Which policy covering two or more individuals terminates after paying benefits only on the second death?

A family policy typically covers multiple family members under a single policy, providing benefits upon the death of any insured individual. This means benefits can be claimed after the first death, which does not align with the characteristic of a survivorship life policy that pays after the second death.

A joint life policy insures two individuals but pays out upon the death of the first insured. This is different from a survivorship life policy, as the latter does not pay benefits until both insured individuals have died, making it essential for different financial planning needs.

A limited payment whole life policy is a type of permanent insurance where premiums are paid for a specified period, after which the policy remains in force for the lifetime of the insured. This policy pays out the death benefit upon the death of the insured individual, not contingent upon a second death, which is a defining feature of a survivorship life policy.