What type of life insurance covers two individuals under a single policy?

Joint life insurance is a specific type of life insurance designed to cover two individuals under a single policy, typically providing a death benefit upon the death of either covered person. This type of policy is advantageous for couples, business partners, or any two individuals whose lives are financially interconnected.

Joint life insurance policies can be structured in two primary ways: the first-to-die policy, which pays out upon the death of the first insured, and the second-to-die policy, which pays out only after both individuals have passed away. This flexibility makes joint life insurance appealing for various financial planning needs, particularly those involving shared financial responsibilities.

In contrast, term life insurance offers coverage for a specific period and pays a benefit only if the insured passes away during that term. Universal life insurance and whole life insurance are forms of permanent life insurance that provide coverage for the insured's lifetime but typically involve only one individual per policy. Therefore, while these alternatives provide significant benefits, they do not meet the specific requirement for covering two individuals under a single policy as joint life insurance does.