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 covered individual. This means that the policy can pay out benefits upon the death of the first insured person, which is contrary to the specific provision of a survivorship life policy that pays out only after the second death.

A joint life policy insures two individuals and pays out benefits upon the death of the first insured person. Similar to a family policy, this type of policy does not wait for the second death, making it unsuitable for the context of the question which specifies termination after both individuals have died.

A limited payment whole life policy is a type of whole life insurance that requires premiums to be paid for a limited number of years, after which the policy remains in force without further premiums. This type of policy does not involve multiple individuals and pays out upon the death of the insured, rather than waiting for a second death, thus not fitting the criteria outlined in the question.