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

A family policy typically covers multiple family members and provides benefits upon the death of any insured individual, rather than waiting for the second death. This type of policy is designed to provide immediate financial support to surviving family members, which distinguishes it from a survivorship life policy.

A joint life policy insures two individuals and pays out benefits upon the first death. This means that the policy terminates after it has paid benefits, which is contrary to the survivorship life policy that pays out only on the second death.

A limited payment whole life policy is a type of life insurance where premiums are paid for a set number of years, after which the policy remains in force for the insured's lifetime. It does not specifically involve two insured individuals or stipulate benefits that are contingent upon the second death.