria of covering two lives and paying out upon the first death in the same way a Joint Life policy does. Survivorship Life typically pays out only after both insured persons have died. Whole Life provides lifetime coverage but does not focus on the first death aspect. Term Life offers coverage for a specific term and does not automatically cover two lives or dictate payment upon the first death.