A joint life (first-to-die) policy covering two people is designed to pay:

Explanation

A joint life (first-to-die) policy insures two lives under one contract and pays a single death benefit at the first death, often used by business partners or spouses who need funds when either one dies. Paying at the second death describes a survivorship policy. It does not pay two full benefits, and it does not require simultaneous deaths. The first-to-die structure delivers money at the moment the first insured passes, which is when the covered need typically arises.