What is a life insurance policy on two people that pays upon the first death called?

A life insurance policy on two people that pays upon the first death is known as a joint life policy. This type of policy is designed to cover two individuals, and it pays out the death benefit when either of the insured individuals passes away. This can be particularly useful for couples or business partners who want to ensure that the surviving partner has financial support after one of them dies.

In context, a single life policy is intended for one person only and pays benefits upon their death. A whole life policy refers to a type of permanent insurance that provides coverage for the lifetime of the insured and includes a cash value component. A term life policy offers coverage for a specified period and pays out only if the insured dies during that term, but it does not have the dual coverage aspect of a joint life policy. Thus, the joint life policy stands out as a dedicated option for addressing the needs of two individuals under a single insurance agreement.