Which settlement option pays a benefit as long as one of the insureds is living?

The Interest Only option allows the beneficiary to receive only the interest earned on the policy's death benefit, rather than the principal amount. This means that the benefit is not paid out as long as the insured is living; instead, it is a temporary holding arrangement that does not provide consistent income for the insured.

Family Term insurance provides coverage for a specified period, typically protecting the entire family unit. However, it does not offer ongoing benefits as long as one of the insureds is living; instead, it pays out only if a covered individual passes away during the term, which does not align with the question's requirement.

Life Income options provide payments for the lifetime of the beneficiary but do not account for multiple insured individuals. Once the beneficiary passes away, the payments cease, making it incompatible with the requirement of ongoing benefits as long as one of the insureds is alive.