Joint life (first-to-die): one policy covers two or more people and pays when the first of them dies; then coverage ends. It costs less than separate policies on each person. Typical use: a couple protecting a shared mortgage, or business partners.

Survivorship life (second-to-die, last survivor): pays only when the last insured person dies. Because the insurer expects to pay later, it is even cheaper than joint life. Typical uses: paying estate taxes when the second spouse dies, or providing for a disabled child who is fine while either parent is alive but not after both are gone.